From the following particulars of a manufacturing company, prepare a statement showing (a) cost of materials used; (b) prime cost; (c) works cost; (d) percentage of works overheads to productive wages; (e) cost of production; (f) percentage of general overheads to works cost; and (g) net profit.
Stock of materials on 01 March 2010
Purchase of materials in March
Stock of finished goods on 1 March 2010
Finished goods sold
Office and general overheads
Stock of materials on 31 March 2010
Stock of finished goods on 31 March 2010