Homework 1 (5 marks) The following items have been extracted for Timeout Company for the year ended 31 August 2021: S 153,429 209,111 197,323 Inventories at 1st September 2020: Raw materials Work in process Finished goods Other information: Purchases of raw materials Purchase of finished goods Carriage costs (Carriage inwards) on raw materials Commissions received other income Direct manufacturing wages Office salaries Indirect factory wages Depreciation of factory machinery Raw materials sold at cost Depreciation of office equipment Rent * Transport cost on sales (Carriage outwards) I Light and heat for office Alain Factory fuel and power Light and heat for warehouse I Repairs to warehouse Sales distribution Salesmen's commission (paid by Timeout Company) Repairs to machinery * Accounting charges (auditing) Factory canteen expenses Sales Raw materials returned to suppliers Warehouse manager's salary Direct manufacturing expenses Office canteen expenses Loan interest ( paid by Timeout Company) Depreciation of motor vans I Motor van expenses Sales distribuito Discounts allowed Deduct from sales Administration manager's salary Discounts received Deduct from purchases of now materials Selling/Distribution manager's salary Additional information: 1) Inventories at 31st August 2021: Raw materials $155,273 Work in process $179,888 Finished goods $208,567 2) Repairs to machinery shared out as follows: Factory.... 50% Admin ..... 20% Selling and Distribution .... 30% 3) Rent to be shared out as follows: Factory.... 60% 20% Selling and Distribution .... 20% 4) Indirect factory wages prepaid in advance) at 31st August 2021 amounted to $1,050. 5) Light and heat for office owing at 31 August 2021 was $892. Required: Prepare a Schedule of Cost of Goods Manufactured, a Schedule of Cost of Goods Sold, and an Income Statement for the year ending 31st August 2021. In the Income Statement, split costs between administration; selling and distribution; and finance expenses 574.208 60,000 15,542 11,111 463,214 199,758 98,700 44,759 6,651 11,787 40,000 4,909 26,762 26,763 6,432 9.890 8,641 15,000 9.555 4,540 4,380,212 5,550 51,659 5,432 9,652 19,960 5,678 9,761 7,777 53,680 5,678 38,113 Admin