Illustration 5 The following information has been extracted from the cost records of a manufacturing company: Stores : Opening Balance Purchases Transfer from WIP Issue to WIP Issue for Repairs Deficiency Found in Stock WIP : Opening Balance Direct Wages Applied Overhead Charged Closing Balance $ 86,400 4,60,800 2,30,400 4,60,800 57,600 17,280 1,72,800 1,72,800 6,91,200 1,15,200 Finished Production : Entire Production is sold at a Profit of 12% on Cost of Production Wages Paid (including Indirect Wages) Overhead Incurred 2,01,600 7,20,000 Draw Store Ledger Control Account WIP Control Account, Overhead Control Account and Costing Profit and Loss Account