Gce Model Questions Vol1 2021 Financial Accounting Question 43

A manufacturing company produces a single product. During the period the following data were recorded (all figures in £):\n\n- Opening stock of raw materials: \(15{,}000\)\n- Purchases of raw materials: \(85{,}000\)\n- Closing stock of raw materials: \(12{,}000\)\n- Direct labour cost: \(40{,}000\)\n- Manufacturing overhead applied at \(150\%\) of direct labour cost\n- Opening work‑in‑progress (WIP): \(10{,}000\)\n- Closing WIP: \(18{,}000\)\n- Opening finished goods: \(20{,}000\)\n- Closing finished goods: \(25{,}000\)\n- Total units produced: \(2{,}000\)\n- Defective units: \(5\%\) of production, scrapped at no cost\n- Sale price per unit: \(120\)\n- Other selling expenses: \(15{,}000\)\n\nDetermine the gross profit for the period.