Required : 1. Statement of cost of goods manufactured ii. Income Statement QUESTION # 5 The Delta Company manufactures small stuffed gorillas . The total revenue is Rs .59,000 The Company incurred the following costs : RS Materials 5,200 (10 % is indirect materials Labour 7,000 (12 % is indirect labour ) Factory overhead 25,000 (including indirect materials and indirect labour ) General expenses 14,700 Office salaries 4,800 Equipment purchased 5,300 Total 62,000 There were no units still in process at the end of the year, and 92% of the goods produced during the year were sold Required : Prepare Income Statement showing net income or loss QUESTION # 6 During the month of August, Binder Electronics applied overhead to jobs using an overhead rate of 150 % direct labour cost . Direct labour in August was Rs .65,000 . Actual overhead in August was Rs.140,000. Assume that actual overhead was composed of the following items RS. Indirect material 20,000 Indirect labour 45,000 Utilities 5,000 Depreciation 50,000 Repair expense 20,000 REQUIRED a. Calculate over /under applied overhead b. What would impact of be over /under applied overhead on cost of product ? Question # 7 Iqra inc. provided the following data for January, 198: Materials and supplies : Inventory, January 1, 19B Rs . 10,000 Purchases on account 30,000