Part 1 Shades of the Caribbean design and manufacture sun-glasses for the tourism sector. The accounting records of the business reflect the following data at June 30, 2018: Inventory Raw Materials 1/7/2017 30/6/2018 $230,000 $260,000 Factory Supplies $35,000 $24,000 Work in Progress $358,000 $213,000 Finished Goods $975,400 $585,000 Other information: Sales Revenue Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased Plant janitorial service Total Utilities 1 $5,675,000 64,000 792,000 560,000 37,000 Depreciation: Plant & Equipment 186,000 481,250 Production Supervisor's Salary 450,000 Hiring of Specialized Manufacturing Equipment 68,000 Insurance on Plant & Equipment 112,000 Delivery Vehicle Drivers' Wages 189,000 Depreciation: Delivery Vehicle 53,850 Property Taxes 2 240,000 Administrative Wages & Salaries 850,750 Advertising Expenses 1% of Sales Revenue 1 Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2 The property taxes should be shared: 75% manufacturing & 25% general & administrative costs Required: (A) Calculate the raw material & factory supplies used by Shades of the Caribbean. (4 marks) sh erly (E) Prepare an income statement for the year ended June 30, 2018, clearly showing the calculation of Cost of Goods sold. List the non-production overheads in order of size starting with the largest. (7 marks) st