Manufacturing Income Statement

Cost of goods produced $50 000;

Opening Stock of finished goods-$20 000;

Closing stock of finished goods- $10 000;

Sale of finished goods $90 000; Bank charges $2 000

What is the cost of finished goods sold?

Cost of goods produced $50 000;

Opening Stock of finished goods-$20 000;

Closing stock of finished goods- $10 000;

Sale of finished goods $90 000; Bank charges $2 000

What is the gross profit?

Which of the following is a factory indirect cost

Which one of the following factory costs is a direct cost?

Prime cost $700

Indirect cost 40

Opening Work in progress 10

Closing work in progress 20

Total Cost of Production is