Subject: Cost Management & accounting QUESTION – 11** The following data have been extracted from the records of A.B.C. Manufacturing Company:- Inventory Accounts Jan. 1: Inventory Accounts Dec 31: Material Rs. 45,000 Materials Rs. 38,000 Work- in- Process 15,000 Work – in – Process 12,000 Finished Goods 10,000 Finished Goods 17,000 The following transactions took place during the year 1990: Direct Material Purchased Rs. 6,500 Indirect Materials Purchased and used 10,000 Factory Payroll Rs. 38,000 out of which Rs. 8,000 represented indirect labour. Other factory overhead cost incurred Rs. 25,000. Factory overhead applied to production at the rate of 150% of direct labour cost. Selling expenses Rs. 20,000 Admin Expenses 17,000 Financial Management Income 2,000 Financial Management Expense 3,000 Sale for the year 236,000 Sales return and Allowances 2,500 Carriage inward 4,000 REQUIRED: A] Cost of Goods manufactured and Sold statement for the year ended Dec. 31, 1990. B] Income Statement for the year ended Dec. 31, 1990.
Subject: Cost Management & accounting
QUESTION – 11**
The following data have been extracted from the records of A.B.C. Manufacturing Company:-
Inventory Accounts Jan. 1: Inventory Accounts Dec 31:
Material Rs. 45,000 Materials Rs. 38,000
Work- in- Process 15,000 Work – in – Process 12,000
Finished Goods 10,000 Finished Goods 17,000
The following transactions took place during the year 1990:
Direct Material Purchased Rs. 6,500
Indirect Materials Purchased and used 10,000
Factory Payroll Rs. 38,000 out of which Rs. 8,000 represented indirect labour. Other
Selling expenses Rs. 20,000 Admin Expenses 17,000
Sale for the year 236,000 Sales return and Allowances 2,500
Carriage inward 4,000
REQUIRED:
A] Cost of Goods manufactured and Sold statement for the year ended Dec. 31, 1990.
B] Income Statement for the year ended Dec. 31, 1990.
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