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CGS and Income Statement Overview

The document contains cost of goods manufactured and sold statements and an income statement for XYZ Company for the year ending MM, DD, YY. It shows the direct material, labor, and overhead costs to arrive at a cost of goods manufactured of Rs. 100,000. It then calculates cost of goods sold of Rs. 100,000 by adjusting for opening and closing finished goods. The income statement reports net sales of Rs. 110,000 and gross profit of Rs. 10,000 after subtracting cost of goods sold. Operating and administrative expenses total Rs. 7,000, resulting in a net profit of Rs. 3,000.

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19 views2 pages

CGS and Income Statement Overview

The document contains cost of goods manufactured and sold statements and an income statement for XYZ Company for the year ending MM, DD, YY. It shows the direct material, labor, and overhead costs to arrive at a cost of goods manufactured of Rs. 100,000. It then calculates cost of goods sold of Rs. 100,000 by adjusting for opening and closing finished goods. The income statement reports net sales of Rs. 110,000 and gross profit of Rs. 10,000 after subtracting cost of goods sold. Operating and administrative expenses total Rs. 7,000, resulting in a net profit of Rs. 3,000.

Uploaded by

Gardiff Officials
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd

CGS & Income Statement.

CGS
Name: XYZ Company
Cost of Goods Manufactured & Sold Statement.
For the ended year MM, DD, YY

Direct Material:
Opening Raw Material ------------------------------------------------------------------------------------ 100000 Rs.

Add (+) Purchases Raw Material ------------------------------------------------------------------------ 50000 Rs.


Less (-) Purchase Return ---------------------------------------------------------------------------------- 10000 Rs.
Net Purchase -------------------------------------------------------------------------------------- 40000 Rs.
140000 Rs.
Closing Raw Material -------------------------------------------------------------------------------------- 40000 Rs.
Direct Material Used ---------------------------------------------------------------------------- 100000 Rs.
Add (+) Direct Labor --------------------------------------------------------------------------------------- 5000 Rs.
Prime Cost ----------------------------------------------------------------------------------------- 105000 Rs.
Add (+) Factory Over Head W1 ------------------------------------------------------------------------- 5000 Rs.
Total Factory Cost ------------------------------------------------------------------------------- 110000 Rs.
Add (+) Opening WIP (Work in Process) ------------------------------------------------------------- 10000 Rs.
Cost Of Goods Manufacturing ---------------------------------------------------------------- 120000 Rs.
Less (-) Closing WIP (Work in Process) ---------------------------------------------------------------- 20000 Rs.
Cost of Goods Manufactured ----------------------------------------------------------------- 100000 Rs.
Add (+) Opening Finished Goods --------------------------------------------------------------------------- 50000 Rs.
Cost of Goods Available for Sale ------------------------------------------------------------- 150000 Rs.
Less (-) Closing Finished Goods ----------------------------------------------------------------------------- 50000 Rs.
Cost of Goods Sold ------------------------------------------------------------------------------- 100000 Rs.
Income Statement
Name: XYZ Company
Income Statement
For the ended year MM, DD, YY

Sale ------------------------------------------------------------------------------------------------------------- 200000 Rs.


Less Sale Return --------------------------------------------------------------------------------------------- 90000 Rs.
Net Sale --------------------------------------------------------------------------------------------- 110000 Rs.
Less CGS ------------------------------------------------------------------------------------------------------ 100000 Rs.
Gross Profit ---------------------------------------------------------------------------------------- 10000 Rs.
Less
Operating Expense ------------------------------------------------------------------------------- 5000 Rs.
Admin Expense ------------------------------------------------------------------------------------ 2000 Rs.
Profit ------------------------------------------------------------------------------------------------- 3000 Rs.

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