The books and records of Ajith manufacturing company present the following data for the month of January 2000:
|
Direct labour |
32,000 (160% of factory overheads) |
|
Cost of goods sold |
1,12,000 |
|
Administration overhead |
5,200 |
|
Selling overhead |
6,800 |
|
Sales |
1,50,000 |
Inventory accounts showed the following opening and closing balances:
|
1 January |
31 January |
|
|
Raw materials |
16,000 |
17,200 |
|
WIP |
16,000 |
24,000 |
|
Finished goods |
28,000 |
36,000 |
You are required to prepare a statement showing the cost of goods manufactured and sold and the profit earned. Raw materials consumed: