Reference no: EM132727934

Crowley Incorporation submits the following data for September, 2016:

Direct labor cost Rs. 3,00,000
Cost of goods sold Rs. 11,10,000

Factory overhead is applied at the rate of 150% of direct labor cost.

Inventory accounts showed these beginning and ending balances :

                                          September 01                 September 30

Finished goods           Rs. 1,50,000                        Rs. 1,75,000

Work in process           96,000                              1,30,000

Materials                     70,000                              74,000

Other data :

Marketing expenses Rs. 1,41,000

General and administrative expenses 2,29,000

Sales for the month 18,20,000

Required :

Problem 1: Construct income statement with schedule showing cost of goods manufactured and sold.