QUESTION 2 (20 marks) Rapondo Ltd has provided the following data for the year ending 31 December 2020: Balances in the ledger at 31 December 2020 included: $ Finished Goods Inventory (1 January 2020) 84 000 Direct Materials Inventory (1 January 2020) 54 000 Indirect Materials Inventory (1 January 2020) 14 000 Work in process Inventory (1 January 2020) 12 900 Accrued direct wages 3 000 Depreciation on factory plant 5 000 Transactions during the year ending 31 December 2020 Sales 540 000 Purchases direct materials 295 000 Returns of direct materials 5 000 Freight inwards - Direct materials 3 000 Direct wages paid 29 000 Supervisor's salary 16 000 Indirect materials purchased 26 000 Factory rates 9 850 Other factory expenses 44 560 Additional information Physical stocktake at 31 December 2020: Direct material inventory on hand 59 100 Finished goods inventory on hand 85 100 Indirect material inventory on hand 11 200 Work in process inventory on hand 13 700 Required; a. Prepare a Cost of Goods Manufactured Statement for Rapondo Ltd for the period ended 31 December 2020. (16 marks) b. Prepare the Income Statement for Rapondo Ltd for the year ended 31 December 2020. (4 marks)RAPONDO LTD Cost of Goods Manufactured Statement For the Year Ended 31 December 2020 $ S b) RAPONDO LTD Income Statement For the Year Ended 31 December 2020 $ S