QUESTION-3 The following data have been taken from the book of Ubaida Company Ltd. For the year 2002-03. Rs. Inventories July 1 June 30 Raw Materials Rs. 36,000 Rs. 75,000 Goods In Process 90,000 75,000 Finished Goods 50,000 75,000 Data for the Year Sales Rs. 960,000 Purchases ( Raw Materials) Purchase discount 15,000 Direct Labour incurred Purchase Return 20,000 Transportation Inward Rent (Factory) 35,000 Fuel & Power Rent (Office) 3,000 Utility (Factory) Utility (Office) 1,500 Transportation Outward Factory Supervisor Salary 8,000 Depreciation ( Furniture) Depreciation Machines) 20,000 Other Operating Expenses REQUIRED: a) Statement of Cost of Goods Manufactured b) Income Statement 410,000 175,000 10,000 55,000 13,000 15,000 10,000 45,000 [S.M]