prepare a statement of cost of goods manufactured and prepare income statement for year ending december 31 2010

QL'ESTION 2: PROBLESI 20 marks ' thmexfacmn'ng (GM). prmided the following information for 2010: Materials: Direct materials used ................................. 850,000 Indirect mtcrials used ............................... 54,000 labor, Direct labor cost (40.000 direct labor hours ) SZO0,000 Indirect labor .............................................. 70,000 Other factory costs: Depreciation .............................................. S350,000 Maintenance ............................................... I70,000 Supervision ............................................... 102,000 Planning and control ................................. 88,000 .......................................... 24,000 Work in process: Begirming inventory .................................. 5 60,000 Ending inventory ....................................... 80,000 Finished goods: Beginning inventory .................................. S 102,000 Ending inventory .................................... 80,000 backed: !, Prepare a 3:3th ofcost of goods manufactured ....................................... (12 marks) From!" an Lucerne Statement for the year ending December 31, 2010. Assume company' 3 net tale is 32,000,000 and selling and administrative expenses are $150,000 ............. (8 marks)