Question 6 16 Marks Ultimate Sounds Ltd manufactures and sells a new line of electric guitars. Unfortunately, it suffered serious fire damage at its accounting office and, as a result, the accounting records for March 2021 were partially destroyed. The company has hired you to help figure out the missing pieces of the accounting information. The following accounts have been retrieved for the month of March 2021. Debit Credit Finished Goods, 1 March 36,100 Work in Process, 1 March 12,500 Raw Materials, 1 March 8,200 Prepaid Rent 40,500 Accounts Payable 27,000 Share Capital 70,000 Retained Earnings 55,500 Work in Process, 31 March 45,800 Freight Inwards 1,750 Sales Revenue 1,249,500 Discount Allowed 7,200 Direct Materials used during month of March 385,900 Freight Outwards 9,300 Direct Labour 360,500 Raw Materials Purchases 390,800 Indirect Labour 120,600 Gross Profit 390,280 Plant Energy Costs 69,230 Insurance Expense (40% for manufacturing building, 60% for office building) 99,450 Electricity and Gas Expense (70% belongs to production) 45,000 Plant Manager Salary 42,450 Administrative Salaries Expenses 65,080 Interest Expense 28,100 Machinery Depreciation Expense 25,800 Depreciation Expense - Sales Office 27,000 8 marks Required: a) Prepare the costs of Goods Manufactured statement for the month ended 31 March 2021. b) Calculate the following amounts (Show all workings): i. Cost of Sales ii. Net profit for the month of March iii. Ending finished goods Inventory 2 marks 4 marks 2 marks