Question
Production in units 100,000 Sales in units ? Ending finished goods Inventory in units ? Sales...
Production in units
100,000
Sales in units
?
Ending finished goods Inventory in units
?
Sales in Rupees
Rs 2,000,000
Costs :
Other selling and administrative expenses
Rs 40,000
Other factory overhead costs
Rs 22,000
Selling and administrative salaries
Rs 240,000
Maintenance Factory
Rs 50,000
Utilities factory
Rs 60,000
Building Rent (Production Uses 80% of the Space; administrative and sales
offices use the rest)
Rs 100,000
Royalty paid for use of Production patent, Rs 0.5 per unit produced)
?
Rent for special production equipment, Rs 5000 per year plus Rs 0.2 per
unit produced)
?
Insurance factory equipment
Rs 20,000
Cleaning supplies, factory
Rs 10,000
Depreciation Factory
Rs 18,000
Advertising cost
Rs 600,000
Direct labor
Rs 80,000
Indirect labor
Rs 20,000
Property taxes, factory
Rs 10,000
Raw material purchased
Rs 200,000
Karachi
Inventories
Beginning of year
End of year
Finished goods
Rs. 0
?
Work in process
Rs 50,000
Rs 60,000
Raw materials
Rs 20,000
Rs 10,000
The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is Rs 32 per unit.
Required:
Prepare a Cost of Goods Manufactured Statement for the
year. (2.5 Marks)
Compute the number of units and cost of units in the
finished goods inventory at the end of the year.
Prepare an Income Statement for the year under
Absorption costing Method. (2.5 Marks)
Compute the following cost:
Prime cost
Conversion cost
Inventoriable cost
Non-Manufacturing cost
Prepare T accounts of the following
Work in process
Finished goods
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