Prepaire a statement of cost
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The document provides financial information for a company for the month of June 1998, including costs of raw materials, wages, factory and administration overheads, opening and closing inventory levels, and sales. It calculates the cost of goods sold as Rs. 8,54,000 by taking the cost of production of goods manufactured of Rs. 8,29,000 plus the change in finished goods inventory and adding selling and distribution overheads.
Prepaire a statement of cost
- 1. Cost of raw materials on June 1,1998 30,000 Purchase of raw materials during the month 4,50,000 Wages paid 2,30,000 Factory overheads 92,000 Cost of work in progress on June 1, 1998 12,000 Cost of raw materials on June 30, 1998 15,000 Cost of stock of finished goods on June 1, 1998 60,000 Cost of stock of finished goods on June 30, 1998 55,000 Selling and distribution overheads 20,000 Sales 9,00,000 Administration overheads 30,000
- 2. Opening stock of raw materials 30,000 Add-- purchase 4,50,000 4,80,000 Less-- closing stock of raw material 15,000 Value of raw materials consumed 4,65,000 Wages 2,30,000 Prime cost 6,59,000 Factory overheads 92,000 7,87,000 Add-- opening stock of work in progress 12,000 Less-- closing stock of work in progress - 12,000 Factory cost 7,99,000 Add-- Administration overhead 30,000 Cost of production of goods manufactured 8,29,000 Add--opening stock of finished goods 60,000 Less-- closing stock of finished goods 55,000 5000 Cost of production of goods sold 8,34,000 Add-- selling and distribution overheads 20000 Cost of sales 8,54,000