#PLEASE SOLVE THIS QUESTION - (Q1, Q2 AND Q3) PROPERLY.

PART 3 Answer all 3 questions in your notebook and take pictures of your answers in correct sequence. Convert the images to PDF and upload in google forms. After uploading is done, select "Turn In" in google classwork. Remember, this is an assignment. Slight mistake in the whole process will lead to point deduction. SUBMIT YOUR ANSWERS ONLY ONCE. Second submission will be disregarded and result zero marks for the assignment. Q1. The following data (in thousands of taka) have been taken from the accounting records of Shimanto Bangladesh, a partnership firm, for the financial year 2020-2021. Sales Tk 870 Purchases of raw materials Tk 190 Direct labor Tk 200 Manufacturing overhead Tk 230 Administrative expenses Tk 150 Selling expenses Tk 140 Raw materials inventory, beginning Tk 10 Raw materials inventory, ending Tk 40 Work in process inventory, beginning Tk 20 Work in process inventory, ending Tk 50 Finished goods inventory, beginning Tk 90 Finished goods inventory, ending Tk 130 Required: [Marks: 15) Using appropriate date for the statements, Prepare a Schedule of Cost of Goods Manufactured in appropriate format. Q2. Duronto Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's inventory balances were as follows: Raw materials Tk 36,000 Work in process Tk 41,000 Finished goods Tk 104,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 21,000 machine-hours and incur Tk 210,000 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased, Tk 346,000. b. Raw materials were requisitioned for use in production, Tk 338,000 (Tk 302,000 direct and Tk 36,000 indirect). C. The following employee costs were incurred: direct labor, Tk 360,000; Indirect labor, Tk 68,000; and administrative salaries, Tk 111,000. d. Selling costs, Tk 153,000. e Factory utility costs, Tk 29,000. f. Depreciation for the year was Tk 102,000 of which Tk 93,000 is related to factory operations and Tk 9,000 is related to selling and administrative activities. & Manufacturing overhead was applied to jobs. The actual level of activity for the year was 19,000 machine- hours. h. The cost of goods manufactured for the year was Tk 870,000. 1. Sales for the year totaled Tk 1,221,000 and the costs on the job cost sheets of the goods that were sold totaled Tk 855,000 1. The balance in the Manufacturing Overhead account was closed out to Cost of Goods Sold. Required: [Marks: 15) Prepare journal entries to record the preceding transactions Q3. Futonto Company produces and sells a single product. The company's income statement for the most recent month is given below: Sales (6,000 units at Tk 40 per unit) Tk 240,000 Less manufacturing costs: Direct materials Tk 48,000 Direct labor (variable) Tk 60,000 Variable factory overhead Tk 12,000 Fixed factory overhead Tk 30.000 Tk 150.000 Gross margin Tk 90,000 Less selling and other expenses: Variable selling and other expenses Tk 24,000 Fixed selling and other expenses Tk 42.000 Tk 66,000 Net operating income Tk 24,000 Note: There are no beginning or ending inventories. Required: [Marks: 30 a. Prepare a contribution format income statement. b. Compute the company's monthly break-even point both in units and taka. c. What would the company's monthly net operating income be if sales increased by 25% and there is no change in total fixed expenses? d. What amount of sales (in taka) must the company achieve in order to earn a net operating income of Tk 50,000 per month