Considering the following information, answer the question given below:During the year manufacturing overhead expenses amounted to Rs. 61,100, manufacturing wages to Rs. 40,400 and purchase of raw materials to Rs. 91,900. There were no other direct expenses.The manufacturing cost of finished goods sold was:a)Rs. 1,91,700b)Rs. 1,92,500c)Rs. 1,94,000d)Rs. 1,93,300.Correct answer is option 'D'. Can you explain this answer?

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Considering the following information, answer the question given below:

During the year manufacturing overhead expenses amounted to Rs. 61,100, manufacturing wages to Rs. 40,400 and purchase of raw materials to Rs. 91,900. There were no other direct expenses.

The manufacturing cost of finished goods sold was:

a)
Rs. 1,91,700
b)
Rs. 1,92,500
c)
Rs. 1,94,000
d)
Rs. 1,93,300.

Correct answer is option 'D'. Can you explain this answer?

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Test: Final Accounts Of Manufacturing Entities - 1

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Considering the following information, answer the question given below...

The cost of finished goods is obtained by taking the cost of raw material consumed plus direct cost and factory overhead, according to this question, we are going to add all of the figure so as to acquire cost of finished goods

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Considering the following information, answer the question given below...

Given Data:

Stock of Raw Materials (1st January): Rs. 17,400
Stock of Raw Materials (31st December): Rs. 18,100
Stock of Work-in-Progress (1st January): Rs. 11,200
Stock of Work-in-Progress (31st December): Rs. 11,400
Stock of Finished Goods (1st January): Rs. 41,500
Stock of Finished Goods (31st December): Rs. 40,700
Manufacturing Overhead Expenses: Rs. 61,100
Manufacturing Wages: Rs. 40,400
Purchase of Raw Materials: Rs. 91,900

Calculations:

Calculate Total Raw Material Consumed: Raw Material Consumed = Opening Stock of Raw Materials + Purchases − Closing Stock of Raw Materials
Raw Material Consumed = 17,400 + 91,900 − 18,100 = Rs.91,200
Calculate Total Cost of Goods Manufactured: Total Cost of Goods Manufactured = Raw Material Consumed + Manufacturing Wages + Manufacturing Overhead + Work-in-Progress (Start) − Work-in-Progress (End)
Total Cost of Goods Manufactured = 91,200 + 40,400 + 61,100 + 11,200 − 11,400 = Rs.1,92,500
Calculate the Cost of Finished Goods Sold: Cost of Finished Goods Sold = Total Cost of Goods Manufactured + Opening Stock of Finished Goods − Closing Stock of Finished Goods
Cost of Finished Goods Sold = 1,92,500 + 41,500 − 40,700 = Rs.1,93,300

The manufacturing cost of finished goods sold was Rs. 1,93,300, which corresponds to Option D: Rs. 1,93,300.

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Considering the following information, answer the question given below:During the year manufacturing overhead expenses amounted to Rs. 61,100, manufacturing wages to Rs. 40,400 and purchase of raw materials to Rs. 91,900. There were no other direct expenses.The manufacturing cost of finished goods sold was:a)Rs. 1,91,700b)Rs. 1,92,500c)Rs. 1,94,000d)Rs. 1,93,300.Correct answer is option 'D'. Can you explain this answer?

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