Q#1: The following data has been taken from the book of DELUX Co. for the year 2019(Computation of overhead cost through rate of direct labor)
INVENTORIES JAN 1st DEC 31st
Raw Material Rs.16,000 Rs.19,000
Goods In process 20,000 5,000
Finished goods 25,000 12,500
DATA FOR THE YEAR
Sales 5,00,000
Purchase of Raw Material 150,000
Purchase discount 10,000
Carriage In 5,000
Purchase Return 2,500
Factory wages 25,000
Factory overhead 75% of direct labor
Operating expense 15,000
Required:-
Cost Of Goods Manufactured Statement
Cost Of goods Sold Statement
Income Statement
Q2: The following data has been taken from the book of AZHAR Co. for the year 2019
INVENTORIES Jan 1st Dec 31st
Raw Material Rs.19,000 Rs.24,000
Goods In process 50,000 15,000
Finished goods 1,00,000 250,000
DATA FOR THE YEAR
Sales 12,00,000
Purchase of Raw Material 3,25,000
Purchase discount 10,000
Carriage In 25,000
Purchase Return 5,000
Factory wages 300,000
Factory overhead ?
Operating expense 3,00,000
HINT: Goods in process (e) = D.Material (7500) + D.Labor (5,000) + FOH (2,500)
Required:-
Cost Of Goods Manufactured Statement
Cost Of goods Sold Statement
Income Statement
Q3: The Accountant of FAISAL Manufacturing Company prepared the following summary related to production process.(When FOH components are given along with adjustment.)
INVENTORIES on
Rs. November 1st 2019
Rs. November 30th 2019
Rs.
Raw Material 30,000 10% more than beg inventory
Goods in Process 20,000 25% less than beg Inventory
Fuel 3,000 1,000
Factory Repair parts 2, 500 1,500
Finished goods 15,000 10,000
Raw Material purchased 50,000
Fuel Purchases 2,000
Direct labor 55,000
Miscellaneous Factory overhead 11,000
Repairs to factory(including purchase of parts) 3,000
Depreciation on plant 2,000
Superintendence 6000
Transportation out 1,500
Indirect factory labor 3,000
Required:-
Cost Of Goods Manufactured Statement
Cost Of goods Sold Statement
Income Statement
Q4: The book of Ahmed Manufacturing Co. Presents the following data for the month of January 2020
I. Direct labor cost RS.16,000 which is 160% of factory overhead
II. Cost of goods sold RS. 56,000
III.
INVENTORIES JAN 1st JAN 31st
Raw Material 20,000 10,000
Goods in Progress 8,000 12,000
Finished Goods 150,000 50,000
REQUIRED:-
A) Compute the amount of Raw material Purchased
B) Prepare the Schedule of cost of goods sold
Q#5: Complete the following schedule.
S.No Manufacturing cost Goods in process (o) Goods in process (e) Cost of goods Manufactured Finished goods (o) Finished goods (e) Cost of goods sold
1 10,000 2,000 3,000 ? 5,000 1,000 ?
2 14,000 6,000 ? 16,000 3,000 ? 18,000
3 70,000 ? 50,000 60,000 ? 25,000 75,000
4 ? 15,000 20,000 170,000 10,000 30,000 ?
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