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Question No-1: [Cost Statement] The following data have been taken from the accounting records of Lorenzo Corporation for the just completed year December 31, 2019: Sales Purchases of raw materials Direct labor Administrative expenses Selling expenses Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Rent Factory Utilities factory Maintenance (60% factory, 40% selling) Supplies (70% factory, 30% office) Indirect material Depreciation, factory $970,000 $190,000 $200,000 $150,000 $130,000 $10,000 $40,000 $20,000 $50,000 $90,000 $130,000 $30,000 $80,000 $90,000 $2,000 $30,000 $10,000 Requirements: (a) Prepare a Schedule of Cost of Goods Manufactured for the year ended December 31, 2019. (b) Prepare an Income Statement for the year ended December 31, 2019. (c) Compute Prime cost