+ Required: Also prepare CGS.

52. Operating Statements, Actual FOH Given. submits the following information on December 31: Sales for the year Raw materials inventory, Janu Work in process inventory, January 1 Kreem Chemical Company Rs. 630,0 22,000 180,000 4.000 70 4,300 6,800 12,000 184 Part-II. System of Accounting for Costs. Finished gods inventory, January. I Purchases Purchases retums and allowances Direct labor Power, heat and light Indirect materials consumed Depreciation of plant Depreciation of machinery Tool expenses Indirect labor Fire insurance Miscellaneous manufacturing costs Raw materials inventory, December 31 Work in process inventory, December 31 Finished goods inventory, December 31 Other expenses for the year were: Selling expenses 10% of sales Administrative expenses 5% of sales Required: Prepare an income statement for the year ended December 31. 600 900 34,000 29,000 97,700