ABC Corporation reported the following data for the month of January: Inventories: Raw materials Work in process Finished goods Beginning Ending 46,000 34,000 31,000 29,000 27,000 55,000 Additional information: Raw materials purchases 79,000 Direct labor cost 93,000 Manufacturing overhead cost incurred 54,000 Indirect materials included in manufacturing overhead cost incurred 8,000 Manufacturing overhead cost applied to Work in Process 57,000 Calculate Gross Profit if, mark up is 30%. ABC Corporation applies manufacturing overhead to jobs on the basis of direct labor-hours. The following information relates to ABC Corporation for last year: Direct labor-hours Estimated 25,000 Actual 24,800 Manufacturing overhead cost 300,000 287,120 What was ABC underapplied or overapplied overhead for last year? Iqbal Corporation produces and sells a single product, has provided its contribution format income statement for March. Sales (17,000 units) Variable Expenses Contribution Margin Fixed Cost Net Profit Rs. 2,210,000 1,530,000 680,000 250,000 430,000 Number of units to be sold so that target profit becomes equal to Rs. 466,000? Nizar Corporation had only one job in process on June 1, the job had been charged with Rs.3,400 of direct materials, Rs.4,640 of direct labor, and Rs.9,200 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of Rs.23.00 per direct labor-hour. During June, the following activity was recorded: Raw materials (all direct materials): Labor: Beginning balance Purchased during the month Used in production Direct labor-hours worked during the month Direct labor cost incurred Actual manufacturing overhead costs incurred Inventories: Raw materials, June 30 Work in process, June 30 8,500 42,000 49,500 2,250 27,520 52,800 ? 34,190 Work in process inventory on June 30 contains Rs.7,940 of direct labor cost. Calculate amount of Cost of Goods Manufactured for the month of June? ABC Corporation uses the weighted-average method in its process costing system. The Assembly Department started during the month with 15,000 units in its beginning work in process inventory that were 60% complete with respect to conversion costs. An additional 130,000 units were transferred in from the preceding department during the month to begin processing in the Assembly Department. During the month 125,000 units were completed in the Assembly Department and transferred to the next processing department. There were 14,000 units in the ending work in process inventory of the Assembly Department that were 40% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month?