The information below has been taken from the cost records of H Company for the past year:
Direct materials used: Rs.1,250
Total manufacturing costs: Rs.6,050
Manufacturing overhead: Rs.2,800
Selling expenses: Rs.1,000
Prime Cost: 270% of Purchases
Direct materials inventory, January 1: 130
Direct materials inventory, December 31: 80
Work in process, January 1: 250
Work in process, December 31: 400
Finished goods, January 1: 300
Finished goods, December 31: 200
Required:
a. Compute the cost of Raw Material purchased.
b. Compute the cost of direct labor for the year.
c. Compute the Cost of Goods Manufactured for the year.
d. Compute the Cost of Goods Sold for the year.