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Inventories Beginning of year End of year Finished goods Rs. 0 Work in process Rs 50,000 Rs 60,000 Raw materials Rs 20,000 Rs 10,000 The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is Rs 32 per unit. A. Prepare a Cost of Goods Manufactured Statement for the year. B. Compute the number of units and cost of units in the finished goods inventory at the end of the year. C. Prepare an Income Statement for the year under Absorption costing Method. D. Compute the following cost: i. Prime cost ii. Conversion cost iii. Inventoriable cost iv. Non-Manufacturing cost E. Prepare T accounts of the following i. Work in process ii. Finished goods

Inventories Beginning of year End of year Finished goods Rs. 0 Work in process Rs 50,000 Rs 60,000 Raw materials Rs 20,000 Rs 10,000 The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is Rs 32 per unit. A. Prepare a Cost of Goods Manufactured Statement for the year. B. Compute the number of units and cost of units in the finished goods inventory at the end of the year. C. Prepare an Income Statement for the year under Absorption costing Method. D. Compute the following cost: i. Prime cost ii. Conversion cost iii. Inventoriable cost iv. Non-Manufacturing cost E. Prepare T accounts of the following i. Work in process ii. Finished goods

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Inventories Beginning of year End of year Finished goods Rs. 0 Work in process Rs 50,000 Rs 60,000 Raw materials Rs 20,000 Rs 10,000 The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is Rs 32 per unit. A. Prepare a Cost of Goods Manufactured Statement for the year. B. Compute the number of units and cost of units in the finished goods inventory at the end of the year. C. Prepare an Income Statement for the year under Absorption costing Method. D. Compute the following cost: i. Prime cost ii. Conversion cost iii. Inventoriable cost iv. Non-Manufacturing cost E. Prepare T accounts of the following i. Work in process ii. Finished goods
Transcribed Image Text:Inventories Beginning of year End of year Finished goods Rs. 0 Work in process Rs 50,000 Rs 60,000 Raw materials Rs 20,000 Rs 10,000 The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is Rs 32 per unit. A. Prepare a Cost of Goods Manufactured Statement for the year. B. Compute the number of units and cost of units in the finished goods inventory at the end of the year. C. Prepare an Income Statement for the year under Absorption costing Method. D. Compute the following cost: i. Prime cost ii. Conversion cost iii. Inventoriable cost iv. Non-Manufacturing cost E. Prepare T accounts of the following i. Work in process ii. Finished goods
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