Q No. 4 Prepare the INCOME and the COST OF GOODS SOLD STATEMENTS of a manufacturing concern from the data given bellows: INVENTORIS OPENING CLOSING Raw materials Rs. 30,000 Rs. 40,000 Work in process Rs. 30,000 Rs. 25,000 Finished Goods Rs. 60,000 Rs. 80,000 Materials purchased were equal to 50% of sale, value amounting to R$ 260,000. Direct labour cost was 15% and factory over head Expenses 20% of DIRECT MATERIAL COST consumed. SELLING EXPENSES AND ADMININSTRATIVE EXPENSES were equal to 7% and 8% of COST OF GOODS SOLD