Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please Answer the following question correctly for an upvote. If you don't know the answer please don't solve it. Subject Name is Cost Accounting. QUESTION:

Please Answer the following question correctly for an upvote. If you don't know the answer please don't solve it.

Subject Name is Cost Accounting.

QUESTION:

Prepare income statement from the below information. Show manufacturing cost, cost of goods manufactured and cost of goods sold in the statement.

Direct Material opening stock is Rs.1,572,400, Purchases is Rs.8,420,000, purchase return is Rs.42,000

closing raw material is Rs1,270,000.

Conversion cost total is Rs. 11,352,300. Calculate Direct labor separately in the statement.

WIP opening stock is Rs.2,338,000 and WIP closing stock is Rs.1,303,200.

Opening finished goods is Rs. 966,100 and Closing finished goods is Rs.658,000.

Sales is Rs.25,000,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 20

Authors: Bernard J. Bieg, Judith A. Toland

26th Edition

1337268798, 9781337268790

More Books

Students also viewed these Accounting questions