vu bnk603 Mid Term Subjective Solved Past Paper No.2

vu bnk603 Consumer Banking Solved Past Papers

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Question 1: PA limited operates a job costing system. The company standard sale price is predetermined Rs. 505 based on cost plus 20% profit margin. The estimated cost for Job # 141 is as follows:
Direct material 5 meters@ Rs.20 per meter
Direct labor 14 hours@ Rs. 8.00 per hour
Production overhead for the year are budgeted to be Rs.200,000 and are to be recovered on the basis of the total 40,000 direct labor hour for the year.
Required:
Calculate Cost of Goods Sold for job # 141
Calculate amount of profit for job

Answer:

Be the first to post an answer to earn 100 credits.

Question 2: Patacake Ltd produces a certain food item in a manufacturing process. On 1st November there was no opening stock in process. During November, 500 units of material were put in to process, with a cost of Rs, 9,000. Units completed and transferred-out were 400 units. Direct labor cost in November was R.3840. Production overhead is absorbed at the rate of 200% of direct labor costs. Closing stock on 30th November consisted of 100 units which were 100% completed as to materials and 80% completed as to labor and over head.
Required: The full production cost of completed units during November?

Answer:

Be the first to post an answer to earn 100 credits.

Question 3: Rs. 420, Rs. 60 and Rs. 120, respectively
Rs. 60, Rs. 120 and Rs. 420, respectively
Rs. 120, Rs. 60 and Rs. 420, respectively
Rs 60, Rs. 420 and Rs. 120, respectively
CK Products Limited purchased materials of Rs. 550,000 and incurred direct labor of Rs. 420,000 during the year ended June 30, 2006. Factory overheads for the year were Rs.380,000. The inventory balances are as follows:

July 1, 2005 June 30, 2006	Rupees	Rupees
Finished goods	90,000	105,000
Work in process	121,000	110,000
Materials	100,000	105,000

Required:
Cost Of Goods Manufactured Statement.
Cost Of Goods Sold Statement.

Answer:

Opening inventory	100,000
Add: purchases	550,000
Less: Closing inventory	105,000
Direct material used	545,000
Add: Direct labour	420,000
Prime Cost	965,000

Question 4: Schlamber Company Factory overhead rate is Rs.2 per hour. Budgeted overhead for 3,000 hours per month is Rs. 8,000 and 7,000 hours is Rs. 12,000. Actual factory overhead for the month was Rs.9, 000 and actual volume was 5,000 hours.
Required:
Applied overhead
Over-or under applied overhead

Answer:

Applied FOH = capacity attained x OAR = 5000 x 2 = 10000
Over-or under applied overhead
Applied FOH - Actual FOH = 10000 + 9000 = 1000
As the answer is positive so its Favorable balance showing over applied FOH of Rs.100

Question 5: Started in process, 9,200 units, Completed and on hand, 700 units, in process at end of period, 1,000 units, complete as to materials and labor & factory overhead 4/10. Transferred 7,500 units to next department
Required: Compute the Quantity schedule and equivalent production units.

Answer: