(Answered) : Question 2 Manufacturing Statement Income Statement 20 Marks Total Lake Ltd S Accounting D Q30683211

Question 2: Manufacturing Statement and Income Statement (20marks in total) Lake Ltd.’s accounting department providedfollowing financial information: Depreciation Expense – FactoryEquipment $ 90,000 Direct Labour $ 1,284,000 Raw Material Inventory(1st July, 2016) $ 183,000 Raw Material Inventory (30th June, 2017)$ 186,000 Factory Rent $ 152,820 Finished Goods (1st July, 2016) $264,000 Finished Goods (30th June, 2017) $ 345,000 Indirect Labour$ 75,000 Indirect Materials $ 52,500 Sales Revenue $ 6,751,500Administration Expenses $ 600,000 Selling & DistributionExpenses $ 1,200,000 Purchase of Raw Material $ 1,200,360 FreightIn $ 90,000 Work in Process (1st July, 2016) $ 60,600 Work inProcess (30th June, 2017) $