The following information is given to you from which you are required to prepare a Statement of Cost and Sales for the period ended on 30th June 2023:Consumable material: KOpening stock 20,000Purchases 122,000Closing stock 10,000Direct wages 36,000Direct Expenses 24,000Factory overheads of direct wages Office and administration overheads 50% 20% of works costSelling and distribution expenses K3 per unit soldUnits of finished goods: In hand at the beginning of the period (Value K12,500) 500Units produced during the period 12,000In hand at the end of the period 1,500Profit on selling price 20% There is no work-in-progress either at the beginning or at the end of the period.
The following information is given to you from which you are required to prepare a Statement of Cost and Sales for the period ended on 30th June 2023:Consumable material: KOpening stock 20,000Purchases 122,000Closing stock 10,000Direct wages 36,000Direct Expenses 24,000Factory overheads of direct wages Office and administration overheads 50% 20% of works costSelling and distribution expenses K3 per unit soldUnits of finished goods: In hand at the beginning of the period (Value K12,500) 500Units produced during the period 12,000In hand at the end of the period 1,500Profit on selling price 20% There is no work-in-progress either at the beginning or at the end of the period.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:The following information is given to
you from which you are required to
prepare a Statement of Cost and
Sales for the period ended on 30th
June 2023:Consumable material:
KOpening stock
20,000Purchases
122,000Closing stock
10,000Direct wages
36,000Direct Expenses
24,000Factory overheads
of direct wages Office and
administration overheads
50%
20% of
works costSelling and distribution
expenses K3 per unit soldUnits of
finished goods: In hand at the
beginning of the period (Value
K12,500) 500Units produced during
the period
12,000In hand at the
end of the period 1,500Profit on
selling price
20% There is no
work-in-progress either at the
beginning or at the end of the period.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education