Question Number 2 (5 Marks) A company is currently using aggressive approach of working capital management. At present, the company faces a lot of challenging in the management of current assets and it seems that aggressive approach does not match the company's profitability and risk. You have been hired as financial consultant by the company to deal with this issue. What steps you will take to counter this problem. CASE #3 Dr. James Janson comes to Stanford from the University of North Carolina at Greensboro, where she was Associate Professor of accounts and finance. These days she is teaching management accounting to the students of master's level. After finalizing her lecture on cost of goods sold statement, she gave the data to the students to prepare cost of goods sold statement for superior manufacturing. Data has the following cost and expense for the year ending December 31, 2019. Raw materials, 1/1/19 $ 30,000 Raw materials, 12/31/19 20,000 Raw materials Purchases 205,000 Material Handling 600 Indirect materials 15,000 Food Expense 6,000 Work in process, 1/1/19 80,000 Work in process, 12/31/19 50,000 Finished goods, 1/1/19 110,000 Finished goods, 12/31/19 120,000 Direct labor 350,000 Factory manager's salary 35,000 Insurance, factory $ 14,000 Property taxes, factory building 6,000 Sales (net) 1,800,000 Insurance on transit 800 Delivery expenses 100,000 Purchase return 1,500 Sales commissions 150,000 Indirect labor 90,000 Factory machinery rent 40,000 Factory utilities 65,000 Depreciation, factory building 24,000 Administrative expenses 300,000 Requirement Prepare a cost of goods manufactured schedule for Superior Company for 2019. (04)