remaining Requirements Succeed Q1.1. Naeem Corporation filled 200,000 gallons of water at a total cost of Rs.56,000. Assumingthat 75% of the filled gallons are sold, what is the per gallon cost of the Naeem Corporation?А.Rs.0.7В.Rs.0.07С.Rs.0.28D.Rs.0.212.Based on information (1) the Cost of goods sold is.Rs.14,000Rs.28,000Rs.42,000Rs.56,000A.В.С.D.3. Based on information (1) the Cost of finished goods ending is.Rs.14,000Rs.28,000Rs.42,000Rs.56,000А.В.С.D.4. If total warehousing cost for the year amounts to Rs.500,000, and 30% of the warehousingactivity is associated with direct materials and rest with finished goods, then how much of thecost would be charged as a product cost:Rs.350,000Rs.500,000Rs.150,000А.В.С.D.Rs. 50,0005. Expected annual Usage of materials is 2,000,000 units, and per order quantity is 10,000 units.The invoice cost of each unit is Rs.500, and the cost to place on purchase order is Rs.80.Total Cost:А.8millionВ.16millionС.zeroNone of the aboveD.6.Based on the information in (5), the estimated annual order cost is:А.Rs.16,000В.Rs.100,000Rs.32,000Rs.50,000С.D.7. Which of the following is not classified as a direct material:Lumber used in production of chairsPaper used in the manufacture of booksOil used to lubricate factory equipmentCloth used in the production of shirtsА.В.С.D.8. The Cost of goods sold is always equal to the cost of goods available for sale.Plus Beginning finished goodsMinus Ending finished goodsMinus Beginning finished goodsА.В.С.

Solution:- 1)Calculation of cost per gallon cost as follows:- Cost per gallon =Total cost / Total…

Q1. 1. Naeem Corporation filled 200,000 gallons of water at a total cost of Rs.56,000. Assuming that 75% of the filled gallons are sold, what is the per gallon cost of the Naeem Corporation? А. Rs.0.7 В. Rs.0.07 С. Rs.0.28 D. Rs.0.21 2. Based on information (1) the Cost of goods sold is. Rs.14,000 Rs.28,000 Rs.42,000 А. В. С. D. Rs.56,000 3. Based on information (1) the Cost of finished goods ending is. Rs.14,000 Rs.28,000 А. В. С. Rs.42,000 D. Rs.56,000

Q1. 1. Naeem Corporation filled 200,000 gallons of water at a total cost of Rs.56,000. Assuming that 75% of the filled gallons are sold, what is the per gallon cost of the Naeem Corporation? А. Rs.0.7 В. Rs.0.07 С. Rs.0.28 D. Rs.0.21 2. Based on information (1) the Cost of goods sold is. Rs.14,000 Rs.28,000 Rs.42,000 А. В. С. D. Rs.56,000 3. Based on information (1) the Cost of finished goods ending is. Rs.14,000 Rs.28,000 А. В. С. Rs.42,000 D. Rs.56,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.

Question

100%

remaining Requirements Succeed

Q1.
1. Naeem Corporation filled 200,000 gallons of water at a total cost of Rs.56,000. Assuming
that 75% of the filled gallons are sold, what is the per gallon cost of the Naeem Corporation?
А.
Rs.0.7
В.
Rs.0.07
С.
Rs.0.28
D.
Rs.0.21
2.
Based on information (1) the Cost of goods sold is.
Rs.14,000
Rs.28,000
Rs.42,000
Rs.56,000
A.
В.
С.
D.
3. Based on information (1) the Cost of finished goods ending is.
Rs.14,000
Rs.28,000
Rs.42,000
Rs.56,000
А.
В.
С.
D.
4. If total warehousing cost for the year amounts to Rs.500,000, and 30% of the warehousing
activity is associated with direct materials and rest with finished goods, then how much of the
cost would be charged as a product cost:
Rs.350,000
Rs.500,000
Rs.150,000
А.
В.
С.
D.
Rs. 50,000
5. Expected annual Usage of materials is 2,000,000 units, and per order quantity is 10,000 units.
The invoice cost of each unit is Rs.500, and the cost to place on purchase order is Rs.80.
Total Cost:
А.
8million
В.
16million
С.
zero
None of the above
D.
6.
Based on the information in (5), the estimated annual order cost is:
А.
Rs.16,000
В.
Rs.100,000
Rs.32,000
Rs.50,000
С.
D.
7. Which of the following is not classified as a direct material:
Lumber used in production of chairs
Paper used in the manufacture of books
Oil used to lubricate factory equipment
Cloth used in the production of shirts
А.
В.
С.
D.
8. The Cost of goods sold is always equal to the cost of goods available for sale.
Plus Beginning finished goods
Minus Ending finished goods
Minus Beginning finished goods
А.
В.
С.

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