Income Statement - Harsh Electricals

Cost Amount D/I F/V/M Pr/Pe Workings

Nagesh Salary 600,000 I F Product
Rent:
Factory Rent 100,800 I F Product
Office Rent 14,400 I F Period
Raw Material:
Standard 5,796,280 D V Product
Baleno 1,769,850 D V Product
Labor (Direct):
Standard 81,500 D V Product
Baleno 24,300 D V Product
Setup Labor (Indirect) 36,000 I F Product
Procurement Expense 37,831 D V Product
Drilling Bit Expense 40,700 D V Product
Insurance 25,000 I F Product
Consumables 45,000 I M Product
Distribution Expense 400,000 I V Period
Depreciation:
Plant, Machinery & Office 64,000 I F Product
Fixtures and Furnitures 22,000 I F Period
Electricity Cost:
Factory Electricity 102,350 I M Product
Office Electricity 30,000 I M Period

Total Indirect product cost 973,150

Total Direct product cost 7,750,461
Total Labor cost 105,800
Overhead Rate 920%

Standard Unit Cost for 70 No. Closing Stocks

Material 129,873
Direct Labor 1,800
Overhead @ 920% of direct
16,556
labor
Standard Unit Cost 148,229

Income Statement
Revenue:
Standard 8,000,000
Baleno 2,400,000
Total 10,400,000

COGS Opening Stocks + Manufacturing Expenses - Closing Stocks

Opening Stocks - (NIL)
Mfg. Exp 8,723,611 (All Product Costs)
Closing Stocks 148,229 (Standard Unit Cost)
COGS 8,575,382
Gross Profit 1,824,618 (Total Revenue - COGS)
Period Cost 466,400
EBIT 1,358,218

Electricity Consumption Calculation

Factory Office
Peak Off Peak Off
Standard Model 543 -
Baleno 203 -
Maintenance 10 10
Factory Lighting 300 100
Personal Computer 50 20
Office Lighting 100 40
Total Unit consumption per
1,056 110 150 60
month
Minimum Fixed Units per
month 1,000 1,000

Electricity Cost per month 10,558 6,500 1,500 3,500

Total Electricity cost for 06 63,350 39,000 9,000 21,000

months
Per Annum Electricity Cost 102,350 30,000
 Direct Cost for Closing Stocks - 70 No.
Cost Amount

Raw Material:
Standard 106,680
Baleno 21,850
Labor (Direct):
Standard 1,500
Baleno 300

Procurement Expense 643

Drilling Bit Expense 700

8673111
-144147
8528964
10400000
 1871036
1,354,136.00

7.93525519848771