CA Foundation Exam > CA Foundation Questions > Cost of raw material consumed is rs100000 clo...
Start Learning for Free
Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none?
Most Upvoted Answer
Cost of raw material consumed is rs100000 closing stock of raw materia...
Calculation of Cost of Manufacturing Goods
- Cost of Raw Material Consumed: Rs. 100,000
- Add: Manufacturing Overhead: Rs. 8,000
- Less: Sales of Scrap: Rs. 3,000
- Total Manufacturing Cost: Rs. 105,000
Calculation of Cost of Goods Manufactured
- Add: Opening Work in Progress: Rs. 60,000
- Less: Closing Work in Progress: Rs. 15,000
- Total Cost of Goods Manufactured: Rs. 150,000
Calculation of Cost of Goods Sold
- Cost of Goods Manufactured: Rs. 150,000
- Add: Opening Finished Goods Inventory: Nil
- Less: Closing Finished Goods Inventory: Nil
- Cost of Goods Sold: Rs. 150,000
Calculation of Profit
- Sales: Not Given
- Less: Cost of Goods Sold: Rs. 150,000
- Less: Selling Overhead: Rs. 10,000
- Net Profit: Cannot be calculated
Answer: Option A. Rs. 150,000
Explanation:
The cost of manufacturing goods includes the cost of raw material consumed, manufacturing overhead incurred, and any other expenses directly related to the production process. In this case, the cost of raw material consumed is Rs. 100,000, manufacturing overhead is Rs. 8,000, and sales of scrap is Rs. 3,000. Therefore, the total manufacturing cost is Rs. 105,000.
To calculate the cost of goods manufactured, we need to add the opening work in progress and subtract the closing work in progress. In this case, the opening work in progress is Rs. 60,000, and the closing work in progress is Rs. 15,000. Therefore, the cost of goods manufactured is Rs. 150,000.
To calculate the cost of goods sold, we need to subtract the closing finished goods inventory from the cost of goods manufactured. As the closing finished goods inventory is not given, we assume it to be nil. Therefore, the cost of goods sold is Rs. 150,000.
Finally, to calculate the net profit, we need to subtract the cost of goods sold and selling overhead from the sales. As the sales are not given, we cannot calculate the net profit.
- Cost of Raw Material Consumed: Rs. 100,000
- Add: Manufacturing Overhead: Rs. 8,000
- Less: Sales of Scrap: Rs. 3,000
- Total Manufacturing Cost: Rs. 105,000
Calculation of Cost of Goods Manufactured
- Add: Opening Work in Progress: Rs. 60,000
- Less: Closing Work in Progress: Rs. 15,000
- Total Cost of Goods Manufactured: Rs. 150,000
Calculation of Cost of Goods Sold
- Cost of Goods Manufactured: Rs. 150,000
- Add: Opening Finished Goods Inventory: Nil
- Less: Closing Finished Goods Inventory: Nil
- Cost of Goods Sold: Rs. 150,000
Calculation of Profit
- Sales: Not Given
- Less: Cost of Goods Sold: Rs. 150,000
- Less: Selling Overhead: Rs. 10,000
- Net Profit: Cannot be calculated
Answer: Option A. Rs. 150,000
Explanation:
The cost of manufacturing goods includes the cost of raw material consumed, manufacturing overhead incurred, and any other expenses directly related to the production process. In this case, the cost of raw material consumed is Rs. 100,000, manufacturing overhead is Rs. 8,000, and sales of scrap is Rs. 3,000. Therefore, the total manufacturing cost is Rs. 105,000.
To calculate the cost of goods manufactured, we need to add the opening work in progress and subtract the closing work in progress. In this case, the opening work in progress is Rs. 60,000, and the closing work in progress is Rs. 15,000. Therefore, the cost of goods manufactured is Rs. 150,000.
To calculate the cost of goods sold, we need to subtract the closing finished goods inventory from the cost of goods manufactured. As the closing finished goods inventory is not given, we assume it to be nil. Therefore, the cost of goods sold is Rs. 150,000.
Finally, to calculate the net profit, we need to subtract the cost of goods sold and selling overhead from the sales. As the sales are not given, we cannot calculate the net profit.
Community Answer
Cost of raw material consumed is rs100000 closing stock of raw materia...
150000
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none?
Question Description
Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none?.
Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none?.
Solutions for Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none? defined & explained in the simplest way possible. Besides giving the explanation of
Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none?, a detailed solution for Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none? has been provided alongside types of Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none? theory, EduRev gives you an
ample number of questions to practice Cost of raw material consumed is rs100000 closing stock of raw material rs30000 opening work in progress rs60000; closing work in progress rs15000.Manufacturing overhead rs 8000,sales of scrap rs3000 ,selling overhead rs10000 the cost of manufacturing good is A.150000 B.160000 C.153000 D.none? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup