Q # 1 The Following Trail Balance has been extracted from the books of ABC Company on December 31st, 2018: Descriptions Debit Descriptions Debit Rs. Rs. Cash 28,200 Notes Payable 3,200 Accounts Receivable 41,000 Accounts Payable 12,350 Notes Receivable 23,000 Taxes Payable 1,500 Material (1-1-2018) 31,800 Rent Payable 1,020 Work in Process (1-1-2018) 4,000 Dividend Payable 500 Finished Goods (1-1--2018) 11,700 Sales 1 35,000 Prepaid Insurance 200 Common Stock 110,000 Machinery & Equipment 93,500 Retained Earnings 34,570 Purchased of Material 16,000 Accumulated Depreciation 20,000 Carriage inward 520 Direct Labor 33,000 Indirect Material 8,520 Indirect Labor 5,580 Depreciation - Factory 5,400 Utility - Factory 6,500 Carriage outward 460 Advertising 175 Salesmen Salary 565 Foreman Salary 7,000 Administrative Cost 1,020 318,140 318,140 During the year 70,000 units have been produced. The Following Further information are also available: Inventories at December 31st, 2018 Rs. Material 3,520 Work in Process 2,500 Finished Goods 10,000 Note: The factory overhead cost applied at the rate of 100% of direct labor cost. The actual FOH cost incurred during the period Rs. 31,480. Required a) Statement of Cost of Goods Manufactured at December 31st, 2018. (Marks 5) b) Statement of Profit or Loss for the year ended December 31st, 2018. (Marks 5)