Q1. The following cost and inventory data were taken from the accounts of SIMON COMPANY for 2017 Jan 1, 2017 Dec 31, 2017 8,000 15,000 16,000 7,000 13,000 12,000 Inventories: Raw materials Work in process Finished goods Cost incurred: Raw material purchased Direct labour Factory rent Factory utilities Indirect material Indirect labour Operating expenses 98,000 42,000 8,000 10,000 6,000 9,000 17,000 Instructions: a. Prepare a schedule showing the amount of direct materials used in production during the year b. Compute the amount of manufacturing overhead incurred during the year c. Prepare a schedule of cost of goods manufactured for SIMON COMPANY for the year ended Dec 31 in good form d. Prepare the cost of goods sold section of the income statement for SIMON COMPANY for the year ended Dec 31 2017 in good form