The Uno Direction merchandise range includes a variety of clothing and promotional food packaging labels. Uncle Toms, which is a subsidiary of Uno Direction, makes snack food items. An agreement between Uno Direction and Uncle Toms has allowed Uncle Tom's the use of copyrighted photographs and logo graphics in return for a 12% share of net profit before tax plus a monthly royalty fee.

The management accountant from Uncle Toms has unexpectedly fallen ill with food poisoning and you have been asked to finalise the reporting for Uncle Toms product line of Uno Direction Delicious Bars. The following information has been emailed through to you from the management accountants assistant for the 2020 calendar year:

Inventory Account:	1 Jan 2020	31 Dec, 2020
Work in Process (WIP) Inventory:	$ Opening	$ Closing
Raw Materials	11,650	13,800
Direct Labour	2,650	3,000
Manufacturing Overhead	3,500	4,500
Raw Material Inventory	12,400	13,300
Finished Goods Inventory	65,000	110,700

Account:	$
Accounting & Audit costs	13,780
Depreciation of Factory Plant, Equipment & Machinery	85,000
Depreciation of Office Equipment & Furniture	2,500
Factory Direct Labour Cost	95,260
Factory Indirect Labour Cost	18,400
Factory Manufacturing Overhead	123,450
Freight Inwards	4,550
Freight Outwards	32,150
Heat Light & Power Costs (70% Factory/30% Admin)	66,750
Interest & Other Finance Charges	50,000
Office Salaries and Costs	16,400
Purchases of Raw Materials & Packaging	425,800
Royalty Fee	1,650
Sales & Marketing Expenses	82,000
Sales Revenue	1,305,665

Corporate Tax rate (30%)

Required:

Using Excel, from the information provided prepare the following financial reports:

Schedule of Cost of Goods Manufactured, Schedule of Cost of Goods Sold and an after-tax Income Statement for Uncle Toms for the 2020 calendar year.

Note: Excel model should include a data input section and appropriate formulae.