TABLE TOOLS Friday (Compatibility Mode] - Word (Product Activation Failed) AYOUT REFERENCES MAILINGS REVIEW VIEW DESIGN LAYOUT A Aa - E ALT - 1 No Spac... Heading 1 Heading 2 A... A. = TE 1 Normal Title Subtitle Subtle 5 Paragraph Styles Q#1 The Following Trail Balance has been extracted from the books of ABC Company on December 31st, 2018: Debit Debit Descriptions Descriptions Rs. Rs. Notes Payable Accounts Payable Taxes Payable Rent Payable Dividend Payable Sales Common Stock Retained Earnings Accumulated Depreciation 3,200 12,350 1,500 1,020 500 1,35,000 110,000 34,570 20,000 Cash Accounts Receivable Notes Receivable Material (1-1-2018) Work in Process (1-1-2018) Finished Goods (1-1-2018) Prepaid Insurance Machinery & Equipment Purchased of Material Carriage inward Direct Labor Indirect Material Indirect Labor Depreciation - Factory Utility - Factory Cariage outward Advertising Salesmen Salary Foreman Salary Administrative Cost 28,200 41,000 23,000 31,800 4,000 11,700 200 93,500 16.000 520 33,000 8,520 5.580 5,400 6.500 460 175 565 7,000 1,020 318,140 318,140 During the year 70,000 units have been produced. The Following Further information are also available Inventories at December 31st, 2018 Material Work in Process Rs. 3.520 2.500 TABLE TOOLS ay (Compatibility Mode] - Word (Product Activation Failed) BUT REFERENCES MAILINGS REVIEW VIEW DESIGN LAYOUT - Aar E E ALI | cDt 1 Normal TT No Spac... Heading 1 Heading 2 Subtitle aby - A- Title Styles Paragraph Carriage outward Advertising Salesmen Salary Foreman Salary Administrative Cost 460 175 565 7,000 1,020 318,140 318,140 During the year 70,000 units have been produced. The Following Further information are also available: Inventories at December 31st, 2018 Material Work in Process Finished Goods Rs. 3,520 2,500 10,000 Note: The factory overhead cost applied at the rate of 100% of direct labor cost. The actual FOH cost incurred during the period Rs. 31,480. Required a) Statement of Cost of Goods Manufactured at December 31st, 2018. (Marks 5) b) Statement of Profit or Loss for the year ended December 31st, 2018. (Marks 5)