Part C The following Statement of Comprehensive Income was prepared by the newly hired junior accounts executive of Bright Lighting for the year ended 31 December 2015. Bright Lighting Statement of Comprehensive Income for the year ended 31 December 2015 RM Sales revenue Less: Operating expenses RM 600,000 Raw material purchases Direct labour costs Indirect labour costs Office salaries and expenses Factory expenses Utilities expense 208,000 139,000 23,000 161,000 48,000 30,000(609,000) Net loss (RM9,000 Due to his lack of experience, the junior accounts executive has sought your help to review the statement before submitting to the accountant. In line with this, you have obtained additional information as follows. 1. Inventory balances as at 1 January 2015: . Raw materials RM14,000 . Work in process RM12,000 Finished goods RM25,000 2. Inventory balances as at 31 December 2015: . Raw materials RM26,000 .Work in process RM10,000 . Finished goods RM30,000 Due to his lack of experience, the junior accounts executive has sought your help to review the statement before submitting to the accountant. In line with this, you have obtained additional information as follows. Inventory balances as at 1 January 2015: . Raw materials RM14,000 .Work in process RM12,000 . Finished goods RM25,000 1. 2. Inventory balances as at 31 December 2015: . Raw materials RM26,000 . Work in process RM10,000 Finished goods RM30,000 Only 70% of the utilities expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities. 3. Instructions (a) Prepare the Cost of Goods Manufactured Schedule for the year ended 31 (7 marks) (b) Prepare the correct Statement of Comprehensive Income for the year ended 31 (5 marks) ITOTAL 20 MARKSI December 2015. December 2015