Popeye Company is a metal and wood cutting manufacture, selling products to the home construction market. Consider the following data for the month of October, 2006.
|Transactions during the month:||Rs|
|Lubricants and Coolants||12,500|
|Miscellaneous indirect manufacturing labour||100,000|
|Direct manufacturing labour||750,000|
|Depreciation-plant and equipment||90,000|
|Property taxes on plant and equipment||10,000|
|Fire insurance on plant and equipment||7,500|
|Direct materials purchased||1,150,000|
(i) Prepare an income statement with a separate supporting schedule of cost of goods manufactured.
(ii) For all manufacturing items, indicate by V or F whether each is basically a variable cost or a fixed cost (where the cost object is a product unit).
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