From the following particulars of a manufacturing firm, prepare a statement showing: (a) Cost of Materials Used, (b) Prime Cost, (c) Works Cost, (d) Cost of Production, (e) Cost of Sales, and (f) Profit Earned.
|
Rs |
Stocks of materials on 1st January, 2011 |
40,000 |
Purchase of materials in January, 2011 |
11,00,000 |
Stock of Finished goods on 1st January, 2011 |
50,000 |
Stock of work in progress on 1st January, 2011 |
35,000 |
Productive wages |
5,00,000 |
Works overhead charges |
1,50,000 |
Office and administration overheads |
90,000 |
Selling and distribution overheads |
60,000 |
Stock of materials on 31st January, 2011 |
1,40,000 |
Stock of finished goods on 31st January, 2011 |
60,000 |
Stock of work in progress on 31st January, 2011 |
25,000 |
Finished Goods sold in January, 2011 |
22,50,000 |