Following figures have been extracted from the Cost Records of a manufacturing unit : $ Store: Work-in-progress: Opening Balance 1,60,000 Direct Wages Applied Overheads Applied Opening Balance 30,000 60,000 Purchases 60,000 Transfers from Work-in-Progress Issues to Work-in-Progress Issues to Repairs and Maintenance Deficiencies found in Stock Taking 80,000 2,40,000 1,60,000 Closing Balance 40,000 20,000 6,000 Finished products: Entire output is sold at a profit of 10% on actual cost from Work-in-progress. Direct wages incurred $ 70,000; Overheads incurred $ 2,50,000. Items not included in Cost Records: Income from investments $ 10,000; Loss on sale of capital assets $ 20,000. Draw up Stores Control Account, Work-in-progress Control Account, Costing Profit and Loss Account, Profit and Loss Account and Reconciliation Statement.
Following figures have been extracted from the Cost Records of a manufacturing unit : $ Store: Work-in-progress: Opening Balance 1,60,000 Direct Wages Applied Overheads Applied Opening Balance 30,000 60,000 Purchases 60,000 Transfers from Work-in-Progress Issues to Work-in-Progress Issues to Repairs and Maintenance Deficiencies found in Stock Taking 80,000 2,40,000 1,60,000 Closing Balance 40,000 20,000 6,000 Finished products: Entire output is sold at a profit of 10% on actual cost from Work-in-progress. Direct wages incurred $ 70,000; Overheads incurred $ 2,50,000. Items not included in Cost Records: Income from investments $ 10,000; Loss on sale of capital assets $ 20,000. Draw up Stores Control Account, Work-in-progress Control Account, Costing Profit and Loss Account, Profit and Loss Account and Reconciliation Statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Following figures have been extracted from the Cost Records of a manufacturing unit :
$
Store:
Work-in-progress:
Opening Balance
1,60,000 Direct Wages Applied
Overheads Applied
Opening Balance
30,000
60,000
Purchases
60,000
Transfers from Work-in-Progress
Issues to Work-in-Progress
Issues to Repairs and Maintenance
Deficiencies found in Stock Taking
80,000
1,60,000
2,40,000
Closing Balance
40,000
20,000
6,000
Finished products: Entire output is sold at a profit of 10% on actual cost from Work-in-progress.
Direct wages incurred $ 70,000; Overheads incurred $ 2,50,000.
Items not included in Cost Records: Income from investments $ 10,000; Loss on sale of capital assets $
20,000.
Draw up Stores Control Account, Work-in-progress Control Account, Costing Profit and Loss Account,
Profit and Loss Account and Reconciliation Statement.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffeee03b6-80d3-4537-9ef0-2ab27738624f%2Fc1b76087-bc6b-4335-90ba-e95ce05e4f36%2Fmixz7c_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Following figures have been extracted from the Cost Records of a manufacturing unit :
$
Store:
Work-in-progress:
Opening Balance
1,60,000 Direct Wages Applied
Overheads Applied
Opening Balance
30,000
60,000
Purchases
60,000
Transfers from Work-in-Progress
Issues to Work-in-Progress
Issues to Repairs and Maintenance
Deficiencies found in Stock Taking
80,000
1,60,000
2,40,000
Closing Balance
40,000
20,000
6,000
Finished products: Entire output is sold at a profit of 10% on actual cost from Work-in-progress.
Direct wages incurred $ 70,000; Overheads incurred $ 2,50,000.
Items not included in Cost Records: Income from investments $ 10,000; Loss on sale of capital assets $
20,000.
Draw up Stores Control Account, Work-in-progress Control Account, Costing Profit and Loss Account,
Profit and Loss Account and Reconciliation Statement.
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