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During the process of finalization of accounts of Context limited you have noted the following data for the year ended 31st March 2021. Sales 100
During the process of finalization of accounts of Context limited you have noted the following data for the year ended 31st March 2021.
- Sales 100 000K
- Purchase of raw materials 750,000K
- Direct manufacturing overheads 74500K
Inventory details as on 31/03/2021 (??000)
| Opening value | Closing value |
Raw material | 1000 | 2000 |
Work in progress | 2000 | 2500 |
Finished goods | 500 | 250 |
Calculate
- Cost of RM consumed in the year,
- Cost of WIP that got converted to FG (cost of goods produced)
- Cost of FG consumed (cost of goods sold)
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