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Hi, please help me solve this question with complete calculation?? Thankyou Exercise 2 The following information has been taken from the accounting records of Line

Hi, please help me solve this question with complete calculation?? Thankyou

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Exercise 2 The following information has been taken from the accounting records of Line Klear Company for last year: RM Selling expenses 140,000 Raw materials inventory, 1 January 2006 90,000 Raw materials inventory, 31 December 2006 60,000 Utilities, factory 36,000 Direct labor cost 150,000 Depreciation, factory 162,000 Purchases of raw materials 750,000 Sales 2,500,000 Insurance, factory 40,000 Indirect materials 15,000 Administrative expenses 270,000 Indirect labor 300,000 Maintenance, factory 87,000 Work in process inventory, 1 January 2006 180,000 Work in process inventory, 31 December 2006 100,000 Finished goods inventory, 1 January 2006 260,000 Finished goods inventory, 31 December 2006 210,000 Management wants these data organized in a better format so that financial statements can be prepared for the year. REQUIRED: (a) Prepare a schedule of cost of goods manufactured for the year ended 31 December 2006 (b) Calculate the cost of goods sold. (c) Prepare an income statement for Line Klear Company

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