The Following Trail Balance has been extracted from the books of ABC Company on December 31st, 2018:
Descriptions
Debit
Descriptions
Debit
Rs.
Rs.
Cash
8,200
Notes Payable
3,200
Accounts Receivable
41,000
Accounts Payable
12,350
Notes Receivable
23,000
Taxes Payable
1,500
Material (1-1-2018)
31,800
Rent Payable
1,020
Work in Process (1-1-2018)
4,000
Dividend Payable
500
Finished Goods (1-1--2018)
11,700
Sales
35,000
Prepaid Insurance
200
Common Stock
10,000
Machinery & Equipment
93,500
Retained Earnings
34,570
Purchased of Material
16,000
Accumulated Depreciation
20,000
Carriage inward
520
Direct Labor
33,000
Indirect Material
8,520
Indirect Labor
5,580
Depreciation - Factory
5,400
Utility - Factory
6,500
Carriage outward
460
Advertising
175
Salesmen Salary
565
Foreman Salary
7,000
Administrative Cost
1,020
318,140
318,140
During the year 70,000 units have been produced. The Following Further information are also available:
Inventories at December 31st, 2018
Rs.
Material
3,520
Work in Process
2,500
Finished Goods
10,000
Note: The factory overhead cost applied at the rate of 100% of direct labor cost.
The actual FOH cost incurred during the period Rs. 31,480.
Required
a) Statement of Cost of Goods Manufactured at December 31st, 2018. (Marks 5)
b) Statement of Profit or Loss for the year ended December 31st, 2018. (Marks 5)
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