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Answer Posted / mohd_ sikander
COSTOF GOOD SOLD (CGS)=
Opening stock ----------
Add; Purchases ----------
Add: Direct labour ----------
Less: Closing Stock ----------
Prime Cost ----------
Add: Op. Work in progress ----------
Less: Clo. work in progres ----------
Add: Factory overheads ----------
Factory cost -----------
Add: Admin. overheads -----------
Cost of production -----------
Add: Seling and destribuision
overheads -----------
COST OF GOODS SOLD (CGS) -----------
Profit -----------
Selling price -----------
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hdn Systems Pvt. Ltd., manufactures a consumer durable which passes through two processes M and N. From the following details prepare necessary process ledger accounts bringing out clearly the cost of the product at each stage. Process ‘M’ Process ‘N’ Materials (Rs.) 30,000 3,000 Labour (Rs.) 10,000 12,000 Overheads (Rs.) 7,000 8,600 Input (units) 20,000 17,500 Normal loss 10% 4% Scrap value of loss (per unit) Re. 1.00 Rs. 2.00 There is no opening or closing W-I-P or stock at processes. Final output from the process ‘N’ was 17,000 units
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