First step to optimize cost is to allocate all expenditures under appropriate overheads. Matrix Inc incurred various expenses in the month of May, it wants you to allocate all of them under appropriate overheads in the Cost Sheet. Hereby, you are tasked with the Cost Sheet preparation by using details mentioned below: (15 Points) Element of Competency Produce financial reports. Particulars Amount Material on 30th April 2020 90,000$ Wages paid to production workers 50,000$ Factory Insurance 1500$ Office rent 15,000$ Management Expenses 2500$ Bank charges and Commission 5000$ Salesman commission 15000$ Warehouse Staff salaries 35000$ Factory Lighting 2800$ Work-In-Progress on 1 May 2020 50,000$ Raw material on 31st May 2020 30,000 Carriage Outwards 7000$ Material Purchased 100,000$ Cost of research 30,000$ Debt Collection Charges 6,000$ Office Salaries 30,000$ Finished goods on 30 April 2020 80,000$ Work-In-Progress on 31st May 2020 20,000$ Finished Goods on 31st May 2020 40,000$ Carriage Inward 4500$ Delivery Van Fuel 20,000$ Supervisors Salary 40,000$ In May, Matrix Inc produced 10,000 units of Steel bars and sold each unit at 100$. You are also asked to analyse the cost sheet.