Calculate number of units manufactured till January 1 Calculate cost per unit manufactured during the year and prepare cost of goods sold statement
Following information were taken from the records of Mian Abdur Raqeeb & Co. for the year ended December 31, 2012.
Inventories January 1 December 31
Material in process Rs. 8,000 Rs. 10,000
Labor in process Rs. 5,000 Rs. 10,000
FOH in process Rs. 4,000 Rs. 9,000
Finished goods (200 Units) Rs. 116,000 100 Units
Purchases during the year were Rs. 420,000 and purchase returns were 20,000. Factory overhead is applied to production at the rate of 70% of direct labor cost. Cost of materials was 80% of current
Calculate number of units manufactured till January 1
Calculate cost per unit manufactured during the year and prepare cost of goods sold statement
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