From the following particulars relating the production and sales for the year ended 31st December, 2007, prepare a cost statement showing therein (i) the Prime cost; (ii) the Works cost; (iii) the Cost of production; (iv) the Cost of s and (v) the Profit or loss. Stock as on 1.1.07: (a) Raw materials Bhai (b) Work-in-progress Add: Manufacturing expenses Raw materials purchased Freight of Machine Bab our rate Machine hour worked: 48,000 hours Chargeable expenses Factory wages for direct labour Administration expenses Selling expenses Distribution expenses Sale proceeds of finished goods (30,000 units) Stock as on 31 December, 2007: ₹ 25,000 30,000 6,000 36,000 1,44,000 2,00,000 10,000 3 50,000 2,70,000 1,00,000 54,000 36,000 9,00,000 PROBLEMS ON COST AND MANAGEMENT ACCOUNTING FOR B.COM 2"YEAR COST SHEET-CLASS WORK (a) Raw Materials (b) Work-in-progress: At prime cost Add: Manufacturing expenses (c) Finished goods at cost (10,000 units) Finished goods produced 32,000 units Apply LIFO principle in finished goods valuation. BABLU BHAIYA 45,000 45,000 9,000 54,000 ?​