Q$.1$ Late Corporation is in the business of producing furniture, previously the company has had a policy of preparing costing statements annually. The following data was taken from the general ledger and other records of Jaric $0$ Manufacturing Co$.$ at December $312023,$ the end of the second year of operations in the fiscal year:

Revenue

Inventories at January $1$:

Materials inventory

Work in process inventory

Finished goods inventory

Inventories at January $31$ :

Materials inventory

Work in process inventory

Finished goods inventory

Materials purchased

Labor Costs:

Finishing workers' wages

Supervisors' salaries

Admin personnel salaries

Depreciation:

Factory Equipment

Admin office

Indirect materials used

Factory utilities

Employee Fringe Benefits

Insurance $(30\%$ Admin & $70\%$ Factory$)$

Workers Compensation Insurance

Overtime Premium

Defective Work

Lubricants

Rent $(40\%$ Factory & $60\%$ Admin$)$

Property Tax

Spoilage

Heating & Lighting $(40\%$ Admin and $60\%$ Factory$)$

Carriage Inwards

Carriage Outwards

Trade Debts

Cash & Cash Equivalents

Trade Payable

Loan $(3$ Year Maturity$)$

Fixtures & Fittings

Motor Vehicle

Equity

Bad debts

Drawings

Stationary

Discount Allowed

Discount Received

General Office Expenses

Factory Building

$$910,124$

$35,632$

$29,632$

$28,632$

$20,352$

$12,831$

$24,645$

$164,136$

$185,312$

$30,423$

$52,153$

$73,852$

$28,525$

$3,521$

$67,173$

$45,312$

$3,516$

$4,513$

$5,512$

$3,241$

$5,134$

$67,482$

$1,235$

$45,123$

$62,213$

$3,612$

$3,600$

$194,842$

$293,251$

$182,512$

$300,132$

$31,123$

$223,124$

$213,121$

$1238$

$574,272$

$5,182$

$7,131$

$4,131$

$5,132$

$410,000$

a$.$ Prepare a statement of cost of goods manufactured.

b$.$ Prepare the Income Statement for the year ended ${31}^{st}$ Dec $2023.$

Prepare the statement of financial position as at ${31}^{st}$ Dec $2023.$