1. Francisca Manufacturing Company has the following cost and expense data for the year ending December 31, 2020.

GHS

Direct materials, 1/1/20 30,000

Direct materials, 31/12/20 20,000

Materials purchases 205,000

Indirect materials 15,000

Work in process, 1/1/20 80,000

Work in process, 31/12/20 50,000

Finished goods, 1/1/20 110,000

Finished goods, 31/12/20 120,000

Factory managers salary 35,000

Insurance, factory 14,000

Property taxes, factory building 6,000

Sales 1,500,000

Delivery expenses 100,000

Sales commissions 150,000

Indirect labor 90,000

Factory machinery rent 40,000

Factory utilities 65,000

Administrative expenses 300,000

Direct labor 350,000

Depreciation, factory building 24,000

Required

1. Prepare a Cost of Goods manufactured account for Francisca Company for 2020.
2. Prepare an Income Statement for Francisca Company for 2020.