Question

[1993]
From the following particulars relating to the production and sales for the year ended
31" December, 1992, prepare a Cost Statement showing therein the Prime Cost (i) the Works
Cost, (ili) the Cost of Production () the Cost of Sales and (iv) the Profit or loss
Stock as on 1.1.92
(a) Raw Materials
25,000
(b) Work-in-Progress
At Prime Cost
30,000
Add: Manufacturing Expenses
(c) Finished Goods (at Cost)
Raw Material purchased
200.000
Freight on Raw Materials
Machine Hour Rate
Machine Hours worked : 48,000 hours
Chargeable Expenses
50.000
Factory Wages for direct labour
2.70,000
Administration Expenses
Selling Expenses
Distribution Expenses
Sale proceeds of Finished goods (30,000 units)
900.000
Stock as on 31" December, 1992:
(a) Raw Materials
45.000
(b) Work-in-Progress
At Prime Cost
Add: Manufacturing Expenses
9.000
2
(c) Finished Goods at Cost (10,000 units)
Finished Goods produced 32,000 units
Apply LIFO Principle in finished goods valuation​

Answer 1

Answer:

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