The directors of a manufacturing business require a statement showing the production results of the business for the month of March 1994. The cost accounts reveal the following information:
|
Rs |
|
|
Stock on hand, 1 March 1994: |
|
|
Raw materials |
25,000 |
|
Finished goods |
17,360 |
|
Stock on hand, 31 March 1994 |
|
|
Raw materials |
26,250 |
|
Finished goods |
15,750 |
|
Purchase of raw materials |
21,900 |
|
WIP, 1 March 1994 |
8,220 |
|
WIP, 31 March 1994 |
9,100 |
|
Sale of finished goods |
72,310 |
|
Direct wages |
17,150 |
|
Non productive wages |
830 |
|
Works expenses |
8,340 |
|
Office and administrative expenses |
3,160 |
|
Selling and distributive expenses |
4,210 |
You are required to construct the statement so as to show (a) value of the material consumed, (b) total cost of production, (c) cost of goods sold, (d) profit on goods sold and (e) net profit for the month.