Question 3 Not yet answered Marked out of 14.00 Flag question The following cost and inventory data are taken from the accounting records of Vtex Company for the year just completed: Costs incurred TK. Sales 950,000 Selling and administrative salaries 115,000 Insurance, (factory 80% and 10% office) 10,000 Heat, water, and power (factory) 45.000 Purchase return 12,000 idle time wages 10,000 Overtime premium 15,000 Lubricants, factory 5.000 machine Purchase of raw materials 290,000 Indirect labor 60,000 Quality control cost 10,000 Freight on material purchased 5,000 Depreciation. (factory equipment 70% and remaining for 50,000 Joffice equipment) Rent of finished goods warehouse 30,000 Salary of factory supervisor 20,000 Sales discount 15,000 Transportation out (15,000 Direct labor 105,000 Advertising expense 80,000 Fringe benefits of assembly-line workers 20,000 Cleaning supplies, factory 2 Sales commissions 50,000 Rent, factory building 15,000 Rent, office 70,000 Maintenance, factory 30,000 Tax rate 50% The total manufacturing costs for the year were TK. 760,000; the goods available for sale totaled TK. 820,000, and the cost of goods sold totaled 785,000 Inventories Beginning of the End of the year year Raw materials 45,000 15,000 Work in process 2 25,000 Finished goods 55,000 Required: Prepare a schedule of cost of goods sold of the company for the year. b) Prepare an income statement