CA Inter P4 · Chapter 6 · Question 3 of 9
Cost of production for the year is ₹7,20,000. Opening stock of finished goods is ₹60,000 and closing stock of finished goods is ₹80,000. The cost of goods sold is:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) ₹7,00,000
Explanation
Cost of goods sold = cost of production + opening finished goods - closing finished goods = ₹7,20,000 + ₹60,000 - ₹80,000 = ₹7,00,000.
More Cost Sheet MCQs
- Q5Which of the following items is excluded from the cost sheet?
- Q6Cost of sales of a product is ₹8,40,000. The company wants to earn a profit of 20% on sales. The selling price should be:
- Q7Sale proceeds of normal scrap arising in the factory are generally treated in the cost sheet as:
- Q8A company produced 12,000 units and sold 10,000 units; there was no opening stock. Direct material ₹6,00,000; direct labour ₹3,60,000…
- Q9Carriage outward incurred on delivering goods to customers is classified as: