Instant answer within 5 minutes please don't waste my turn Mastration 8. The following figures have been extracted from the Financial Accounts of a Manufacturing Concern for the first year of its operation. Direct Material Consumption 50,00,000 Direct Wages 30,00,000 Factory Overheads 16,00,000 Administrative Overheads 7,00,000 Selling & Distribution Overheads 9,60,00 Provision for Bad debts 80,000 Preliminary Expenses written off 40,000 Fines & Penalties 10,000 Dividend Received 1,00,000 Interest Received on Deposits 20,000 Sales (1,20,000 units) 1,20,00,000 Closing Stock - Finished Goods (4,000 units) 3,20,000 Work-in-Progress 2,40,000 The Cost Accounts for the same period reveal that the Direct Materials consumption was 7 56,00,000. Fac tory Overhead is recovered at 20% on Prime Cost. Administrative Overhead is recovered at 26 per unit of production. Selling and Distribution overhead is recovered at 78 per unit sold. Prepare the Profit and Loss Accounts both as per Financial Records and as per Cost Records. Reconcile the Profits as per the two records