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The books and record of Jora manufacturing company present the following data for the month of August 2002: RAW material. August 1. 16000 .31 August .17200 Work -in - progess . 1.August16000 31 August-24000 Finished Goods August1 -28000 .August31. 36000 Other data Selling expenses. 6800 General and administratiom expenses 5200 Sale of months .150000 Compute the Raw material purchase in cost accounting.?
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The books and record of Jora manufacturing company present the followi...
Raw Material Purchase in Cost Accounting
Raw material is the basic material that is used in the manufacturing process to produce finished goods.
Raw Material Purchase = (Raw Material Used + Closing Stock of Raw Material) - Opening Stock of Raw Material
Using the formula above, we can calculate the raw material purchase for Jora manufacturing company in August 2002 as follows:
Raw Material Used = Opening Stock of Raw Material + Purchases - Closing Stock of Raw Material
Raw Material Used = 16,000 + X - 17,200
Raw Material Used = X - 1,200
Closing Stock of Raw Material = 17,200
Opening Stock of Raw Material = 16,000
Raw Material Purchase = (X - 1,200 + 17,200) - 16,000
Raw Material Purchase = X
Therefore, the raw material purchase for Jora manufacturing company in August 2002 is X.
The calculation for raw material purchase in cost accounting is based on the formula provided above. The data given for Jora manufacturing company includes the opening and closing stock of raw material, work-in-progress, and finished goods. To calculate the raw material purchase, we need to first calculate the raw material used in the manufacturing process. We can then use this to calculate the raw material purchase.
In the case of Jora manufacturing company, the raw material used can be calculated by subtracting the closing stock of raw material from the sum of the opening stock of raw material and the purchases made during the month. Once we have calculated the raw material used, we can then use the formula to calculate the raw material purchase.
It is important for companies to calculate the raw material purchase accurately as it helps in determining the cost of goods sold and the profitability of the company. By keeping track of the raw material used and purchased, companies can ensure that they are using their resources efficiently and effectively.
Definition of Raw Material
Raw material is the basic material that is used in the manufacturing process to produce finished goods.
Formula for Raw Material Purchase
Raw Material Purchase = (Raw Material Used + Closing Stock of Raw Material) - Opening Stock of Raw Material
Calculation of Raw Material Purchase
Using the formula above, we can calculate the raw material purchase for Jora manufacturing company in August 2002 as follows:
Raw Material Used = Opening Stock of Raw Material + Purchases - Closing Stock of Raw Material
Raw Material Used = 16,000 + X - 17,200
Raw Material Used = X - 1,200
Closing Stock of Raw Material = 17,200
Opening Stock of Raw Material = 16,000
Raw Material Purchase = (X - 1,200 + 17,200) - 16,000
Raw Material Purchase = X
Therefore, the raw material purchase for Jora manufacturing company in August 2002 is X.
Explanation
The calculation for raw material purchase in cost accounting is based on the formula provided above. The data given for Jora manufacturing company includes the opening and closing stock of raw material, work-in-progress, and finished goods. To calculate the raw material purchase, we need to first calculate the raw material used in the manufacturing process. We can then use this to calculate the raw material purchase.
In the case of Jora manufacturing company, the raw material used can be calculated by subtracting the closing stock of raw material from the sum of the opening stock of raw material and the purchases made during the month. Once we have calculated the raw material used, we can then use the formula to calculate the raw material purchase.
It is important for companies to calculate the raw material purchase accurately as it helps in determining the cost of goods sold and the profitability of the company. By keeping track of the raw material used and purchased, companies can ensure that they are using their resources efficiently and effectively.
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The books and record of Jora manufacturing company present the following data for the month of August 2002: RAW material. August 1. 16000 .31 August .17200 Work -in - progess . 1.August16000 31 August-24000 Finished Goods August1 -28000 .August31. 36000 Other data Selling expenses. 6800 General and administratiom expenses 5200 Sale of months .150000 Compute the Raw material purchase in cost accounting.?
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The books and record of Jora manufacturing company present the following data for the month of August 2002: RAW material. August 1. 16000 .31 August .17200 Work -in - progess . 1.August16000 31 August-24000 Finished Goods August1 -28000 .August31. 36000 Other data Selling expenses. 6800 General and administratiom expenses 5200 Sale of months .150000 Compute the Raw material purchase in cost accounting.? 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 The books and record of Jora manufacturing company present the following data for the month of August 2002: RAW material. August 1. 16000 .31 August .17200 Work -in - progess . 1.August16000 31 August-24000 Finished Goods August1 -28000 .August31. 36000 Other data Selling expenses. 6800 General and administratiom expenses 5200 Sale of months .150000 Compute the Raw material purchase in cost accounting.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The books and record of Jora manufacturing company present the following data for the month of August 2002: RAW material. August 1. 16000 .31 August .17200 Work -in - progess . 1.August16000 31 August-24000 Finished Goods August1 -28000 .August31. 36000 Other data Selling expenses. 6800 General and administratiom expenses 5200 Sale of months .150000 Compute the Raw material purchase in cost accounting.?.
The books and record of Jora manufacturing company present the following data for the month of August 2002: RAW material. August 1. 16000 .31 August .17200 Work -in - progess . 1.August16000 31 August-24000 Finished Goods August1 -28000 .August31. 36000 Other data Selling expenses. 6800 General and administratiom expenses 5200 Sale of months .150000 Compute the Raw material purchase in cost accounting.? 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 The books and record of Jora manufacturing company present the following data for the month of August 2002: RAW material. August 1. 16000 .31 August .17200 Work -in - progess . 1.August16000 31 August-24000 Finished Goods August1 -28000 .August31. 36000 Other data Selling expenses. 6800 General and administratiom expenses 5200 Sale of months .150000 Compute the Raw material purchase in cost accounting.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The books and record of Jora manufacturing company present the following data for the month of August 2002: RAW material. August 1. 16000 .31 August .17200 Work -in - progess . 1.August16000 31 August-24000 Finished Goods August1 -28000 .August31. 36000 Other data Selling expenses. 6800 General and administratiom expenses 5200 Sale of months .150000 Compute the Raw material purchase in cost accounting.?.
Solutions for The books and record of Jora manufacturing company present the following data for the month of August 2002: RAW material. August 1. 16000 .31 August .17200 Work -in - progess . 1.August16000 31 August-24000 Finished Goods August1 -28000 .August31. 36000 Other data Selling expenses. 6800 General and administratiom expenses 5200 Sale of months .150000 Compute the Raw material purchase in cost accounting.? in English & in Hindi are available as part of our courses for B Com.
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