Question 1 - 20 marks You are the staff accountant at Oceantech Lid. which manufactures diving and swimming equipment. Their mission is to provide aqua sport enthusiast with affordable and safe equipment. As Oceantech Ltd. is a new company, cost control is very important to ensure it can achieve and maintain a competitive advantage. Oceantech Lid. has a December 31st year-end. Below you will find the relevant costs for the year-ended December 31. Dec 31/2022 Dec 31/2023 Purchases of direct materials $ 195,000 Direct labor - Manufacturing 105,000 Direct labor - Packaging 89,000 Indirect labor 58,000 Salaries -Am IN 20,000 Property and Plant insurance 7,000 Depreciation - Plant 25,000 Repairs and maintenance - Plant 11,000 Repairs and maintenance - Equipment 8,000 Marketing expenses 75,000 Storage Costs 51,000 Materials Inventory $ 18,000 45,000 Work-in-Process Inventory 20,000 11,000 Finished Goods Inventory 14,000 20,000 Revenue in current year (2023): $650,000. Required: 1. Prepare a schedule of cost of goods manufactured for the current year for Oceantech Ltd. Evaluation will consider 'good form,' i.e., clear headings and showing all calculations. 2. Prepare an income statement for Oceantech Lid. in good form. 3. For each of the following cost items for Oceantech Lid. classify them as Fixed (F) or Variable (V) costs and as Product (P) or Period (PD)costs. >Purchases of direct materials Direct labor - Manufacturing & Packaging > Indirect labor Property and Plant insurance Repairs and maintenance - Equipment Marketing expenses Storage Costs Reminder: CLEARLY LABEL/NUMBER YOUR ANSWER IN THE BOOKLET PROVIDED. Do not write on this paper (it will not be marked). Page 3 of 9