Model: Cost of production of goods manufactured – statement of cost of sales and profit earned
The following data have been extracted from the records of XYZ Co. Ltd for the month of December 2009.
|
Cost of raw materials on 1 December 2009 |
25,000 |
|
Raw materials purchased during the month |
4,20,000 |
|
Wages paid |
2,00,000 |
|
Factory overheads |
70,000 |
|
Cost of work-in-progress on 1 December 2009 |
10,000 |
|
Cost of raw materials on 31 December 2009 |
15,000 |
|
Cost of work-in-progress on 31 December 2009 |
12,000 |
|
Cost of stock of finished goods on 1 December 2009 |
40,000 |
|
Cost of stock of finished goods on 31, December 2009 |
37,000 |
|
Administration overheads |
25,000 |
|
Selling and distribution overheads |
20,000 |
|
Sales |
8,00,000 |
You are required to prepare:
- Cost sheet showing the cost of production of goods manufactured
- Statement showing the cost of sales and the profit earned.