Q#1 The Following Trail Balance has been extracted from the books of ABC Company on December 31st, 2018: Debit Debit Descriptions Descriptions Rs. Rs. Cash Accounts Receivable Notes Receivable Material (1-1-2018) Work in Process (1-1-2018) Finished Goods (1-1--2018) Prepaid Insurance Machinery & Equipment Purchased of Material Carriage inward Direct Labor Indirect Material Indirect Labor Depreciation - Factory Utility - Factory Carriage outward Advertising Salesmen Salary Foreman Salary Administrative Cost 28,200 Notes Payable 41,000 Accounts Payable 23,000 Taxes Payable 31,800 Rent Payable 4,000 Dividend Payable 11,700 Sales 200 Common Stock 93,500 Retained Earnings 16,000 Accumulated Depreciation 520 33,000 8,520 5,580 5,400 6,500 460 3,200 12,350 1,500 1,020 500 135,000 110,000 34,570 20,000 175 565 7,000 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 Material Work in Process Finished Goods Rs. 3,520 2,500 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)