ABC Corporation has provided the following data concerning manufacturing overhead for May:

Actual manufacturing overhead incurred Rs. 66,000

Manufacturing overhead applied to Work in Process Rs. 62,000

The Corporation's gross profit was Rs. 225,000 prior to closing out its Manufacturing Overhead account. The Corporation closes out its Manufacturing Overhead account to Cost of Goods Sold. What would be the gross profit after closing manufacturing overhead account:

1. Anwer Corporation calculates its predetermined overhead rate on the bases of estimated machine-hours for the upcoming year. At the beginning of the most recently completed year, the Corporation estimated the machine-hours for the upcoming year at 25,000 machine-hours. The estimated variable manufacturing overhead was Rs. 9.23 per machine-hour and the estimated total fixed manufacturing overhead was 425,000 The predetermined overhead rate for the recently completed year was closest to:

2

Munawar Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, Hanif Corporation incurred Rs. 150,000 in actual manufacturing overhead cost. The Manufacturing Overhead account showed that overhead was underapplied Rs. 30,000 for the year. If the predetermined overhead rate was Rs. 6 per direct labor-hour, how many hours did the Corporation work during the year?

3 XYZ Enterprises Corporation's single product appear below:

Selling Price Per Unit

Rs. 150

Variable Expense Per Unit

90

Fixed Expenses for the month

424,840

Total Variable Expenses in amount to attain the company's monthly target profit of Rs. 50,000 is closest to:

4

The Assembly Department started the month with 140,000 units in its beginning work in process inventory. An additional 892,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 93,000 units in the ending work in process inventory of the Assembly Department. How many units were transferred to the next processing department during the month?

5

The following information has been taken from the Ledger of Irfan Brothers Sadar Bazar, Karachi for the year ended on June 30, 2015.

Stock of material, June 30 2015

Rs. 15,700

Stock of materials, July 1, 2014

12,000

Material purchased during the year

46,250

Carriage outward

1,075

Carriage inward

1,786

Salaries Factory

1,625

Salaries Office

3,150

Discount Expenses

725

Bad debts written off

1,628

Repairs of plant, machineries and tools

1,113

Rent and insurance Factory

2,125

Rent and insurance Office

500

Sales

115,275

Travelling Expenses

525

Travelers salaries and commission

1,925

Productive wages

31,500

Depreciation of machinery and tools

1,625

Depreciation of office furniture

75

Directors fees

1,500

Gas, and water Factory

300

Gas and water Office

100

Managers salary (3/4th factory, 1/4th office)

2,500

General Expenses

850

Calculate Prime Cost.

6

Anwer Incorporation has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.

Work in Process

Finished Goods

Cost of Goods Sold

Total

Direct materials

4,020

12,810

22,890

39,720

Direct labor

4,760

17,080

30,520

52,360

Manufacturing overhead applied

3,220

7,130

12,650

23,000

Total

12,000

37,020

66,060

115,080

Manufacturing overhead for the month was underapplied by Rs. 3,000.

The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.

Calculate amount of Finished Goods inventory at the end of September after allocation of any underapplied or overapplied manufacturing overhead for the month?

7

During April, 30,000 units were transferred in from Department A at a cost of Rs. 69,000. Materials cost of Rs. 15,000 and conversion cost of Rs. 12,780 were added in Department B. on April 30, Department B had 8,000 units of work in process 80% complete as to conversion cost. Materials are added in the beginning of process in Department B.

The cost of work in process at April 30, would be:

8

XYZ Corporation uses a process costing system to collect costs related to the production of its ice-cream flavored cola. The cola is first processed in a Mixing Department at Health and is then transferred out and finished up in the Bottling Department. The finished cases of cola are then transferred to Finished Goods Inventory. The following information relates to XYZs two departments for the month of January:

Mixing

Bottling

Cases of cola in work in process, January 1...................................

25,000

9,000

Cases of cola completed/transferred out during January..........................

110,000

?

Cases of cola in work in process, January 31.................................

7,000

19,000

How many cases of cola were completed and transferred to Finished Goods Inventory during January?

9

Compute the amount of raw materials used during August if Rs. 75,000 of raw materials were purchased during the month and the inventories were as follows:

Inventories

Balance

August 1

Balance

August 31

Raw Materials

5,000

3,000

Work in Process

13,000

16,000

Finished Goods

25,000

27,000

10.

ABC Corporation has provided the following data concerning manufacturing overhead for May:

Actual manufacturing overhead incurred Rs. 66,000

Manufacturing overhead applied to Work in Process Rs. 62,000

The Corporation's gross profit was Rs. 225,000 prior to closing out its Manufacturing Overhead account. The Corporation closes out its Manufacturing Overhead account to Cost of Goods Sold. What would be the gross profit after closing manufacturing overhead account: