You are required to prepare a statement showing cost of sales and profit earned from the following particulars:
|
1 January 2009 |
30 June 2009 |
|
|
Raw materials |
8,000 |
8,600 |
|
Work-in-progress |
8,000 |
12,000 |
|
Finished Goods |
14,000 |
18,000 |
Direct labour cost Rs. 16,000 (160% of factory overhead); Cost of goods sold Rs. 56,000; Administration expenses Rs. 2,600; Selling expenses 5% of sales; Sales of the month Rs. 75,000
(Model: Valuation of closing stock and profit)