Q. 1: Prepare Cost of Goods Sold Statement and Income Statement from the following balances of ABC Corporation for the month ended 31 January 2022. Sales... Purchase of raw material. 950,000 370,600 Carriage on raw material. ...12,500 Direct Labor. Office salaries. 264,700 61,300 Factory Rent. 39,100 Office lighting & heating. 8,350 Depreciation on Plant & Machinery... 16,780 Factory fuel & power... 14,500 Stocks at 1 January 2022: Raw materials... Work in progress. Finished goods... Stocks at 31 January 2022: Raw materials... Work in progress. Finished goods... 27,250 24,600 .26,280 20,110 14,560 18,400 (5+2=7 Marks)