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Question 3: The following information has been taken from the records of Maxwell...

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Accounting

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Question 3: The following information has been taken from the records of Maxwell company: Inventory Raw materials Work in process Finished Goods JANUARY 1, 2020 50000 60000 25000 DECEMBER 31, 2020 60000 40000 30000 Sales revenue 2000000 Sales return 8000 Purchase discount 3500 Purchase return 22000 Depreciation Factory Equipment 150000 Factory Insurance 50000 Travelling expense 10000 Other Factory expense 15000 Loss on sale of investment 50000 Sales salaries 100000 Utility expense 15000 Direct factory labour 820000 Material purchase 450000 Advertising expense 15000 Dividend revenue 20000 Depreciation office Equipment 10000 Requirement: (a) Prepare a cost of goods sold statement for the year ended Dec 31, 2020 (6) Prepare an Income statement for the year ended Dec 31, 2020 c) If 20,000 units of products were produced during the year, calculate manufacturing cost per unit of product. [Marks: 13.33]

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