Subject: Accounting

The following cost and inventory data are collected from the accounting records of Choice Company, a manufacturing company, for the year ended June 30, 2020: Tk. Particulars Tk. Particulars Raw materials, inventory (01.07.19) Raw materials, inventory (30.06.20) Work in process, inventory (01.07.19) Work in process, inventory(30.06.20) Finished goods, inventory (01.07.19) Finished goods, inventory (30.06.20) 20,000 Factory Supervisor's salary 45,000 Advertisement expense 7,000 Utilities expenses, factory 8,000 Sales commission 20,000 Factory Rent 15,000 Repair & maintenance on factory machine 1,19,00 Administrative expenses 0 75,000 Sales returns 45,000 90,000 30,000 20,000 23,000 19,200 Purchase of raw materials 23,000 Direct labor 25,000 Indirect materials 30,000 Sales revenues 6,00,000 Instructions: You are required to do the followings for the year ended June 30, 2020: (i) Compute cost of goods manufactured. [04] (ii) Compute cost of goods sold. [02] (iii) Prepare the income statement. What difference(s) can you find between this income statement with the income statement of a service organization? [04]