The Cost of Goods Sold for the Tricky Ltd $\begin{array}{lr}\text { Direct materials } & £ 19,000 \\\text { Work in progress } & ? \\\text { Finished goods } & 105,000\end{array}$

The cost of goods sold for the Tricky Ltd. for the month of June 2011 was £450,000. Work-in-progress inventory at the end of June was 95 per cent of the work-in-progress inventory at the beginning of the month. Overhead is 80 per cent of the direct labour cost. During the month, £110,000 of direct materials were purchased. Revenues for Tricky were £600,000, and the selling and administrative costs were £70,000. Other information about Tricky's inventories and production for June was as follows: Ending inventories-June 30
$\begin{array}{lr}\text { Direct materials } & £ 19,000 \\\text { Work in progress } & ? \\\text { Finished goods } & 105,000\end{array}$
Beginning inventories-June 1
$\begin{array}{lr}\text { Direct materials } & £ 22,200 \\\text { Work in progress } & 40,000 \\\text { Finished goods } & 208,500\end{array}$
a.Prepare a cost of goods manufactured and cost of goods sold statements.
b.Prepare an income statement.
c.What are the prime costs, conversion costs, and period costs?