Question : The Following information has been taken from the records of Maxwell company: 10 marks.

Inventory Raw materials Work in process Finished Goods JANUARY 1 50000 60000 25000 DECEMBER 31 60000 40000 30000 Sales Supplies cost Office Insurance Supplies cost Depreciation ,Factory Equipment Factory Insurance Administrative cost Other Factory expense Sales salaries Direct factory labour Material purchase Advertising expense 2000000 8000 3500 22000 150000 50000 10000 15000 100000 15000 820000 450000 Dividend revenue Depreciation office Equipment 15000 20000 Requirement: Prepare a cost of goods sold statement and Income Statement for the Year ended Dec 31 2020