illustration 15 The Profit and Loss Account of Oil Go (Pvt.) Ltd. for the year ended 31st March 2019 is as follows: $ $ To Materials 4,80,000 By Sales 9,60,000 To wages 3,60,000 By Work-in-Progress : $ To Direct Expenses 2,40,000 Materials 30,000 To Gross Profit 1,20,000 Wages 18,000 Direct Expenses 12,000 60,000 By Closing Stock 1,80,000 12,00,000 12,00,000 To Administration Expenses 60,000 By Gross Profit 1,20,000 Net Profit 66,000 By Dividends Received 6,000 1,26,000 1,26,000 As per the cost records the direct expenses have been estimated at a cost of $30 per kg. and administration expenses at $15 per kg. During the year production was 6,000 kgs. and sales were 4,800 kgs. Prepare a statement of Costing Profit and Loss Account and reconcile the costing profit with financial profit