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D(F) stoon anged 31st October. Unfortunately, he has had a traffic accident and is now in a hospital, so as senior cost font management accountant of your company has been preparing the profit and loss account for the at you have been asked to complete this statement. The uncompleted statement and relevant data are own below. Week ended 31st October ses 50,000 standard Cast: Drect materials Direct wages overhead standard profit Variances Fav./(adv.) Fav./(adv.) Direct materials: Price (400) (300) Usage Total: (700) Direct Labour Rate Efficiency Total Overhead expenditure Volume Total Total variance IT Actual Profit Standard Data 60employees The standard price of direct material used is 600 per ton. From each tone of material it is expected that 2.400 units will be produced. A forty hour week is operated. Standard labour rate per hour is 34. There are working as direct labour. The standard performance is that each employee should produce one unit of product in 3 minutes. There are 4 working weeks in October. The budgeted fixed overhead for October is 3 76,800. Actual data Materials used during the week were 20 tones at 620 per tone. During the week 4 employees were paid of 42 p.h and 6 were paid 3.8 p.h and Remaining were paid at Standard Rate.Overheads incurred was 18000. You are required to complete the P & L Statement for the week ended 31st Oct Solution