Question-1 Differentiate between Financial and Managerial Accounting? Marks - 10 Question -2 ABC Company has the following cost and expense data for the year ending December 31, 2020 Raw materials, O/B Raw materials, C/B Raw materials purchases Indirect materials Work in process, O/B Work in process, C/B Finished goods, O/B Finished goods, C/B Direct labor Factory manager's salary 60,000 Insurance, factory 40,000 Property taxes, factory Building 410,000 Sales revenue 30,000 Delivery expenses 160,000 Sales commissions 100,000 Indirect labor 220,000 Factory machinery rent 240,000 Factory utilities 700,000 Depreciation, factory Building 70,000 Administrative expenses 28,000 12,000 3,000,000 200,000 300,000 180,000 80,000 130,000 48,000 600,000 Required: a) Compute cost of goods manufactured. b) Prepare an income statement for ABC Company