? QUESTION - 7 The accounting records of Alladen Manufacturing Co. include the following information relating to the year ended December 31, 1996. December 31 January 1 Materials inventory Rs. 60,000 Rs. 47,500 Goods in Process Inventory 18,750 20,000 Finished Goods inventory (January 15,000 units) 95,000 Raw materials Purchases Rs. 142,500 Direct Labour cost 97,500 Factory overhead cost 221,250 22,500 units were manufactured and 20,000 units were sold. REQUIRED: a) Prepare a statement of cost of finished goods manufactured for 1996. b) Compute the cost of producing a single unit during 1996. c) Compute the cost of goods sold during 1996, assuming that the FIFO inventory costing d) Compute Inventory of Finished Goods on December 31, 1996 assuming that FIFO Method (B,96] QUESTION - 11** The following data have been extracted from the records of A.B.C. Manufacturing Company:- Inventory Accounts Jan. 1: Inventory Accounts Dec 31: Material Rs. 45,000 Materials Rs. 38,000 Work-in- Process 15,000 Work-in - Process 12,000 Finished Goods 10,000 Finished Goods 17,000 The following transactions took place during the year 1990: Direct Material Purchased Rs. 6,500 Indirect Materials Purchased and used 10,000 Factory Payroll Rs. 38,000 out of which Rs. 8,000 represented indirect labour. Other factory overhead cost incurred Rs. 25,000. Factory overhead applied to production at the rate of 150% of direct labour cost. Selling expenses Rs. 20,000 Admin Expenses 17,000 Financial Management Income 2,000 Financial Management Expense 3,000 Sale for the year 236,000 Sales return and Allowances 2,500 Carriage inward 4,000