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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)

INSTRUCTIONS TO CANDIDATES
ANSWER ALL QUESTIONS

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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