On 1-1-1991 ABC Furniture Ltd. Plans to produce 120 Tables in 2^nd year of operations. Company estimates that 1 foot of raw material (wood as direct material) is sufficient for producing 1 table. Company has 20 feet of wood as was not used in 1990. On 10-1-1991, company purchased 120 feet of wood @ Rs. 10 / foot. Throughout the year company produced 100 tables (all are sold in this year @Rs. 50 ) by incurring the following costs:

Direct material (Wood) = 100 feet of Rs.1000, Direct labor (Carpenter) = Rs. 2000 and Factory overhead (cost other than wood and carpenter payments) of Rs. 1000.

Company paid Rs. 200 as selling, admin and general expenses for this year

Required: (1) Prepare Cost of Goods Sold and Income Statement

please answer me on paper not in excel