O-No. 01 Following accounts balances are taken from the accounting records of Cheema industries. 1. Finished Goods Inventory (Open) Rs. 100,000 2. Goods-In-Progress Inventory (Open) 60,000 3. Transportation-in 25,000 4. Factory Overhead (80% of Direct Labor) 140,000 5. Raw Material Inventory (Open) 30,000 6. Cost of Goods Manufactured 550,000 7. Raw Material Inventory (End) 20,000 8. Purchase Return 12,000 9. Gross Profit (30% of Sales) 339,000 10. Work-In-Process Inventory (End) 50,000 11. Operating Expenses 50.000 12. Selling and Distribution Expenses 30,000 Required: 1. Compute (a) Cost of Raw Material purchased (b) Finished Goods Inv. (End) 2. Prepare Cost of Goods Manufactured. 3. Prepare Income Statement for the period ended Dec 31, 2010