Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please slove this time is very short APSP please Q#2) M/s. ABC and Co. presented the following data on 15 January 2008:- Material A 15000
please slove this time is very short APSP please
Q#2) M/s. ABC and Co. presented the following data on 15 January 2008:- Material A 15000 units @ 5 Rs. Per unit, Material B 10000 units @ 6.5 Rs. Per unit WIP 35000 Rs. , FG 77000 Rs. During the period company purchased 70000 units of Material A and 40000 units of material B. The prices were 5% more then the last year prices for both of the materials. Material produces 2 units of finished good and each unit of finished good requires 2 hours of labor and 1.5 hours of machine. Labor is paid @ 3 Rs. Per hour and FOH is applied @ 2.5 Rs. Per machine hour. At the end of the period 2000 units of Material A were in hand. 5000 units of Material B were also in hand. It is the companies strategy to maintain the opening and closing inventories of WIP and FG same. In the last year the company constructed its price by taking 40% margin which the company is planning to increase 5% more by this time. Marketing and administrative expenses are 5% of margin. Required: - Construct an income statement for the periodStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started