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In: AccountingQuestion 2: Manufacturing Statement and Income Statement(20 marks in total)Lake Ltd.’s accounting department provided...Question 2: Manufacturing Statement and Income Statement(20 marks in total)Lake Ltd.’s accounting department provided following financialinformation:Depreciation Expense - Factory Equipment$ 90,000Direct Labour$ 1,284,000Raw Material Inventory (1st July, 2016)$ 183,000Raw Material Inventory (30th June, 2017)$ 186,000Factory Rent$ 152,820Finished Goods (1st July, 2016)$ 264,000Finished Goods (30th June, 2017)$ 345,000Indirect Labour$ 75,000Indirect Materials$ 52,500Sales Revenue$ 6,751,500Administration Expenses$ 600,000Selling & Distribution Expenses$ 1,200,000Purchase of Raw Material$ 1,200,360Freight In$ 90,000Work in Process (1st July, 2016)$ 60,600Work in Process (30th June, 2017)$ 57,330Required: prepare a statement of Cost of GoodsManufactured and an Income Statement for Lake Ltd. for the yearended 30th June 2017. You can prepare the statements inan Excel spreadsheet then paste into Word.