ABC Limited is a manufacturing company. The following is an extract from the company's book as at 31" December, 2013. Stock of Raw materials 1" January, 2013 30,000 Purchases of Raw materials 40,000 Return outwards 2,000 Manufacturing wages 26,000 Office salaries 20,000 Discount allowed 5,000 Opening stock of finished goods 15,000 Carriage outwards 2,500 Printing and stationery 5,500 Rent and Rates 12,000 Travelling expenses 10,000 General expenses 6,000 Sales 400,000 You are also supplied with the following additional information: Depreciation of 10% is to be charged on plant and machinery with GH$20,000 The following are on hand at 31" December, 2013. Stock of raw materials GH16,000 Stock of finished GH28,000 of work-in-process GH10,000 Half of the rent and rates is chargeable to the manufacturing account. You are required to prepare a Manufacturing and Income Statement Account for the year ended 31" December, 2013. 6) i Mention and briefly explain the three main elements that make up the production cost. Sto