Assignment 1(The total mark is 20 Marks) Q1. (The total mark is 10 Marks) Mike smart founded Dubbo canoe Pty Ltd and later purchased Current Designs Pty Ltd, a company that designs and manufactures kayaks. The kayak manufacturing facility is located just a few minutes from the canoe company's headquarters in North Sydney, New South Wales. The current Design makes kayaks using two different processes. First, The rotational process uses high temperatures to melt polyethylene powder in a closed rotating metal mould to produce a complete kayak hull and deck in a single piece. These kayaks are less labour- intensive and less expensive for the company to produce and sell. Secondly, Its other kayaks use the vacuum-bagged composite lamination process (which we will refer to as the composite process). Layers of fibreglass are carefully placed by hand in a mould and are bonded with resin. Then, a high-pressure vacuum is used to eliminate any excess resin that would otherwise add weight and reduce the strength of the finished kayak. These kayaks require a great deal of skilled labour as each boat is individually finished. The exquisite finish of the vacuum-bagged composite kayaks gave rise to Current Designs tagline, "Work of art, made for life." Current Designs has the following Managers : Mike Tanoto, CEO Diane Wisdom, Controller Dora Chan, Purchasing Manager Bill Sarimin, Production Manager Angelo Yellow, Kayak Plant Manager Required (Maximum 500 words for questions A and B) A. Name one special-purpose management accounting report that could be designed for each manager. Include the report's name, the information it would contain and how frequently it should be issued. (5 Marks) B. Explain and provide examples of relationship between five (5) reports that you mentioned in no A in Dubbo Canoe Pty Ltd. (5 Marks)Q2. (Total Mark is 20 Marks) The following data refer to Sydney Manufacturing Pty Ltd for the current year Sales revenue $2,546,000 Raw material inventory, 1 January 106,800 Purchase of raw material 877,200 Raw material inventory, 31 December 70,800 Direct labour cost incurred 568,800 Selling and administrative expense 322,800 Indirect Labour cost incurred 180,000 Council rates 108,000 Depreciation on factory building 150,000 Income tax expense 30,000 Indirect material used 54,000 Depreciation on factory equipment 72,000 Insurance on factory and equipment 48,000 Electricity for factory 84,000 Work in Process inventory, 1 January Work in Process inventory, 31 December 48,000 Finished goods inventory, 1 January 42,000 Finished goods inventory, 31 December 48,000 Required (Maximum 250 words for Question B) A. Prepare Schedule of cost of goods sold and Income statement. (5 Marks) B. What is the relationship between the Schedule of Cost goods manufactured and cost of goods sold in Sydney Manufacturing Pty Itd