Smart Shoe Polish Company manufactures black and brown polish in one standard size of tin retailing at Rs. 1.08 and Rs. 1.20 respectively. Following is supplied to you : Particulars Direct Materials :...

Extracted text: Smart Shoe Polish Company manufactures black and brown polish in one standard size of tin retailing at Rs. 1.08 and Rs. 1.20 respectively. Following is supplied to you : Particulars Direct Materials : Rs. Polish 7,38,000 Tins 2,88,000 Direct Wages 2,44,800 Production Overheads 3,67,200 Administrative and Selling Overheads 1,22,400 No. of Tins |Sales : Black Polish 14,40,000 Brown Polish Opening Stock Of Finished Goods Black Polish Brown Polish Closing Stock of Finished Goods Black Polish Brown Polish 6,00,000 48,000 1,60,000 1,08,000 60,000 The opening stock of black and brown polish was valued at its production cost of paise 80.4 per tin and paise 86.4 per tin respectively. The cost of raw materials for brown polish is 10% higher than that for black but there is no difference in the cost of tins. Direct wages for brown are 8% higher than those for black polish and production overheads are considered to vary with direct wages. Administrative and selling overhead is absorbed at a uniform rate per tin of polish sold. Prepare a statement to show the cost and profit per tin of polish.