Account Department of the Aqib Khan Co. provides the following data at end of June 2017, you are required to prepare Cost of Goods Manufactured; Cost of Goods Sold; find out Gross Profit / Loss & Net profit / Loss and Per Unit Manufacturing Cost at the Year ended May 30th, 2009, assuming that Net Sales of Rs. 72,000, Marketing Expense 5%, Advertising Expense 1 %, and Other Expense 3% of Net Sales; Net Purchases Rs. 36,000 and Direct Expenses are 1 % of Net Purchases; FOH 2/3 of Direct Labor. Units are produced during the period was 5,000.
Opening Inventory of Raw material suppose your arid no. last four digits and closing inventory 1.1 times of your arid no. last four digits. Opening Inventory of WIP suppose your arid no. last four digits 1.25 times and closing inventory 1.15 times of your arid no. last four digits. Opening Inventory of Finish goods suppose your arid no. last four digits twice and closing inventory 2.24 times of your arid no. last four digits

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Computation of cost of goods manufactured and cost of goods sold Particulars Amt Beginning ... View the full answer