Samsung Electronics has provided the following data for a specific period:

Particulars	Amount ($)
Opening Stock of Raw Materials	30,000
Purchases of Raw Materials	120,000
Closing Stock of Raw Materials	20,000
Direct Labor	70,000
Factory Overheads	50,000
Opening Work-in-Progress	15,000
Closing Work-in-Progress	10,000
Opening Finished Goods	25,000
Closing Finished Goods	20,000
Selling and Distribution Overheads	40,000
Administrative Overheads	30,000

Required:

1. Prepare a Cost of Goods Manufactured Statement.
2. Calculate the Cost of Goods Sold.
3. Prepare an Income Statement assuming sales are $400,000.
4. Determine the gross profit and net profit.