ILLUSTRATION 2 In a Factory two types of articles are manufactured No. 1 and No. 2. From the following particulars, prepare a statement of cost and profit showing total cost of production of each variety and ascertain the total profit. There are no opening and closing stock and no selling and distribution overheads : No. 1 No. 2 Materials (t) 30,000 50,000 Labour (t) 60,000 70,000 Selling Price (t/articles) 1,200 1,500 Articles sold (units) 180 200 Working overheads are charged as 40% of works cost and office overheads are charged as 20% of cost production