2 Question 1 (18 marks) 3 The following information has been taken from the conting records of aunty Ltd 4 The company uses an tual costing system. Sales and expenses have been state for the past few periods. Vanable Selling expenses Variable Utilities, factory/plant Rent, office Depreciation, factory/plant equipment, straight-line Purchases of direct materials Rent, factory plant Sales Insurance, factory/plant Fixed Administration expenses 579,000 8,000 26,000 24,000 81.000 550,000 6,000 56,000 12,000 11,000 10,000 35,000 Depreciation, office equipment, straight-line Indirect factory plant labour costs incurred Maintenance, factory/plant 20 The factory works are paid on average $20/hour and they worked 7,500 hours this yeur Inventories Direct Materials Work in Process Opening $14,000 $14.000 30,000 28,000 Ending $18.000 $18,000 30,000 28.000 27 REQUIRED: 29 I. Prepare a schedule of COGM (9 marks) and COGS (3 marks) 31 2. Based on your numbers shove, create the journal entries for the following: (2 marks each) Direct materials used Account Name D ebit Credit b. Cost of goods manufactured Account Name Debit Credit Cost of goods sold Account Name Debit Credit