Illustration 614 From the following data prepare a cost and production state. ment of Popular Stoves Manufacturing Co. for the year 1978 : Rs. Stock of materials on 1-1-1978 Stock of materials on 31-12-1978 Purchase of materials Factory wages Factory expenses Establishment expenses Completed stock in hand on 1-1-1978 Completed stock in hand on 31-12-1978 Salos 35,000 4,900 52,500 95,000 17,500 10,000 Nil 35,000 1,89,000 The number of steves manufactured during the year 1978 was 4,000. The company wants to quote for a contract for the supply of 1,000 Electric Stoves during the year 1979. The stoves 10 be quoted are of uniform quality and make and similar to those manufactured in the previous year ; but cost of materials has increased by 15% and cost of factory labour by 10%. Prepare a statement showing the price to be quoted to give the same percentage of net profit on turnover as was realised during the year 1978, assuming that the cost per unit of overhead charges will be the same as in the previous year