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5. On 15th August 2015 the Standard Cycle Co. was required to quote for a...

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Accounting

5. On 15th August 2015 the Standard Cycle Co. was required to quote for a contract for the supply of 500 bicycles. From the following details, prepare a statement showing the price to be quoted to give the same percentage of net profit on turnover as was realized during the six months up to 30th June 2015. Stock of materials on 1st January 2015 Stock of materials on 30th June 2015 - Rs.50,000 Sales - Rs.7,000 Purchase of materials during 6 months up to 30th June - Rs.75,000 Factory Wages Indirect Charges - Rs.1,50,000 - Rs.25,000 - Rs.2,70,000 Completed Stock-in-hand on 1st January 2015 Completed stock-in-hand on 30th June 2015 The number of bicycles manufactured during the six months was 2000 including those sold and those in stock at the end of the period. The bicycles to be quoted for are to be of uniform size and quality and similar to those manufactured during the six months to 30th June 2015. As from 1st August, the cost of factory labour has increased by 10% and that of materials by 15%. - NIL - Rs.50,000

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