Part $1$: Class revision questions $($to be discussed by Mr Madhavan during lecture session next week$)-$ Monday $-$ S$2$ & Friday $-$ DH$.$ You are required prepare answer for the following $4$ questions that will be discussed during the lecture session.

Question $1$

$\backslash$table$[[$Following are the balance of inventories on$],[,1$ Jan $2022,31$ Dec $2022],[$Finished Goods,$400,000,500,000],[$Work in process,$250,000,300,000],[$Material$,190,000,280,000],[$During the year:,,$],[$Sales$,1,000,000,],[$Material purchases,$600,000,],[$Labor cost $(5\%$ indirect$),400,000,],[$Indirect material $(30\%$ of ocst of direct material used$),,],[$Equipment $(70\%$ used by factory$),1,500,000,],[$Equipment insurance,$90,000,],[$Factory Rental,$13,000,],[$Depreciation of office building,$100,000,],[$Depreciation of office furniture,$12,000,],[$Depreciation of equipment,$20,000,],[$Other overhead,$150,000,]]$

Additional Information:

Rental is shared between office & factory on the ratio of $4$:$1$

You are required to prepare the schedule of cost of goods manufactured & profit loss statement for the year ended $31$ Dec $2022$