Q No.1 Required: 1. Statement of cost of goods manufactured 2. Cost of goods sold 3. Income Statement Q#2 Danish Corporation produces special product as to customer specifications and uses the Job Order Cost System. The following data relates to its operations of December 2006. 1. Purchased raw material on account Rs. 60,000 . 2. Raw material issued to factory Rs. 43,000 of which Rs. 4,000 was used indirectly. 3. Factor labour used direct Rs. 65,000 and indirect Rs. 5,500. 4. Factory Overhead cost incurred on account Rs. 44,000 . 5. Factory Overhead applied at 100% of Direct Labour Cost. 6. Jobs were completed to the extent of 80%. 7. Goods sold on account Rs. 2,00,000. 8. Finished Goods inventory on Dec 31,2006 Rs. 18,400 . Required: i. Record the above transactions in joumal also close over or under applied factory overhead at the end of month. Q 3 Xenoc, Inc, produces stereo speakers. The selling price per pair of speakers is Rs 800 . The variable cost of production is Rs. 300 and fixed cost per month is Rs. 50000 . 1. Find break even point in dollars and in units. 2. Compute number of pairs of speakers must be sold to earn a monthly profit of Rs 20000. 3. If selling price reduced by 20% and other things remain same, what is breakeven point in dollars. 4. If selling price reduced by 25% and variable expense reduced by 25% while fixed cost increased by Rs. 10,000 . Give breakeven point in dollars and pairs of speakers. 5. If margin of safety is 25% and break even sales is Rs. 80000 . What is sale of company