Illustration 5 Following extract of costing information relates to commodity'A' for the half year ending 31st December,2018 1,20,000 Stock (31st Dec., 2018): 48,000 Raw Materials 22,240 1,00,000 Finished Products (2,000 tons ? 1440 4800 Purchases of Raw materials Works Overheads Direct Wages Carriage on Purchases Stock (1st July, 2018): Raw Materials Finished Products (1,000 tons) Selling and distribution overheads are produced are $1 per ton sold. 16,000 tons of commodity were produced during the period. Work-in-Progress (1st July, 2018) 20,000 (31st Dec., 2018) 16,000 Sales-Finished Products 16,000 3,00,000 You are to ascertain (i) Cost of raw materials used, (ii) Cost of output for the period, (iii)Cost of sales and (iv) Net profit for the period if profit of 15% on sales is desired