Answered: Calculate number of units manufactured…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Question

Following information were taken from the records of Mian Abdur Raqeeb & Co. for the year ended December 31, 2012.

Inventories January 1 December 31

Material in process Rs. 8,000 Rs. 10,000

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

FOH in process Rs. 4,000 Rs. 9,000

Finished goods (200 Units) Rs. 116,000 100 Units

Purchases during the year were Rs. 420,000 and purchase returns were 20,000. Factory overhead is applied to production at the rate of 70% of direct labor cost. Cost of materials was 80% of current manufacturing cost or total factory cost. Number of finished units sold during the year was 1,100. At the end of year actual factory overhead cost total Rs. 90,000.

Calculate number of units manufactured till January 1

Calculate cost per unit manufactured during the year and prepare cost of goods sold statement

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