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Q1. Sohar Electronics Company is listed in Muscat Securities Market. The total Capital Invested in a company is 23 million in which loan from Bank was 7 million. For the year 2018 company has manufactured and Sold 2,500 Laptop sets. The following are the particulars regarding the laptop sold and manufactured by them. Materials in the Stock were OMR 22,000 and they purchased additional material of OMR 55,000 and paid for Carriage in 6,000. Laptop assembly line labors wages amounting OMR 10,000 has been incurred. Manager in a factory was paid salary of OMR 2,800. They have spent the following expenses on Utilities for Factory OMR 6,000; for Office OMR 5,500, Rent and Insurance for Factory OMR 6,250, for Office OMR 5,750, Total of Managers salary amounting to 14,000 which 40% belongs to Factory manager and 60% to Office manager. Depreciation was calculated on diminishing balance method for the machineries in the office and factory and the value of depreciation for the Office was OMR 800 and Factory was OMR 3,500. There was Opening balance of finished goods of 13,000 and Closing Balance of Finished goods were 9,000. Work in process Opening 16,000, Work in process closing 12,000. Once the goods were manufactured all the finished products were kept in a warehouse for which company has spent OMR 15,000 for its rent. Half of the warehouse was given for rent and the rent received by the company was OMR 8,000. To increase their Sales, the Company has spent on Advertisement OMR 11,000, Sales man travel expenses OMR 4,000 Show room cleaning expenses and Insurance were OMR 1000 and OMR 1,300 and Sales Managers Salary of OMR 5,200. Free transportation was given to Customers and the company has spent OMR 7,650 for transporting the goods to different areas. In the Year End Company has paid Dividends to shareholders for OMR 18,000 and Paid Interest on the Bank Loan of OMR 11,350. Total laptops manufactured has been sold at OMR 400,000 a. You are required to prepare a Cost Sheet from the relevant information provided in Sohar Electronics Company (6 Marks) b. Sohar Electronic Company was expecting to earn a profit of 20% on sales. You are required to identify from the cost sheet and other information given whether the company overall has earned the profit as per their expectations or not. If not find out the difference in profit which the company has earned and the company has expected. (1 Mark)