Q no 01: (10)Following data have been taken from the records of ABC ltd Jan 01Dec, 31Finished goods inventory19,431?Work in process32,60016,800Raw material13,60019,700Other InformationDepreciation on factory equipment8500Raw material purchased145000Direct labor65300Indirect labor33400Freight In3400Factory Overhead19100Purchase discount2400Finished goods inventory on 1st Jan 480 units and on 31st Dec 320 Units. Sales during the year 2660 units @ 220 per unit.Required:Unit cost of finished goods inventoryTotal cost of finished goods inventoryCost of goods sold

Cost of production = Opening WIP + raw materials consumed + direct labor + facotory Oh - Closing WIP…

Answered: Unit cost of finished goods inventory…

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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Q no 01: (10)

Following data have been taken from the records of ABC ltd

	Jan 01	Dec, 31
Finished goods inventory	19,431	?
Work in process	32,600	16,800
Raw material	13,600	19,700

Other Information

Depreciation on factory equipment	8500
Raw material purchased	145000
Direct labor	65300
Indirect labor	33400
Freight In	3400
Factory Overhead	19100
Purchase discount	2400

Finished goods inventory on 1^st Jan 480 units and on 31^st Dec 320 Units. Sales during the year 2660 units @ 220 per unit.

Required:

Unit cost of finished goods inventory
Total cost of finished goods inventory
Cost of goods sold

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