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From the following information calculate works cost Material 60000. Factory 50000. Labour 40000. Direct expenses 10000. Work in progress. opening stock 10000. Closing stock 8000.?
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From the following information calculate works cost Material 60000. Fa...
**Calculation of Work Cost:**
To calculate the work cost, we need to consider the following elements:
1. Material: $60,000
2. Factory: $50,000
3. Labour: $40,000
4. Direct expenses: $10,000
**Step 1: Calculate the Total Cost of Production:**
The total cost of production includes the cost of material, factory, labor, and direct expenses.
Total Cost of Production = Material + Factory + Labour + Direct Expenses
Total Cost of Production = $60,000 + $50,000 + $40,000 + $10,000
Total Cost of Production = $160,000
**Step 2: Calculate the Cost of Work in Progress:**
The cost of work in progress is the value of unfinished goods at the end of the accounting period. It is calculated by subtracting the closing stock from the opening stock.
Cost of Work in Progress = Opening Stock - Closing Stock
Cost of Work in Progress = $10,000 - $8,000
Cost of Work in Progress = $2,000
**Step 3: Calculate the Work Cost:**
The work cost is the total cost of production minus the cost of work in progress.
Work Cost = Total Cost of Production - Cost of Work in Progress
Work Cost = $160,000 - $2,000
Work Cost = $158,000
Therefore, the work cost is $158,000.
**Explanation:**
The work cost is calculated by considering the various elements involved in the production process. These elements include the cost of material, factory, labor, and direct expenses. The total cost of production is determined by adding up these costs.
In addition, the cost of work in progress is calculated by subtracting the closing stock from the opening stock. This cost represents the value of unfinished goods at the end of the accounting period.
Finally, the work cost is obtained by subtracting the cost of work in progress from the total cost of production. This value represents the total cost incurred in the production process, excluding the cost of unfinished goods.
It is important to calculate the work cost accurately as it helps in determining the profitability of the production process and in making informed decisions regarding pricing and inventory management.
To calculate the work cost, we need to consider the following elements:
1. Material: $60,000
2. Factory: $50,000
3. Labour: $40,000
4. Direct expenses: $10,000
**Step 1: Calculate the Total Cost of Production:**
The total cost of production includes the cost of material, factory, labor, and direct expenses.
Total Cost of Production = Material + Factory + Labour + Direct Expenses
Total Cost of Production = $60,000 + $50,000 + $40,000 + $10,000
Total Cost of Production = $160,000
**Step 2: Calculate the Cost of Work in Progress:**
The cost of work in progress is the value of unfinished goods at the end of the accounting period. It is calculated by subtracting the closing stock from the opening stock.
Cost of Work in Progress = Opening Stock - Closing Stock
Cost of Work in Progress = $10,000 - $8,000
Cost of Work in Progress = $2,000
**Step 3: Calculate the Work Cost:**
The work cost is the total cost of production minus the cost of work in progress.
Work Cost = Total Cost of Production - Cost of Work in Progress
Work Cost = $160,000 - $2,000
Work Cost = $158,000
Therefore, the work cost is $158,000.
**Explanation:**
The work cost is calculated by considering the various elements involved in the production process. These elements include the cost of material, factory, labor, and direct expenses. The total cost of production is determined by adding up these costs.
In addition, the cost of work in progress is calculated by subtracting the closing stock from the opening stock. This cost represents the value of unfinished goods at the end of the accounting period.
Finally, the work cost is obtained by subtracting the cost of work in progress from the total cost of production. This value represents the total cost incurred in the production process, excluding the cost of unfinished goods.
It is important to calculate the work cost accurately as it helps in determining the profitability of the production process and in making informed decisions regarding pricing and inventory management.
Community Answer
From the following information calculate works cost Material 60000. Fa...
From the following information calculate work cost material
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From the following information calculate works cost Material 60000. Factory 50000. Labour 40000. Direct expenses 10000. Work in progress. opening stock 10000. Closing stock 8000.?
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From the following information calculate works cost Material 60000. Factory 50000. Labour 40000. Direct expenses 10000. Work in progress. opening stock 10000. Closing stock 8000.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about From the following information calculate works cost Material 60000. Factory 50000. Labour 40000. Direct expenses 10000. Work in progress. opening stock 10000. Closing stock 8000.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following information calculate works cost Material 60000. Factory 50000. Labour 40000. Direct expenses 10000. Work in progress. opening stock 10000. Closing stock 8000.?.
From the following information calculate works cost Material 60000. Factory 50000. Labour 40000. Direct expenses 10000. Work in progress. opening stock 10000. Closing stock 8000.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about From the following information calculate works cost Material 60000. Factory 50000. Labour 40000. Direct expenses 10000. Work in progress. opening stock 10000. Closing stock 8000.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following information calculate works cost Material 60000. Factory 50000. Labour 40000. Direct expenses 10000. Work in progress. opening stock 10000. Closing stock 8000.?.
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