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please provide detailed information of my question o will vote you according to your work p14 321 Cost Sheet (or) Statement of Cost Add :
please provide detailed information of my question o will vote you according to your work
p14 321 Cost Sheet (or) Statement of Cost Add : Selling & Distribution Overheads: (7) Salary to Salesmen General Manager's Salary Other Selling Expenses Advertisement Traveling expenses Carriage and freight overhead Cost of Goods Sold (8) Profit (9) Sales (10) 4,000 12,000 2.000 4,000 2,200 2,000 26,200 4,21,600 78,400 5,00,000 Illustration: 8 A fire occurred in the factory premises on October 31, 2003. The accounting records have been destroyed. Certain accounting records were kept in another building. They reveal the following for the period September 1, 2003 to October 31, 2003: (i) Direct materials purchased Rs. 2,50,000 (ii) Work process inventory, 1.9.2003 Rs. 40,000 (iii) Direct materials inventory, 1.9.2003 Rs. 20,000 (iv) Finished goods inventory, 1.9.2003 Rs. 37,750 (v) Indirect manufacturing costs 40% of conversion cost (vi) Sales revenues Rs. 7,50,000 (vii) Direct manufacturing labour Rs. 2,22,250 (viii) Prime costs Rs. 3,97,750 (ix) Gross margin percentage based on revenues 30% (x) Cost of Goods available for sale Rs. 5,55,775 The loss is fully covered by insurance. The insurance Company wants to know the historical cost of the inventories as a basis for negotiating a settleent, although the settlement is actually to be based on replacement cost, not historical cost. Required: (i) Finished goods inventory, 31.10.2003 (ii) Work-in-process inventory, 31.10.2003 (iii) Direct materials inventory, 31.10.2003Step by Step Solution
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