Question
Following extract of costing information relates to a commodity for the year ended 31 st March, 2012 Stock on 1 st April, 2011: Raw materials
Following extract of costing information relates to a commodity for the year ended 31st March, 2012
Stock on 1st April, 2011: Raw materials | 6000 |
Finished product (1000 tones) | 4000 |
Stock on 31st March, 2012: Raw materials | 5560 |
Finished product (2000 tons) | 8000 |
Raw materials purchased | 30000 |
Direct wages | 25000 |
Rent, Rates and Taxes | 1000 |
Carriage inwards | 360 |
Work in progress on 1st April, 2011 | 1200 |
Work in progress on31st April, 2012 | 4000 |
Cost of factory supervision | 2000 |
Sales of finished goods | 90000 |
Advertisement and selling expenses amounts of 0.25 paise per ton sold. 16500 tones were produced during the year. Prepare a statement showing:
a) The value of raw material used;
b) The cost of production;
c) The cost of turnover for the year;
d) The net profit for the year and net profit per ton.
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