Q1

The following cost and inventory data are taken from the accounting records of Mason Company

for the year just completed:

Costs incurred:

Direct labor cost . . . . . . . . . . . . . . . . . . . . . . . . . Rs.70,000

Purchases of raw materials . . . . . . . . . . . . . . . . Rs.118,000

Manufacturing overhead . . . . . . . . . . . . . . . . . . Rs.80,000

Advertising expense . . . . . . . . . . . . . . . . . . . . . . Rs.90,000

Sales salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . Rs.50,000

Depreciation, office equipment . . . . . . . . . . . . . Rs.3,000

Inventories:

Beginning of the Year End of the Year Inventories:

Raw materials . . . . . . . . . . . . . Rs.7,000 Rs.15,000

Work in process . . . . . . . . . . . . Rs.10,000 Rs.5,000

Finished goods . . . . . . . . . . . . . Rs.20,000 Rs.35,000

Required:

Prepare Statement of cost of goods manufactured & Sold .