Q-3 Following is the income Statement of Naeem Manufacturing Co. for the year ended Dec 31, 2007. Sales Less Cost of Goods Sold Finished Goods Opening Inventory 60,000 1480,00 0. Add: Cost of Goods Manufactured Less Finished Goods Ending Inventory Cost of Goods Sold Gross Profit (?% of Sales) Less Operating Expenses Net Income (26/, % of Sales) 640,000 The other information is as under: Raw Material used Rs.530,000, Direct Labor Rs.450,000, Factory Overhead 50% of Prime Cost. The Work in Process Opening is 110% of Work in Process Closing. Required: Determine the missing figures, show Computations.

Q-3 Following is the income Statement of Naeem Manufacturing Co. for the year ended Dec 31, 2007. Sales Less Cost of Goods Sold Finished Goods Opening Inventory 60,000 1480,00 0. Add: Cost of Goods Manufactured Less Finished Goods Ending Inventory Cost of Goods Sold Gross Profit (?% of Sales) Less Operating Expenses Net Income (26/, % of Sales) 640,000 The other information is as under: Raw Material used Rs.530,000, Direct Labor Rs.450,000, Factory Overhead 50% of Prime Cost. The Work in Process Opening is 110% of Work in Process Closing. Required: Determine the missing figures, show Computations.

Name: Q-3 Following is the income Statement of Naeem Manufacturing Co. for
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Description: Q-3 Following is the income Statement of Naeem Manufacturing Co. for the year ended Dec 31,2007.SalesLessCost of Goods SoldFinished Goods Opening Inventory60,0001480,00Add: Cost of Goods ManufacturedLessFinished Goods Ending InventoryCost of Goods S

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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