QUESTION 2 (20 Marks ) REQUIRED Use the information given below to prepare the following 2.1 Projected Income Statement for the year ended 31 October 2020 (8 marks ) 2.2 Projected Statement of Financial Position as at 31 October 2020 (12 marks ) INFORMATION Stanwick Lid , a manufacturing concern , is making financial plans for one of its projects for the 12 months commencing 01 November 2019 . The estimates of the operating results and financial position at the year end 31 October 2019 are shown in the statements below : PROJECTED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2019 R Sales 1 800 000 Cost of sales (1 140 000 ) Labour 450 000 Materials 260 000 Overheads 370 000 Depreciation 60 000 Gross 660 000 Operating expenses (300 000 ) Selling expenses 138 000 General and administrative expenses 162 000 Operating profit 360 000 Interest expense (40 000 ) Profit before tax 320 000 Income tax (96 000 ) Profit after tax 224 000