Cost of Goods Manufactured & Sold Statement

Raw Material $ $ $
Opening Stock 7,000
Add: Purchases 19,700
Add: Carriage
-
Less: Return Outward -
Raw material available for use
Less: Closing Raw Material 7,400 19,300
Cost of Raw Material used 19,300
Direct Labor 30,000
Prime Cost 49,300
Manufacturing Overheads
Total Overheads 45,000 49,300
Total Manufacturing Cost 94,300 94,300
Add: Opening WIP 9,600
Cost of Goods to be Manufactured 103,900
Less: Closing WIP 13,000
Cost of Goods Manufactured 113,500
Add: Opening Fin, Goods 15,000
Cost of Goods Avaiable for Sale 128,500
Less: Closing Fin. Goods 17,500
Cost of Goods Sold 111,000
146,000
 Cost of Goods Manufactured & Sold Statement

Raw Material $ $ $
Opening Stock 18,000
Add: Purchases 84,000
Add: Carriage
-
Less: Return Outward -
Raw material available for use 18,000
Less: Closing Raw Material 15,000
Cost of Raw Material used 87,000
Direct Labor 60,000
Prime Cost 147,000
Manufacturing Overheads
Total Overheads 120,000
Total Manufacturing Cost 267,000
Add: Opening WIP 9,000
Cost of Goods to be Manufactured 276,000
Less: Closing WIP (6,000)
Cost of Goods Manufactured 270,000
Add: Opening Fin, Goods 14,000
Cost of Goods Avaiable for Sale 284,000
Less: Closing Fin. Goods (72,000)
Cost of Goods Sold 212,000
 Income Statement
$ $
Sales 15,000,000
Less: Sales Returns -
Net Sales 15,000,000

Less: Opening Stock of Finished Goods -

Less: Cost of Goods manufactured -
Goods Available for Sale -
Less: Closing Stock of Finished Goods -
Cost of Goods Sold 146,000
Gross Profit 15,146,000
Operating and Selling Expenses
Indirect Salaries 1,500,000
Dep. Of Fixed Assets 2,250,000
Rents and Insurance
Advertisment Expenses
Misc. Exp
Audit Fee
Total Expenses (3,750,000)
11,396,000
3,988,600
Net Profit 7,407,400
 Description Rs. (000) Description Rs. (000)
Sales 252,000 Commission 2,500
Sales Returns and Allowances 2,000 Advertising 4,000
Purchases of Raw Material 96,200 Depreciation of Sales Office 2,200
Carriage In 300 Traveling Expense 1,800
Direct Labour 40,000 Bad Debts 700
Purchases Return 1,200 Salaries 2,000
Indirect Material 4,300 Stationery Used 1,125
Indirect Labour 4,700 Rent of Office 1,500
Rent of Factory 3,500 Interest Received 1,110
Factory Taxes 1,150 Interest Paid 275
Insurance of Factory Building 1,500
Depreciation of Plant and Machinery 3,425
Heat, Light and Power 2,225

Invesntories
7/1/2020 30/06/2021
Materials 9,000 12,000
WIP 16,100 13,900
Finished Goods 17,600 15,300

Required: Prepare cost of goods manufactured statement and Income Statement

1,825
Raw Material $ $ $
Opening Stock 9,000
Add: Purchases 96,200
Add: Carriage 300
96,500
Less: Return Outward 1,200
Raw material available for use 104,300
Less: Closing Raw Material 12,000
Cost of Raw Material used 92,300
Direct Labor 40,000
Prime Cost 132,300
Manufacturing Overheads
Salaries/Wages 4,700
Depreciation of Plant 3,425
Rent 3,500
Loose Tools 4,300
Insurance 1,500
Factory Taxes 1,150
Utlities 2,225
Total Overheads 20,800
153,100
Add: Opening WIP 16,100
Less: Closing WIP 13,900
Cost of Goods Manufactured 155,300

Raw Material $ $ $
Opening Stock 7,000
Add: Purchases 42,300
Add: Carriage
-
Less: Return Outward -
Raw material available for use
Less: Closing Raw Material 7,400
Cost of Raw Material used 41,900
Direct Labor 30,000
Prime Cost 71,900 41,900
Manufacturing Overheads
Salaries/Wages
Depreciation of Plant
Rent
Loose Tools
Insurance
Utlities
Total Overheads 45,000
Total Manufacturing Cost 116,900 116,900
Add: Opening WIP 9,600
Cost of Goods to be Manufactured 126,500
Less: Closing WIP 13,000
Cost of Goods Manufactured 113,500 113,500
Add: Opening Fin, Goods 15,000
Cost of Goods Avaiable for Sale 128,500
Less: Closing Fin. Goods 17,500
Cost of Goods Sold 111,000 111,000
 264 Raw Material $ $
109,060,000.00 Opening Stock 9,000
22,440,000.00 Add: Purchases - 1,200,000
Add: Carriage -
-
Less: Return Outward -
Raw material available for use 9,000
Less: Closing Raw Material -
Cost of Raw Material used
Direct Labor
Prime Cost
Manufacturing Overheads
Salaries/Wages 4,700
Depreciation of Plant 3,425
Rent 3,500
Loose Tools 4,300
Insurance 1,500
Factory Taxes -
Utlities 2,225
Total Overheads

Add: Opening WIP

Less: Closing WIP
Cost of Goods Manufactured
 $

9,000
-
9,000

19,650
28,650
-
-
28,650
 XYZ Ltd.
Income Statement
for the year ended 30th June, 2021

Rs. (000) Rs. (000)

Sales 252,000
Less: Sales Returns 2,000
Net Sales 250,000

Less: Opening Stock of Finished Goods 17,600

Less: Cost of Goods manufactured 155,300
Goods Available for Sale 172,900
Less: Closing Stock of Finished Goods 15,300
Cost of Goods Sold 157,600
Gross Profit 92,400
Operating and Selling Expenses
Indirect Salaries 2,000
Dep. Of Fixed Assets 2,200
Rents and Insurance 1,500
Commission 2,500
Advertisment Expenses 4,000
Travelling Expenses 1,800
Other Misc. Expenses 1,825
Total Expenses 15,825
Add: Other Incomes 1,110
Profit Before Interest and Tax 77,685
Interest Expense 275
Tax @ 35% 27,094
Net Profit 50,316