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COST AND MANAGEMENT ACCOUNTING

MBA-568

Question # 1
The books & records of the Ehsan & Company present the following date for the year
ended December 31, 2008
Sales Rs.560,000
Finished Good Inventories:
December 31, 2008 Rs. 51,000
January 01, 2008 Rs. 35,000
Work-In-Process Inventories:
December 31, 2008 Rs. 75,000
January 01, 2008 Rs. 40,000
Raw Material Inventories:
December 31, 2008 Rs. 42,500
January 01, 2008 Rs. 40,000
Purchased of Materials for the year was Rs.180,000.
Direct Labour cost was Rs.75,000 & Factory Overhead was Rs.50,000.
Marketing Expenses was 5% of Sales
Administration Expenses was 2% of Sales
Other Misc. Expenses was 1% of Sales.
Required: A) Prepare Cost of Goods Sold Statement.
B) Prepare Income Statement.

Question # 2
The Books of the Ashraf Manufacturing Company present the following date for the
month of June:
Direct Labour cost Rs.160,000 (160% of factory overhead).
Cost of goods sold Rs.540,000.
Inventory accounts showed these opening and closing balance:
1st June 30th June
(Rupees) (Rupees)
Raw Material 80,000 86,000
Work-in-Process 78,000 120,000
Finished Good 140,000 180,000
TUTOR: MUHAMMAD SHAFIQ 0322-
8452200
COST AND MANAGEMENT ACCOUNTING
MBA-568

Other data:
Selling expenses 32,000
General Administrative expenses 24,000
Sales for the month of June 750,000
Required: Income statement with supporting schedule showing cost of goods
finished and sold.

Question # 3
The Aslam & Company submits the following information on 31st December 2009:
Sales for the year were Rs.275,000.
Inventories at the beginning of the year were:
Work-in-Process Rs.4,200.
Finished Goods Rs.6,800.
Purchases of materials for the year were Rs.108,000. The materials inventory at the
beginning of the year was Rs.3,500 at the end of the year Rs.3,750.
Direct Labour was Rs.64,500.
Factory overhead was tow thirds of the direct labour cost.
Inventories at the end of the year were:
Work-in-Process Rs.5,800.
Finished Goods Rs.8,500.
Other expenses for the year were:
Selling expenses 10% of sales.
Administrative expenses 5% of sales.
Required: Income Statement for the year ended 31st December 2009.

Question # 4
The cost accountant of the Akram Manufacturing Corporation has prepared the
following summary:
Sales Rs.14,500,500.
Purchases (Net) Rs. 2,400,000.
Sales Salaries Rs. 200,000.

TUTOR: MUHAMMAD SHAFIQ 0322-


8452200
COST AND MANAGEMENT ACCOUNTING
MBA-568

Transportation in Rs. 32,000.


Direct Labour Rs.3,204,000.
Sales returns and allowance Rs. 25,200.
Factory overhead Rs.1,885,600.
Advertising expense Rs. 155,000.
Delivery expense Rs. 65,000.
Inventories: December 31, 2006 December 31, 2006
Finished Goods Rs.567,400 Rs.620,000
Work in process Rs.136,800 Rs.129,800
Materials Rs.196,000 Rs.176,000
Required: 1) The Total Manufacturing Cost of Goods manufactured
2) The Cost of Goods Sold.

Question # 5
Selected data concerning last year operation of Televans Company are as follows.
(All amounts in thousands)
Inventories: Beginning Ending
Finished Goods Rs.90 Rs.110
Work in process Rs.80 Rs. 30
Materials Rs.75 Rs. 85

Other Data:
Material Used………………………………………………………………………….Rs.326
Total Manufacturing Cost (FOH Applied @ 60% of Direct Labour)……………..Rs.686
Cost of Goods Available for sale…………………………………………………….Rs.826
Marketing and Administrative expenses……………………………………………Rs. 25

Required:
 Cost of Material Purchased.
 Direct Labour Cost Charged to Production
 Cost of Goods Manufactured

TUTOR: MUHAMMAD SHAFIQ 0322-


8452200
COST AND MANAGEMENT ACCOUNTING
MBA-568

 Cost of Goods Sold

TUTOR: MUHAMMAD SHAFIQ 0322-


8452200