Q5: The Saad Manufacturing Concern submits the following information at December 31", 2019. Inventories Opening Closing Material 9000 10000 W.IP 11000 13000 Finished Goods 7520 4800 Other Data: Material Purchased 72000 Direct Labour Cost 24000 FOH 27000 480 units were manufactured of which 400 units were sold at a unit price of Rs. 390 each. Selling expenses amounted to 10% of the selling price and general & administrative expenses amounted to 5 % of selling price. Required: i) Prepare Cost of goods manufactured and sold statement. ii) Prepare an income statement at year ended December, 31 2019.

Q5: The Saad Manufacturing Concern submits the following information at December 31", 2019. Inventories Opening Closing Material 9000 10000 W.IP 11000 13000 Finished Goods 7520 4800 Other Data: Material Purchased 72000 Direct Labour Cost 24000 FOH 27000 480 units were manufactured of which 400 units were sold at a unit price of Rs. 390 each. Selling expenses amounted to 10% of the selling price and general & administrative expenses amounted to 5 % of selling price. Required: i) Prepare Cost of goods manufactured and sold statement. ii) Prepare an income statement at year ended December, 31 2019.

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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