The books of Simplex Manufacturers present the following data for the month of June, 2020 : Direct labour cost 70,000 being 175% of works overhead. Stock account showed the following opening and closing balances : June 30 Raw materials 32,000 42,400 Work-in-progress 42,000 58,000 Finished goods 70,400 76,000 Other data are : Selling expenses 14,000 Administrative expenses 10,000 Sales for the month 3,00,000 Rate of profit - 25% of total cost. Compute the Value of Raw Materials Purchased.
Answers
Answer:
zyrz7rdyifiyxitxitxutxtxyixyrzyrzutxyi
The books of Simplex Manufacturers present the following data for the month of June, 2020 : Direct labour cost 70,000 being 175% of works overhead. Stock account showed the following opening and closing balances : June 30 Raw materials 32,000 42,400 Work-in-progress 42,000 58,000 Finished goods 70,400 76,000 Other data are : Selling expenses 14,000 Administrative expenses 10,000 Sales for the month 3,00,000 Rate of profit - 25% of total cost. Compute the Value of Raw Materials Purchasedadministrative expenses Rs. 56,000.
Inventory accounts showed the following
opening and closing balances:
Particulars
April 1April 1401:41 AM ✓
VOLTE
40
58%
Cost of goods sold
Add: Closing Stock of finished goods
56,000
19,000
Less: Opening stock of finished
75,000
goods
17,600
Work Cost or Cost of production
57,400
Add: Closing Stock of work-in-
progress
14,500
71,900
Less: Opening Stock of work-in-
10,500
progress
Less:
Works
(100/175*17,500)
overhead:
61,400
10,000
Prime Cost
51,400
Less: Direct Labour
17,500
Daw Materials consumed
33.9003002520111:41 AM ✓
VOLTE
4G
58%
Particulars
Amount
(Rs.)
Stock of direct materials on 1.7.11
6,000
Purchase and receipt of direct
materials in July, 2011
1,44,000
55,000
Direct wages paid in cash in July,
2011
(which includes Rs. 3,000
on
account of June 2011 and an
advance of Rs. 2,000)
60,000
10,000
Works overhead charges for the
month
Rs. 25
per unit
Stock of direct materials
on
Rs. 300
per unit
31.7.11
Administration
and
selling
overheads
Sales price
From the above particulars you are required
a) Prepare a cost statement for July, 2011,1:41 AM1:41 AM ✓
VOLTE
4G
58%
Particulars
Amount
(Rs.)
Stock of direct materials on 1.7.11
6,000
Purchase and receipt of direct
materials in July, 2011
1,44,000
55,000
Direct wages paid in cash in July,
2011
(which includes Rs. 3,000
on
account of June 2011 and an
advance of Rs. 2,000)
60,000
10,000
Works overhead charges for the
month
Rs. 25
per unit
Stock of direct materials
on
Rs. 300
per unit
31.7.11
Administration
and
selling
overheads
Sales price
From the above particulars you are required
a) Prepare a cost statement for July, 2011,
i hope it is useful for you