Q-3 Following is the income Statement of Naeem Manufacturing Co. for the year ended Dec 31, 2007. Sales Less Cost of Goods Sold Finished Goods Opening Inventory 60,000 1480,00 Add: Cost of Goods...

Extracted text: Q-3 Following is the income Statement of Naeem Manufacturing Co. for the year ended Dec 31, 2007. Sales Less Cost of Goods Sold Finished Goods Opening Inventory 60,000 1480,00 Add: Cost of Goods Manufactured Less Finished Goods Ending Inventory Cost of Goods Sold Gross Profit (? % of Sales) Less Operating Expenses Net Income (26/, % of Sales) 640,000 The other information is as under: Raw Material used Rs.530,000 , Direct Labor Rs.450,000, Factory Overhead 50% of Prime Cost. The Work in Process Opening is 110% of Work in Process Closing. Required: Determine the missing figures, show Computations.