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Q.1 Walk-Toki Manufacturing Company is a producer of music compact discs (CDs) and tapes. The following account balances are for the year ended December 31, 2021 Administrative expenses $ 60,000 $50,000 Depreciation expense - Manufacturing equipment Direct labor $468,000 Manufacturing supplies expense $40,000 Indirect labor $36,000 Beginning inventories, January 1: Direct materials $14,000 Work in process $20,000 Finished goods $128,000 Ending inventories, December 31: Direct materials $44,000 Work in process $56,000 Finished goods $92,000 Direct materials purchases $216,000 Rent expense - Factory $28,000 Sales $1,400,000 Selling expense $72,000 Other manufacturing overhead $126,000 Required; (1) Prepare a cost of goods manufactured statement for the year ended December 31. (08 marks) (ii) Prepare an income statement for the year ended December 31, 2021. (06 marks) (111) Assume Walk-Toki Company is considering offering a new product, Cassio. Why would it matter if Walk-Toki Company knows how much it costs to produce and deliver each Cassio? (05 marks) (iv) Compare and contrast an income statement of a manufacturing concern and that of a service provision concern. (06 marks)