Q$-1)$ Following inventory and cost data relate to a manufacturing company for $2017.$ Calculate the Cost of Goods Sold as at December $31,2017.$

$\backslash$table$[[$Item$,$January $1,2017,$December $31,2017],[$Raw materials,$8,400,7,000],[$Work in process,$15,000,13,000],[$Finished goods,$16,400,12,000],[$Raw materials purchase,,$98,300],[$Direct labor,$42,400,],[$Factory rent,$8,000,],[$Factory utilities,$10,300,],[$Indirect materials,$6,000,],[$Indirect labor,$9,400,],[$Operating expenses,$17,000,]]$

Q$-2)$ Company X produces audio equipments in its factory. Raw materials cost for an audio system is TL$83$ per unit. Workers on the production lines are paid TL$14$ per hour. An audio system takes $6$ hours to complete. In addition, the rent on the equipment used tClassemble audio systems amounts to TL$5,900$ per month. Miscellaneous materials cost TL$5$ per unit produced. A supervisor was hired to oversee production and her monthly salary is TL$3,000.$ Factory janitorial costs will be TL$1,500$ per month. Local TV and radio channels will charge TL$9,800$ for advertisements per month. The factory building depreciation expense per year will be TL$7,000,$ and factory property tax is TL$12,000$ per year. Material handling costs in the factory are expected to be around TL$140$ per month. Calculate unit production cost if the monthly production level is $1,500$ units.

Q$-3)$ For June $30$th of $2017,$ Company X reported raw materials balance of TL$20,000,$ WIP balance of TL$25,000$ and finished goods balance of TL$40,000$ in its balance sheet. During July;

Direct labor of TL$253,000$ and raw materials of TL$350,400$ was used.

TL$360,000$ worth of raw materials was purchased.

Manufacturing overhead used $($exclusive of indirect materials$)$ was equal to $60\%$ of direct labor costs.

At the end of July, sales totalled TL$1,244,000$ and gross profit was $40\%$ of the sales. COGS available for sale equalled TL$770,000.$ Calculate the balance of finished goods as of July $31$st$.$

Q$-4)$ Company X applies MOH to jobs on the basis of machine, hours used. MOH costs are expected to total TL$300,400$ for the year, and machine usage is estimated at $124,000$ hours.

For the year, TL$322,400$ MOH costs are incurred and $130,030$ machine hours are used. Calculate the amount of COGS adjustment at year$-$end. Use $-$ if the COGS adjustment is credit. $($e$.$g$.$ if the required adjustment is debiting COGS by $100,$ enter $100.$ If if the required adjustment is crediting COGS by $100,$ enter $-100.)$

Q$-3)$ For June $30$th of $2017,$ Company X reported raw materials balance of TL$20,000,$ WIP balance of TL$25,000$ and finished goods balance of TL$40,000$ in its balance sheet. During July;

Direct labor of TL$253,000$ and raw materials of TL$350,400$ was used.

TL$360,000$ worth of raw materials was purchased.

Manufacturing overhead used $($exclusive of indirect materials$)$ was equal to $60\%$ of direct labor costs.

At the end of July, sales totalled TL$1,244,000$ and gross profit was $40\%$ of the sales. COGS available for sale equalled TL$770,000.$ Calculate the balance of finished goods as of July $31$st$.$

Q$-4)$ Company X applies MOH to jobs on the basis of machine hours used. MOH costs are expected to total TL$300,400$ for the year, and machine usage is estimated at $124,000$ hours.

For the year, TL$322,400$ MOH costs are incurred and $130,030$ machine hours are used. Calculate the amount of COGS adjustment at year$-$end. Use $-$ if the COGS adjustment is credit. $($e$.$g$.$ if the required adjustment is debiting COGS by $100,$ enter $100.$ If if the required adjustment is crediting COGS by $100,$ enter $-100.)$

Use below information for Questions $5$ to $7$:

Company $x$ uses a job cost system and applies overhead to production on the basis of direct labor cost. On January $1,2018,$ Job $50$ was the only job in process. The costs incurred prior to January $1$ on this job were as follows: DM of TL$24,000,$ DL of TL$11,000,$ and MOH of TL$15,004.$ As of January $1,$ Job $49$ had been completed at a cost of TL$85,003$ and was part of finished goods inventory. There was a TL$13,500$ balance in the raw materials inventory account.

During the month of January, Company X began production on Jobs $51$ and $52,$ and completed Jobs $50$ and $51.$ Jobs $49$ and $50$ were sold on account during the month for TL$122,000$ and TL$158,030,$ respectively. Following additional events occurred during the month:

Purchased additional raw materials of TL$95,004$ on account.

Incurred factory labor costs of TL$64,000$ exclusive of payroll taxes. Payroll taxes amounted to TL$16,040.$

Incurred indirect materials of TL$17,000,$ and indirect labor of TL$20,004$

Depreciation on factory equipment totalled to TL$12,000$

Other factory expenses on account were TL$13,000$

During the month, Company $x$ assigned following costs to respective jobs as follows:

Company X estimates total manufacturing overhead costs of TL$884,000,$ direct labor costs of TL$700,040$ and direct labor hours $20,000$