The following information was obtained from the cost records of Aditya Chemicals Ltd. for 1998:
|
Rs |
|
|
Finished goods on 1 January 1998 |
50,000 |
|
Raw materials, 1 January 1988 |
10,000 |
|
WIP, 1 January 1988 |
14,000 |
|
Direct labour |
1,60,000 |
|
Purchase of raw materials |
98,000 |
|
Indirect labour |
40,000 |
|
Heat, light and power |
20,000 |
|
Factory insurance and taxes |
5,000 |
|
Repairs to plant |
3,000 |
|
Factory supplies |
5,000 |
|
Depreciation—factory building |
6,000 |
|
Depreciation—plant |
10,000 |
|
Other information made available is |
|
|
Factory cost of goods produced in 1988 |
2,80,000 |
|
Raw materials consumed in 1988 |
95,000 |
|
Cost of goods sold in 1988 |
1,60,000 |
No office and administration expenses were incurred during 1988. Prepare a statement of cost for the year ending on 1988 giving the maximum possible information and the detailed break up of cost.