From the following particulars, prepare a statement showing (a) prime cost, (b) works cost, (c) cost of production and (d) cost of sales:
|
Rs |
|
|
Opening stock of finished goods |
9,750 |
|
Closing stock of finished goods |
11,100 |
|
Raw materials purchased |
35,250 |
|
Carriage on materials purchased |
850 |
|
Direct wages |
18,450 |
|
Factory expenses |
2,750 |
|
Selling expenses |
2,450 |
|
Office cost |
1,850 |
|
Sales |
75,000 |
|
Sales of scrap |
250 |
Also show by what percentage the average selling price in the aforementioned case should be increased in order to double the net profit.