P Ltd. has gathered cost information from ledgers and other sources for the year ended 31st December 2023. The information are tabulated below: Sl.…

Statement of Cost of P Ltd. for the year ended 31st December, 2023: Sl. No. Particulars Amount (₹) Amount (₹) (i) Material Consumed: Raw materials purchased 5,00,00,000 Freight inward 9,20,600 Add: Opening stock of raw materials 10,00,000 Less: Closing stock of raw materials (8,40,000) 5,10,80,600 (ii) Direct employee (labour) cost: Wages paid to factory workers 25,20,000 (iii) Direct expenses: Royalty paid for production 1,80,000 Amount paid for power & fuel 3,50,000 Job charges paid to job workers 3,10,000 8,40,000 Prime Cost 5,44,40,600 (iv) Works/Factory overheads: Stores and spares consumed 1,10,000 Repairs & Maintenance paid for plant & machinery 40,000 Insurance premium paid for plant & machinery 28,200 Insurance premium paid for factory building 18,800 Expenses paid for pollution control and engineering & maintenance 36,000 2,33,000 Gross factory cost 5,46,73,600 Add: Opening value of W-I-P 8,60,000 Less: Closing value of W-I-P (6,60,000) Factory Cost 5,48,73,600 (v) Quality control cost: Expenses paid for quality control check activities 18,000 (vi) Research & development cost paid for improvement in production process 20,000 (vii) Less: Realisable value on sale of scrap and waste (48,000) (viii) Add: Primary packing cost 46,000 Cost of Production 5,49,09,600 Add: Opening stock of finished goods 12,00,000 Less: Closing stock of finished goods (10,50,000) Cost of Goods Sold 5,50,59,600 (ix) Administrative overheads: Depreciation on office building 50,000 Salary paid to General Manager 6,40,000 Fee paid to independent directors 1,20,000 8,10,000 (x) Selling overheads: Repairs & Maintenance paid for sales office building 20,000 Salary paid to Manager- Sales & Marketing 5,60,000 Performance bonus paid to sales staffs 1,20,000 7,00,000 (xi) Distribution overheads: Packing cost paid for re-distribution of finished goods 80,000 Cost of Sales 5,66,49,600