Question

Give the journal entries regarding this statement. ​

Answer 1

Explanation:

${You are required to find out the value of materials</p><p>consumed and also prepare the cost-sheet in an appropriate</p><p>form from the following information of first week related to</p><p>production and sale of a newly established small concern.</p><p>Total Produced Units 100; Units sold 80; Selling Price Rs.</p><p>2,100; Profit 20% on Sale; Selling Expen: es @ Rs. 1 per</p><p>unit; Cost of Production Rs. 2,000; Manufacturing or</p><p>Works Cost 80% of Cost of Production; Manufacturing</p><p>Overheads 150% of Office Overheads; Direct Material is</p><p>25% of Direct Wages}$