Illustration 7 Popeye Company is a metal and wood cutting manufacturer, selling products to the home construction market. Consider the following data for the month of October, 2018: 31/10/2018 Direct Materials Finished Goods Work-in-process Transactions during the month: 01/01/2018 1,00,000 1,25,000 2,50,000 3,75,000 25,000 $ 35,000 $ Sand paper 5,000 Property taxes on plant & equipment 10,000 Material handling costs Lubricants and Coolants Miscellaneous indirect manufac- turing labour Direct manufacturing labour Plant leasing costs Depreciation-plant & equipment 1,75,000 Fire Insurance on plant & equipment 12,500 Direct materials purchased Sales revenue 1,00,000 Marketing promotions 7,50,000 Marketing salaries 1,35,000 Distribution costs 90,000 Customer-service costs 7,500 11,50,000 34,00,000 1,50,000 2,50,000 1,75,000 2,50,00 Required: (i) Prepare an income statement with a separate supporting schedule of cost goods manufactured () For all manufacturing items, indicate by Vor F whether each is basically a variable cost or a fixed cost(where the cost object is a product unit)