Q1 Mr.Fahim furnishes the following data relating to the manufacture of a standard product during the month of April 2020. Raw materials consumed OMR 287000 Direct labour charges OMR 65400 Machine hour worked 18500 Machine hour rate OMR 3.2 Administrative overheads 30% on works cost Selling and distribution expenses OMR 0.60 per unit Units Produced 18500 Units Units Sold 16000 at OMR 70.5 per unit You are required to prepare a cost sheet from the above, showing: (a)The cost of production per unit. (b) Profit per unit sold and (c) Profit for the period.

Q1 Mr.Fahim furnishes the following data relating to the manufacture of a standard product during the month of April 2020. Raw materials consumed OMR 287000 Direct labour charges OMR 65400 Machine hour worked 18500 Machine hour rate OMR 3.2 Administrative overheads 30% on works cost Selling and distribution expenses OMR 0.60 per unit Units Produced 18500 Units Units Sold 16000 at OMR 70.5 per unit You are required to prepare a cost sheet from the above, showing: (a)The cost of production per unit. (b) Profit per unit sold and (c) Profit for the period.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

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Q1 Mr.Fahim furnishes the following data relating to the manufacture of a standard product during the
month of April 2020.
Raw materials consumed OMR 287000
Direct labour charges
OMR 65400
Machine hour worked
18500
Machine hour rate
OMR 3.2
Administrative overheads 30% on works cost
Selling and distribution expenses OMR 0.60 per unit
Units Produced 18500 Units
Units Sold 16000 at OMR 70.5 per unit
You are required to prepare a cost sheet from the above, showing:
(a)The cost of production per unit.
(b) Profit per unit sold and
(c) Profit for the period.

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