Question 1 The following information pertains to the Satyam Company for the year ending December 31, 2019. Revenue $ Hours Interest expense 150,000 Purchases of direct materials 4300 Salary [admin] 35,000 3,000 Beginning direct material 1850 Indirect Materials 8,000 Supplies expense [factory] Supplies [factory] 2,500 7540 Depreciation of factory machines 2,000 Depreciation of factory Plant 2300 Depreciation of shop 4,000 Unearned revenue 5620 Selling commission 1200 Marketing costs 2200 Wages [Store] 6,000 Insurance expense [shop] 2300 Prepaid insurance Expense [store] 2450 Supplies expense [store] 5,000 Utilities [store] 2,500 Direct Labor Hours 6500 Hourly Rate for direct labour 15 Direct materials inventory Dec 31 2019 7,000 Work in process Jan 1 2019 3,000 Sales Return/ allowances 2100 Rent revenue 5,000 Work in process Dec 31 2019 2,000 Sales Discounts 1,000 Finished Goods Inventory Jan 1 2019 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