Quiz No. 1 - A

The Black Pepper Corporation desires to classify the cost and provides you the figure of trial balance for the period ended on December 31, 2016 as under:

Rupees

Material Consumed

40% of direct labour cost

Factory overhead

60% of direct labour cost

Finished goods - Beginning

50,000

Finished goods - Ending

70,000

Work in process - Beginning

45,000

Work in process - Ending

54,800

Materials - Beginning

31,300

Materials - Ending

23,120

Cost of goods manufactured

340,000

Required:

Prepare cost of goods sold statement