Prepare a cost sheet and the income statement showing the gross profit and net profit.

The following information has been obtained from the records of Harpreet Corporation for the period from 1 January to 31 January 2010:

1 January 2010 Rs.

31 January 2010 Rs.

Cost of raw materials

15,000

12,500

Cost of work-in-progress

6,000

7,500

Cost of stock of finished goods

30,000

27,500

Transactions during the month:

Purchase of raw materials

2,25,000

Wages paid

1,15,000

Factory overheads

46,000

Administrative overheads

15,000

Selling and distribution overheads

10,000

Sales

4,50,000

Prepare a cost sheet and the income statement showing the gross profit and net profit.

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