From the following particulars calculate prime cost, works cost, cost of production, cost of sales and profit Prime Industries manufacture a product A. on 1st January 2020 finished goods in stock $50000. Other stocks such as: Work in progress (1.1.2020) $40000 Raw materials (1.1.2020) $100000 The information available from cost records for the year ended 31st December 2020 was as follows: Direct materials 800000 Direct wages 300000 Carriage inwards 40000 indirect wages 90000 factory overhead 275000 Stock of raw materials (31.12.2020) 80000 Work in progress (31 12.2020) 70000 Sales (120000 units 2500000 Indirect materials 175000 Office and administrative overhead 80000 Selling and Distribution overhead 100000 Stock on finished goods (31 12 20201 50000