Question 1 The following information pertains to the Satyam Company for the year ending December 31, 2019. Revenue Interest expense $ Hours 140,000 Purchases of direct materials Indirect Labour 2300 10,000 8,000 Beginning direct material 1850 Indirect Materials 5,000 Supplies expense [factory] 3,500 Supplies [factory] 9540 Depreciation of factory machines 2,000 Depreciation of factory Plant 2300 Depreciation of shop 4,000 Unearned revenue Selling commission 5620 1200 Marketing costs 4200 Wages [Store] 6,000 Insurance expense [shop] 2300 Prepaid insurance Expense [store] 1450 Supplies expense [store] 5,000 Utilities [store] 2,500 Direct Labor Hours 2500 Hourly Rate for direct labour 11 Direct materials inventory Dec 31 2019 7,000 Work in process Jan 1 2019 3,000 Sales Return/ allowances Rent revenue Work in process Dec 31 2019 Sales Discounts Finished Goods Inventory Jan 1 2019 2100 8,000 5,000 3,000 6,000 Finished Goods Inventory Dec 31 2019 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