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During the year ending 31 October 2012, the profit of XYZ Ltd, as per Financial P&L A/c was $33,248, as shown below. Prepare a Reconciliation Statement and arrive at the profit as per Cost Accounts using the additional information given. To Opening stock To Purchases 6,93,000 632 Less : Closing stock Profit and Loss Account for the year ending 31 October 2012 $ 4,94,358 By Sales 1,64,308 By Sundry income 6,58,666 1,50,242 5,08,424 46,266 41,652 19,690 44,352 33,248 6,93,632 To Direct wages To Factory overheads To Adm. overheads To Selling expenses To Net profit 6,93,632 Costing records show: (i) Closing stock $1,54,892 (ii) Direct wage absorbed $48,382 (iii) Factory overhead absorbed $38,138 (iv) Administrative expenses calculated at 3% of sales (v) Selling expenses absorbed @ 5% of sales