Homework 1 (5 marks) The following has been extracted for Winterfest Company for the y/e 31 December 2021: Inventories at 1" January 2021: Raw materials Work in process Finished goods Other information: $ 225,396 304,270 258,910 Purchases of raw materials 724,336 Purchase of finished goods 120,000 Carriage costs (Carriage inwards) on raw materials 17,322 Commissions received by Winterfest Company (froman associated company) 25,110 Direct manufacturing wages 622,317 Head office salaries 281,998 Indirect factory salaries and wages 291,300 Depreciation of factory machinery 78,169 Raw materials sold at cost 12,120 Depreciation of head office equipment Rent* see note 2) Transport cost on sales (Carriage outwards) 15,660 80,000 7,213 Light and heating for head office 15,112 Factory power, light, and heating 36,727 Light and heat for selling and distribution 20,919 General expenses of the warehouse 15,622 Commission paid by Winterfest Company to sales staff 11,321 Repairs to machinery *(see note 3) 25,000 Accounting charges (auditing) 12,318 Factory canteen expenses 6,261 Discounts allowed Sales Raw materials returned to suppliers Warehouse manager's salary Direct manufacturing expenses Head office canteen expenses Loan interest paid by Winterfest Company) Depreciation of selling and distribution machinery Delivery motor van expenses Administration manager's salary Discounts received Selling and distribution manager's salary Additional information: 1) Inventories at 31st December 2021: 2) Rent to be shared out as follows: 5,861,392 7,555 71,328 8,113 9,917 22,305 67,861 12,515 13,333 75,326 10,101 82,606 Raw materials $223,818 Work in process $106,111 Finished goods $380,915 Factory.... Admin. 50% 20% 3)* Repairs to machinery to be shared out as follows: Selling and Distribution.... 30% Factory.... Admin..... 60% 20% Selling and Distribution.... 20% 4) Factory canteen expenses prepaid (in advance) at 31" December 2021 amounted to $1,108. 5) Light and heat expenses for head office owing at 31" December 2021 totaled $1,560. 6) "Commissions froman associated company" (other income), not yet received by Winterfest Company (owed to them) at 31st December 2021 totaled $5,500. 7) Delivery motor van expenses owing at 31 December 2021 totaled $2,155 Required: Prepare a Schedule of Cost of Goods Manufactured, a Schedule of Cost of Goods Sold, and an Income Statement for the year ending 31" December 2021. In the Income Statement, split the costs between administration; selling and distribution; and finance expenses