Assgnmnt.pptx

7/27/2019 Assgnmnt.pptx

1/5

Q-1

The cost department of the Bravo Corporation prepared the following data and cost for the year 2008

Inventories 1-Jan 31-Dec

Finished Goods 48,600 ?

Work in process 81,500 43,250

Raw material 34,200 49,300

Other Information

Dep. On Factory Equip. 21,350

interest Earned 63,000

Raw Material purchased 364,000

D.L Cost 162,500

indirect labour Cost 83,400

Freight in 4,600

Miscellaneous FOH 47,900

Purchase Discount 5,200

F.G inventory on jan-1 1300 unitsF.G inventory on Dec-31 420 Units

Sales 3880 Units @ 200 per unit.

REQ:

a)The unit Cost of F.G Inventory on Dec.31.

b)The Total Cost of F.G Inventory on Dec.31.

c)The COGS

d)The Gross Profit And Gross Profit per unit.


2/5

Q-2

The following Trail balance has been Extracted From the books of MST Co. on June 30 2007

cash 28,200 Notes Payable 3,200

Account receivable 41,000 Accounts payable 12,350

Notes Receivable 23,000 Taxes payable 2,000

Material 31,800 Rent Payable 1,020

Work in process 4,000 Sales 100,000

Finished Goods 11,700 Capital Stock 100,000

Prepaid Insurance 200 Retained Earning 47,050

Machinery & Equipment 93,500 Accumulated Dep. 20,000

Material purchased 16,520

D.L Cost 16,000

FOH Cost 17,480

Selling Cost 1,200

Administrative Cost 1,020285,620 285,620

Further information

Inventories on June 30, 2007

Material 3,520

Work in Process 2,500

Finished Goods 10,000

There Was a Debit balance of Rs. 1480 representation the difference between Actual FOH cost

of Rs. 17,480. and the FOH cost Applied to production at the rate of 100% of Direct labour cost of

Rs. 16,000. The variance was analyzed and it was found to be due to an incorrect Overhead

Applied Rate. The variance I to be charged to the entire production for the period.

REQ:

a)Statement of COGS on June 30, 2007 at normal and at Actual.

b)Income Statement.

c)Balance Sheet on June 30, 2007.


3/5

Q-3

From the following information extracted from the records of M/S Nisar corporation for the year

Ending Dec.31.2005, Calculate:

1) PRIME COST

2) CONVERSION COST AT NORMAL3) COST OF GOODS SOLD AT NORMAL & ACTUAL

4) GROSS PROFIT RATE ON SALE

5) GROSS PROFIT RATE ON COST

INOFRMAT

ION GIVEN

Direct material "A"

Inventory on 1-1-2005 15,000

Purchases during the year 80,000

Inventory on 31-12-2005 7,000

Direct material "B"

Inventory on 1-1-2005 3,000

Purchases during the year 67,000

Inventory on 31-12-2005 8,000

Direct labour Cost 70,000

FOH cost (Applied 100 % of D.L Cost)

FOH at Actual 80,000

Increase in W.I.P inventory during the year 40,000

Decrease in F.G inventory during the year 30,000

Sales 400,000


4/5

Q-4

The Record of Bel Cold Refrigerator Shows the following information for three months ended March 2009

Material purchased 1,946,700

Inventories

Material 268,000

F.G (100 Refrigerator) 43,000

D.L Cost 2,125,800

FOH 764,000

Marketing Expenses 516,000

General & Admin Exp. 461,000

Sales (12,400 Refrigerator) 6,634,000

Inventories March 31

Material 167,000

Finished Goods (200 Refrigerator) ?

REQ:

a)The Income Statement.

b) the Number of Units Manufactured.

c) The net Income For Units Sold.

d) The Gross profit For Units Sold.


5/5

Q-6

The Amin industries submits the following information on June 30, 2011

sales for the year 250,000

R.M Inv. July 1, 2010 13,000

F.G inv. July 1, 2010 58,000

purchases 102,000

purchase return 2,000

direct labour 39,000

power heat & Light 2,000

Indirect material Consumed 4,000

Depreciation Plant 9,500

tool expense 3,000

indirect labour 1,000

Fire insurance 250

Miscellaneous Manufacturing costs 500

work in process

1-Jul-10 12,000

30-Jun-11 16,000

Raw material 30, June 2011 19,000

F.G inv. 30 June 2011 56,500

other expenses for the year

selling Expenses 15% of sales

General Expenses 5 % of sales

REQ: Prepare income Statement

Documents

Assgnmnt.pptx