Question 2: The data about Company ATS is given below: Direct material Inventory, January 1, 2018 180.000 WIP Inventory, January 1, 2018 440.000 Finished Goods Inventory, January 1 2018 310.000 Cleaning supplies for manufacturing plant 12.000 Fuel expense of transportation vehicles 280.000 Utilities expense of marketing department 25.000 Direct material purchase 750.000 Catering expense of manufacturing department 36.000 Cleaning supplies expense for human resources 12.000 Direct labor 640.000 Rent on manufacturing plant 180.000 Indirect labor 90.000 Salary expense of product quality controller 30.000 Insurance expense of manufacturing equipment 240.000 Depreciation expense of manufacturing equipment 48.000 Depreciation expense of office equipment 64.000 Insurance expense of marketing vehicles 65.000 Advertising expense 164.000 Rent on administrative building 120.000 Salary expense of sales employee 260.000 Direct material Inventory, December 31, 2018 80.000 WIP Inventory, December 31, 2018 240.000 Finished Goods Inventory, December 31, 2018 180.000 Sales Revenue 5.200.000 Interest revenue 35.000 Interest expense 220.000 Tax expense 20% Sales return and allowances 120.000 Sales discount 80.000 Dividend revenue 20.000 Rent Revenue 260.000 Required: Prepare a Cost of Goods Manufactured/Sold Statement and an Income Statement of Company ATS for the year 2018