Illustration 6 information has been obtained from the cost records of Andy Chemicals Ltd. For 2018: $ $ Finished Goods on 1-1-2018 50,000 Heat, Light and Power 20,000 Raw Materials on 1-1-2018 10,000 Factory Insurance and Taxes 5,000 Work-in-Progress 1-1-2018 14,000| Repairs to Plant 3,000 Direct Labour 1,60,000 Factory Supplies 5,000 Purchase of Raw Material 98,000 Depreciation-Factory Building 6,000 Indirect Labour 40,000 Depreciation-Plant 10,000 Other information made available is - Factory cost of goods produced in 2018 $ 2,80,000 ; Raw material consumed in 2018 $95,000; Cost of goods sold in 2018 $1,60,000 No office and administration expenses were incurred during the year 2018. Prepare a Statement of Cost and Profit for the year ending 2018 giving maximum possible information and its break-up. What should be the selling price to obtain a profit of 20% on the selling price