ACC 320 TEST! Question 1 The following information pertains to the Satyam Company for the year ending December 31, 2019. s Hours Revenue 60,000 Interest payable 2300 Purchases of direct materials 12.000 Indirect Labour 8.000 Beginning direct material 2850 Indirect Materials 5.000 Supplies expense [factory 3,500 Supplies (factory 9540 Depreciation of factory machines 3500 Depreciation of factory Plant 2300 Depreciation of shop 2,000 Unearned revenue 5620 Selling commission 1200 Marketing costs 4200 Wages [Store 6,000 Insurance expense (shop) 2300 Prepaid insurance Expense (store) 1450 Supplies expense (store] 5.000 Utilities (store) 2.500 Direct Labor Hours 2500 Hourly Rate for direct labour 11 Direct materials inventory Dec 31 2019 7.000 Work in process Jan 1 2019 3.000 Sales Return/ allowances 2100 Rent revenue 5.000 Work in process Dec 31 2019 5.000 Sales Discounts 3.000 Finished Goods Inventory Jan 1 2019 3,000 Finished Goods Inventory Dec 31 2019 2500 REQUIRED 1. Prepare a COGM statement for year end 2. Prepare an income statement assume interest tax rate to be 19%] for year end