Q-8 Following information related to Shahid manufacturing company for the year ended December 31th, 2007. Direct material beginning Direct material purchased Direct material ending Direct labor Rs. 50,000 300,000 20,000 ? Factory overhead (70% of conversion cost) Work in process ending Work in process beginning (30% more than its ending) Cost of goods manufactured is 8/15 of Sales Sales Revenue 140,000 ? Finished goods beginning Finished goods ending Administrative and general expenses Selling expenses 1,500,000 30,000 80,000 210,000 20,000 REQUIRED: Calculate all missing figures and also prepare Schedule for Cost of goods manufactured and Income statement for the year ended June 30th. 2007.
Q-8 Following information related to Shahid manufacturing company for the year ended December 31th, 2007. Direct material beginning Direct material purchased Direct material ending Direct labor Rs. 50,000 300,000 20,000 ? Factory overhead (70% of conversion cost) Work in process ending Work in process beginning (30% more than its ending) Cost of goods manufactured is 8/15 of Sales Sales Revenue 140,000 ? Finished goods beginning Finished goods ending Administrative and general expenses Selling expenses 1,500,000 30,000 80,000 210,000 20,000 REQUIRED: Calculate all missing figures and also prepare Schedule for Cost of goods manufactured and Income statement for the year ended June 30th. 2007.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
Transcribed Image Text:Q-8 Following information related to Shahid manufacturing company for the year ended
December 31th, 2007.
Direct material beginning
Direct material purchased
Direct material ending
Rs. 50,000
300,000
20,000
Direct labor
Factory overhead (70% of conversion cost)
Work in process ending
Work in process beginning (30% more than its ending)
Cost of goods manufactured is 8/15 of Sales
140,000
1,500,000
30,000
80,000
210,000
20,000
Sales Revenue
Finished goods beginning
Finished goods ending
Administrative and general expenses
Selling expenses
REQUIRED: Calculate all missing figures and also prepare Schedule for Cost of goods
manufactured and Income statement for the year ended June 30th, 2007.
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