Illustration 8 XY Engineering Works has a Machine Shop in which it manufactures two Auto Parts "X" and "Y" out of the forgings A and B respectively. For the quarter ending December 2018, the following cost data are available: Consumption of Raw Matenal. -A Consumption of Raw Matenal. -B Direct Wages-X Direct Wages-Y Salaries (Factory) $ 1,50,000 2,00,000 36,000 32,000 85000 Stores and Spares Repairs and Maintenance Power Insurance Depreciation Other Factory Overheads Administration Overheads Selling and Distribution Overheads Total cost 12,000 15,000 16,000 8,000 50,000 68,000 64,400 75,000 8,11,400 You are given the following further information: (i) Production, Sales and Machine hours utilized for "X" and "Y" were as under : Production X. Y. Production (units) 6,000 4,000 Sales of above units ($) 4,80,000 5,20,000 Machine hours utilize 550 450 Direct wages paid for each product is used for apportioning salaries and other factory Overheads. (iii) Factory overhead items like stores and spares, repairs and maintenance, power, insurance and depreciation are charged to cost of both the products on the basis of machine hours used. (iv) Administration overheads are apportioned on the basis of respective conversion costs (Wages and all factory overhead items) while selling and distribution overheads on the basis of their sales realization (v) All the production was sold out. (ii) Required : Prepare cost sheet of both the products and work out profits earned on each of them