b

(b) Following are the particulars taken from the books of Keraniganj Manufacturing Company for the year ended 31 December 2017 (25) 1 January Tk. 80,000 40,000 60,000 31 December Tk. 70,000 50,000 80,000 Inventories Raw Materials Work-In-Process Finished Goods Raw Materials Purchased (net) Purchase Returns Sales Revenue Sales Returns Labor (80% direct) Depreciation (70% factory) Sales Commission Factory Rent Factory Insurance Marketing Expenses Factory Utilities Supervisor's Salary Office Supplies Tk. 150,000 10,000 500,000 20,000 150,000 50,000 40,000 30,000 20,000 20,000 10,000 30,000 10,000 Required: Prepare a Cost of Goods Sold Statement and an Income Statement for the year ended 31 December 2017