Q.1 The following data taken from the books of Hamda & Co. on December 31, 2020 were as below; Inventories Jan 01 Dec 31 Raw material 3,500 7,130 W.I.P 8,159 4,002 Finished goods 4,584 7,742 90,563 477 Other information Raw material purchased Freight-in Direct labour cost Indirect labour cost Depreciation on factory equipment Misc. FOH cost 62,522 Rent 5,026 2,135 17,908 15,000 28,000 20,000 1,860 Sales Salaries Royalties paid Freight-out There were 120 finished units in the inventory of finished goods on Jan 01 and 179 units in the inventory on Dec 31 and COGS of the company is 37% of total sales. All units held on Jan 01, were sold during the year. Rent is to be apportioned 60% to Manufacturing, 30% to selling and 10% to administration. Required: 1. Income statement for the year ended Dec 31, 2020. 2. Schedule of cost of goods sold. (05 Marks) (03 Marks)