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QUESTION 2 (22 marks) Lalor Park Ltd has provided the following data for the year ending 31 December 2020: $ 105 000 25 000 65 000 5000 Balances in the ledger at 31 December 2020 included: Finished Goods Inventory (1 January 2020) Direct Materials Inventory (1 January 2020) Work in process Inventory (1 January 2020) Depreciation on factory plant Transactions during the year ending 31 December 2020 Sales Sales returns and allowances Purchases direct materials Returns of direct materials Freight inwards - Direct materials Direct wages paid Supervisor's salary Indirect materials purchased Factory rates Other factory expenses Additional information Plyysical stocktake at 31 December 2020: Direct material inventory on hand Finished goods inventory on hand Work in process inventory on hand 790 000 10 000 180 000 10 000 2000 280 000 75 000 45 000 9 850 130 000 35 000 150 000 30 000 a. Required; Prepare a Cost of Goods Manufactured Statement for Lalor Park Ltd for the period ended 31 December 2020. (18 marks) Prepare the Income Statement for Lalor Park Ltd for the year ended 31 December 2020 b. (4 marks) a) $ LALOR PARK LTD Cost of Goods Manufactured Statement For the Year Ended 31 December 2020 $ $ Work in process inventory, Jan. 1 Direct materials Opening raw materials Net Purchases 65000 Freight inwards Closing raw material: Direct materials used Direct labour Direct wages incurred Manufacturing overhead Indirect materials Opening indirect materials Purchases Closing indirect materials Indirect materials used Supervisor? 5 salary Factory rates Depreciation factory plant Other factory expenses Total manufacturing overhead Total manufacturing costs Closing work in process inventory Cost of goods manufactured LALOR PARK LTD Income Statement For the Year Ended 31 December 2020 $ +