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.

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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