ISK	ISK
administrative expenses	30,000
Depreciation of production equipment	10,000
Inventory of raw materials on 1 February	6,000
Inventory of raw materials Feb 29,	12,000
Factory property costs	4,000
Office Costs	1,000
Market and distribution costs	24,000
Salary of factory manager	18,000
Wages of factory workers	22,000
Rent office sales office	7,000
Raw material purchase	41,000
Cash and cash equivalents (bank)	172,900
Accounts receivable	94,200
Accounts payable	39,000
Sales revenue	247,000
Sales commissions	18,000
Various factory costs	6,000
Units
Quantity produced	20,000
Quantity sold	18,000

1. Calculate the factory direct production costs.

2. Calculate the plant's production costs, inventory value at the end of September as well as the cost   of goods sold (KSV) of the month.

3. Prepare a September income statement for Verksmiðjan ehf.