Question 2: (10 marks) The following data have been provided by a company for a recent accounting period: $10,000 $2,000 $34,000 Inventories, beginning: Raw materials... Work-in-process....... Finished goods Inventories, ending: Raw materials... Work-in-process. Finished goods Purchases of raw materials. Direct labor wages Sales commissions Manufacturing overhead Marketing costs Administrative expenses Sales ********* $11,000 $4,000 $30,000 $50,000 $40,000 $3.000 $60,000 $55,000 $70.000 $300.000 Required: Calculate the cost of goods manufactured for the period. Answer: Question 1: (6 marks) (a) Explain what is meant by trend analysis. (3 marks) Answer: Trend analysis is a technique for evaluating a series of data over a period of time to determine the increase or decrease that has taken place, expressed as either an amount or a percentage. (b) Comparative information taken from the ADIB Bank financial statements is shown below: (3 marks) 2019 2018 (a) Accounts receivable $ 20,000 $ -0- (b) Inventory 182.000 140,000 (c) Net Income 30,000 (40,000) (d) Account payable 44,000 20,000 (e) Service Revenue 960,000 750,000 (f) Administrative and Marketing expenses 170,000 200,000 Instructions Using horizontal analysis, show the percentage change from 2018 to 2019 with 2018 as the base year