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The following accounts are gathered from the records of CART Company for the year 2020:...

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Accounting

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The following accounts are gathered from the records of CART Company for the year 2020: Sales P 7.500,000 Inventories, January 1 Raw materials 200.000 Goods in process 240,000 Finished goods 360,000 Inventories, December 31 Raw materials 280,000 Goods in process 170,000 Finished goods 300.000 Purchases 3,000,000 950,000 250,000 320.000 120,000 50,000 110,000 400,000 Direct tabour Indirect labour Factory heat, light and power Rent Expense-factory building Repair and maintenance-machinery Factory supplies used Sales salaries Advertising Depreciation-store equipment Office salaries Depreciation-office equipment Depreciation- machinery Salesreturns and allowances Interest income Delivery expenses 160,000 70,000 150,000 40,000 60,000 50,000 10,000 200,000 Office expenses 250,000 125,000 25,000 Freight in Sales discounts Purchase returns and allowances Purchase discounts 35,000 18,000 10,000 Interest expense Indirect materials 180,000 Utilities Expense-factory 32,000 Utilities Expense-selling 11,000 Utilities Expense-administrative 6,500 REQUIRED: 1. Statement of Cost of Goods Manufactured and Sold. 2. Income Statement

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