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Production statement

When a cost sheet includes information about the sales, profits, stock etc, the cost sheet is known as production statement. A cost sheet merely records the cost components incurred during the period, whereas a production statement records sales, stock and the profit.

Question


Kerala Chemical Company supplies you the following details from its cost records:

Stock of raw materials on 1 st September, 2013 - 75,000.

Stock of raw materials on 30th September 2013 - 91500.
Direct wages - 52,500.
Indirect wages. - 2,750
Sales - 2,00,000
Work in progress on 1 st September 2013. - 28,000
Work in progress on 30th September 2013. - 35,000
Purchase of raw materials - 66,000 Factory rent rates and power - 15,000
Depreciation of plant and machinery
3,500
Expenses on purchase - 1500 Carriage outward. - 2,500
Advertising - 3,500
Office rent and taxes - 2,500
Travelers wages and commission -
6500
Stock of finished good on 1st September 2013 - 54,000
Stock of finished goods on 30th September 2013 - 31,000

Prepare a production statement giving the maximum possible breakup of cost and profit.