Instant answer within 5 minutes please don't waste my turn Illustration 9. Enthusiasts Ltd. commenced business on 1st April, 2001. Cost and Financial records are maintained for the year ended 31st March, 2002. From the following information prepare statements : (a) Showing the result as per costing records. (b) Showing result as per financial records and (c) Reconciling these results. Particulars As per Costing Records As per Financial Records Material Consumed (20,000 kg) *28.50 per kg 26 per kg Direct Wages (3,000 man days) * 80 per man day 85 per man day Factory Overheads 20% of the Prime Cost 3,60,000 Administrative Overheads 30 per kg of output Produced 4,00,000 Sales Overheads 50 per kg of output sold 9,60,000 Stock (of output produced) as on 31.03.2002 2,000 kg At Cost of Production 1,50,000 Work-in-Progress as on 31.03.2002 1,62,000 * 1,62,000 Sales (16,000 kg) 3130 per kg 129.50 per kg Rent Income * 1,20,000 Preliminary Expenses written off 30,000