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0. No. 03 The following data relates to the operations of HASSAN Manufacturing Co. for the year ended December 31, 1996 Inventories at January 1, 1996 Raw Material Rs. 26,000 Goods in process 44,000 Finished Goods 60,000 Purchases of raw material 195,000 Purchase Retum and allowances 8,000 Sales 408,600 Sales Return and allowances 3,600 Purchase discount 2,000 Sales discount 3,000 Freight-in 4,000 Machine repair 7,000 Heat, Light 15,000 Factory Insurance 6,000 Indirect Labour 9,000 Factory supplies 10.000 Administrative expense 20,000 Direct Labour 58,000 Data for adjustment on December 31, 1996 1) Inventories on December 31, 1996 Raw Material 38,000 Goods in process 27,000 Finished Goods 82,000 2) Make allowance for depreciation on Factory building 4,000 Factory machinery 2,000 Office building 5,000 3) Insurance premium on factory was paid on 1"July, 1996 for one year 4) Productive wages (Direct Labour) payable Rs. 2,000 5) Factory supplies on hand Rs. 2,000 6) Amortization on patent Rs. 1,000 Required: A statement of cost of goods manufactured for the year ended December 31, 1996 Income statement for the year ended December 31, 1996