Simpang Corporation manufactures brass musical instruments for use by high school students. The following are some transactions pertaining to the company in the month of March. Opening Balances Raw materials inventory RM149,000 Work in Process inventory 91,000 Finished goods inventory 220,000 a. 100 square meters of roll brass sheet metals were purchased on account for RM9,000 b. An analysis of labor time cards revealed the following labor usage for March: Direct Labor for job number T81, 800 hours at RM20 per hour. Direct Labor for job number C40, 900 hours at RM20 per hour. Indirect Labor: General Factory Cleanup, RM4,000. Indirect Labor: Factory Supervisor salaries, RM9,000. c. Depreciation of factory and building amounted to RM12,000. d. Rent paid in cash for warehouse space used was RM1,200. e. Utility costs incurred during March amounted to RM2, 100. The invoices for these costs were received, but the bills were not paid in March. f. March property taxes on the factory were paid in cash, RM2,400. g. The insurance cost covering factory operations for the month of March was RM4,900. h. The costs of salaries and fringe benefits for sales and admin staff paid in cash during March amounted to RM8,000. i. Depreciation on admin office equipment amounted to RM4,000. j. Other selling and admin expenses paid in cash amounted to RM1,000. Closing Balances Raw materials inventory RM146,700 Work in Process inventory 137,900 Finished goods inventory 238,825 Required: 1. The Statement of Cost of Goods Manufactured. 2. The Income Statement. 3. Give 3 differences between Management Accounting and Financial Accounting