Question 1: The following is the adjusted trial balance of Snowballs Manufacturers Cash Rs. 20. 350 Capital Stock, S I par value Accounts Receivable 29.600 Paid - in capital in excess of par Allowance for uncollectible 1,450 Retained Earnings, Jan Direct Material Inventory, Jan 1 7.650 Dividends Work in process Inventory Jan 1 6.900 Sales Finished goods Inventory Jan 1 3.750 Sales Return & Allowance Prepaid Expenses 1.600 Purchases of direct material Factory equipment 121.500 Purchases Return & Allowance Acc. depre: Factory equipment 36, 400 Freight in Selling Equipment 71,150 Direct labor Acc. depre: Selling Equipment 23.700 Factory overhead Patents 7. 100 Selling expenses Accounts Payable 15,300 General & Admin Expenses Miscellaneous Payable 2.850 Income Tax Expense Income tax Payable 23, 272 The inventories as of December 31 are as follows 100,000 25,000 22, 350 11.000 396, 200 2,850 83. 350 4, 150 13,900 117,700 60, 750 36,200 32. 050 23, 272 Direct Material Inventory Work in process Inventory Finished goods Inventory Rs. 8,050 7,250 3,350 Instructions: Prepare the following external statements for the period ended December 31, 2014 a. Cost of goods manufactured statement c. Retained earnings statement b. Income statement d. Statement of Financial Position (10 Marks)