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From the following particulars calculate prime cost, works cost, cost of production, cost of sales and profit Prime Industries manufacture a product A. on 1st January 2020 finished goods in stock $50000. Other stocks such as: Work in progress (1.1.2020) $40000 Raw materials (1.1.2020) $100000 The information available from cost records for the year ended 31st December 2020 was as follows

From the following particulars calculate prime cost, works cost, cost of production, cost of sales and profit Prime Industries manufacture a product A. on 1st January 2020 finished goods in stock $50000. Other stocks such as: Work in progress (1.1.2020) $40000 Raw materials (1.1.2020) $100000 The information available from cost records for the year ended 31st December 2020 was as follows

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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From the following particulars calculate prime cost, works cost, cost of production, cost of sales and profit Prime Industries manufacture a product A. on 1st January 2020 finished goods in stock $50000. Other stocks such as:
Work in progress (1.1.2020) $40000
Raw materials (1.1.2020) $100000
The information available from cost records for the year ended 31st December 2020 was as follows:

Direct materials 800000 Direct wages 300000 Carriage inwards Indirect wages 40000 90000 factory overhead 275000 Stock of raw materials (31.12.2020) Work in progress (31.12.2020) Sales (120000 units) 80000 70000 2500000 Indirect materials 175000 Office and administrative overhead 80000 Selling and Distribution overhead 100000
Transcribed Image Text:Direct materials 800000 Direct wages 300000 Carriage inwards Indirect wages 40000 90000 factory overhead 275000 Stock of raw materials (31.12.2020) Work in progress (31.12.2020) Sales (120000 units) 80000 70000 2500000 Indirect materials 175000 Office and administrative overhead 80000 Selling and Distribution overhead 100000
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