Problem number 1 The following data were taken from the cost records: Depreciation, factory Indirect labor Utilities, factory Insurance factory Lubricants for machines Direct Labor Purchases of raw materials Depreciation, Office furniture Inventories at the beginning and end of the year were as follows: 7000 11000 5000 1500 1000 21000 16000 700 1-Jan 31-Dec Raw materials 1500 2500 3000 Work in process Finished goods 1000 4000 6000 Sales recorded during the year amountedRs. 7,7000. Required: a. Prepare a Statement of Cost of Goods Manufactured for the year. b. Prepare a statement of Cost of Goods Sold for the year and calculate Gross profit.

Problem number 1 The following data were taken from the cost records: Depreciation, factory Indirect labor Utilities, factory Insurance factory Lubricants for machines Direct Labor Purchases of raw materials Depreciation, Office furniture Inventories at the beginning and end of the year were as follows: 7000 11000 5000 1500 1000 21000 16000 700 1-Jan 31-Dec Raw materials 1500 2500 3000 Work in process Finished goods 1000 4000 6000 Sales recorded during the year amountedRs. 7,7000. Required: a. Prepare a Statement of Cost of Goods Manufactured for the year. b. Prepare a statement of Cost of Goods Sold for the year and calculate Gross profit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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