Question 1 The following information pertains to the Lotus Company for the year ending December 31, 2021. Revenue Purchases of Raw materials Beginning raw material Indirect Labour Supplies expense [factory] Depreciation of factory machines Depreciation of Office Marketing costs Wages [Factory] Insurance expense [store] Supplies expense [store] Utilities [store] Direct Labor Hours Hourly Rate for direct labour Direct materials inventory Dec 31 2021 Work in process Jan 1 2021 Work in process Dec 31 2021 Finished Goods Inventory Jan 1 2021 Finished Goods Inventory Dec 31 2021 Interest Expense $ 190,000 75,000 5250 6,000 3,500 6,200 4,300 3200 4,000 2300 15,500 2,500 10 14,000 4200 3,000 4,000 2500 2,600 Hours 2500 REQUIRED 1. Prepare a COGM statement for year end 2. Calculate cost of goods sold 3. Prepare an income statement [ assume income tax rate to be 15%] for year end

The following information pertains to the Lotus Company for the year ending December 31 , 2021 . REQUIRED 1. Prepare a COGM statement for year end 2. Calculate cost of goods sold 3. Prepare an income statement [ assume income tax rate to be 15% ] for year end