Question
A fire destroyed XYZ mafacturing company completely on January 29,2004.fortunatly certain accounting recorded were kept in other building.It rveal the following for the period from
A fire destroyed XYZ mafacturing company completely on January 29,2004.fortunatly certain accounting recorded were kept in other building.It rveal the following for the period from january 1,2004 to january 29,2004. given:- Direct material purchase Br 160,000.WIP January 1 34,000. Direct material january 2004 16,000.Finished goods january 1,2004 30,000.MOH cost is 40 % of conversion cost.Revenue is 500,000.Direct labor cost is 180,000.Prime cost is 294,000.Gross profit based on sale is 20%.cost of goods available for sale is 450,000. Required Direct material destroyed,Cost of goods manfactured, Finished goods destroyed and WIP destroyed
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