Q.No.6. Following data are extracted from books of records of Asma industry for the year ended December 31, 2020. (Marks:5)

Inventories:	January 1st (Rs.)	December 31st (Rs.)
Materials	20,500	29,500
Work in process	19,000	25,000
Finished Goods	88,000	85,000
Sales for the year		5,26,000
Purchases		1,60,000
Purchase Returns and Allowances		4,000
Direct Labour		59,500
Power, Heat and Light		14,700
Depreciation of Plant & Machinery		9,800
Tool Expenses		5,600
Indirect Labour		2,900
Fire Insurance		1,500
Miscellaneous manufacturing costs		1,700
Other expenses for the year were:
Selling Expenses 10% of sales
Administrative Expenses 5% of Sales

Required:

Prepare Income statement and Cost of goods manufactured and sold statement for the year ended December 31, 2020.