PART B: SUBJECTIVE QUESTIONS QUESTION 1 The accounting records of BEST Metal Factory, include the following information for the year ended 31 December 2020: Items Materials inventory 1 Jan 202031 Dec 2020 RM RM 10,000 12,000 Work in process inventory 6,000 4,000 Finished goods inventory 40,000 45,000 Materials purchased 105,000 Direct labor 60,000 Selling expenses 85,000 General and administrative expenses 70,000 Factory management salaries 35,000 Utilities for the factory 15,000 Sales 550,000 REQUIRED: (a) Prepare the Statement of Cost of Goods Manufactured for the year ended 31 December 2020. (8 Marks) (b) Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2020 (7 Marks)