The Dewaan Manufacturing Co. present the following information for the year ended 31st December 1999 2500 4000 Sales Sales Retums and Allowances Purchases of Raw Material Carriage In Direct Labour 252000 Commission Advertising Depreciation of Sales Office 2200 Traveling Expense Bad Debts 2000 96200 300 40000 1200 1800 700 Purchases Return Salaries 2000 Stationery Used Rent of Office Indirect Material Indirect Labour Rent of Factory Factory Taxes Insurance of Factory Building Depreciation of Plant and Machinery 3425 Heat, Light and Power 4300 1125 4700 1500 1110 3500 Interest Received 1150 1500 Interest Paid 275 2225 INVENTORIES Jan. 1 9000 Dec. 31 12000 13900 15300 Raw Material Work in Process 16100 17600 Finished Goods REQUIRED: 1) Prepare Cost Of Goods Manufactured and Sold Statement 2) Prepare Income Statement

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A: The question is based on the Concept of Cost Accounting.

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