Question 1: (20 Marks) A) Calculate Purchases from the following figures: (5 Marks) Opening Stock $44,000 Closing Stock $54,000 Cost of Sales $267,000 B) Prepare a cost sheet using following information, calculating gross Profit: (10 Marks) Opening Stock Closing Stock Raw Material $8,000 $12000 Work in Process $12,000 $16,000 Finished Goods $22,000 $17,000 Purchases $171,000 Carriage In $3,200 Direct Labor $17,500 Factory Overheads $77,000 Administration Overheads $43,000 Selling and Distribution O/H $22,800 Sales $475,000