Transcribed Image Text: Q5: The Saad Manufacturing Concern submits the following information at December 31, 2019. Inventories Opening Closing Material 9000 10000 W.I.P 11000 13000 Finished Goods 7520 4800 Other

Transcribed Image Text: Q5:
The Saad Manufacturing Concern submits the following information at December 31, 2019.
Inventories
Opening
Closing
Material
9000
10000
W.I.P
11000
13000
Finished Goods
7520
4800
Other Data:
Material Purchased
72000
Direct Labour Cost
24000
FOH
27000
480 units were manufactured of which 400 units were sold at a unit price of Rs. 390 each. Selling
expenses amounted to 10% of the selling price and general & administrative expenses amounted to 5%
of selling price.
Required: i)
Prepare Cost of goods manufactured and sold statement.
ii)
Prepare an income statement at year ended December, 31 2019.

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