Q:2 For June, ABC company had cost of goods manufactured equal to S120,000; materials purchases, $33,000; depreciation of manufacturing assets, $17,000, cost of goods sold $14,000, expired insurance on manufacturing assets $2,000; cost of goods available for sale $190,000 and total factory labor $49,000. Inventories were as follows: General Factory overhead of $13,000 was incurred in June; this figure includes all factory overhead except indirect labor, indirect materials, depreciation, and insurance. Direct labor cost for the month was six times larger than indirect labor cost. The cost of indirect materials used was $1,000. The company uses a single materials account for direct and indirect materials. Required: Prepare the following 1. A COGS statement. 2. Summary general entry to record: a. Purchase of material on account b. Use of materials c. Accrual of factory payroll d. Distribution of factory labor cost e. Transfer to finished goods. f. Sales, at a markup equal to 50% of production cost