Question 3 The information given below has been taken from the records of Nizwa factory in respect of Completed jobs and work-in-progress. Completed Job Work in Progress Raw materials supplied 30,000 40,000 Wages paid 9,000 8,000 Direct expenses 4,000 2,000 Materials returned to stores 1,200 5,500 Materials transferred to work in process 2,000 1,000 Production overhead are to be taken at 8% of wages cost. You are required to find out the cost of work in progress only and calculate profit or loss if any assuming that completed job invoiced to the customer at RO 95,000. [3 marks]