PirMehr Ali Shah
Arid Agriculture University, Rawalpindi
Office of the controller of Examinations
Mid Exam / FALL 2020 (Paper Duration 24 hours)
To be filled by Teacher
Course No.: MGT-423 Course Title: Cost Accounting
Total Marks: 18 Date of Exam: 03.12.2020
Degree: BS Coomerce Semester: 3rd Section: …
|Total Marks in Words:|
|Name of the teacher: M. Aleem Akhtar|
|Who taught the course:Signature of teacher / Examiner:|
To be filled by Student
Registration No.: ………………………………………….……… Name:……………………………………………………..
Answer the following questions.
Q.No.1 Marks (3)
Prepare Income Statement with following data.
Q.No.2 Marks (5)
Following is trial balance of Israr Industrial Company Limited as on January 31, 2108.
|Debit (Rs.)||Credit (Rs.)|
|Notes Receivable||27,405||Notes Payable||17,300|
|Accounts Receivable||32,200||Account Payable||5600|
|Finish goods||14,800||Rent Payable||2500|
|Prepaid Insurance||2700||Retained earnings||25,800|
Following further information are also available: FOH applied at rate of 80% of direct labor cost. Inventories as on December 31, 2018: Material… Rs. 16200, WIP. Rs 40,500 and Finish goods. Rs21,300. Debit balance of FOH costs account Rs.15105 Represents under applied FOH. This variance is distributed over entire production of the period.
Required: (a) Statement of cost of goods manufactured and sold for the year ended December 31, 2018 showing cost of goods sold at normal and actual.
(b) Income statement for the year ended December 31, 2018 and balance sheet as on date.
Q.No.3. Marks (6)
Topper Inc. had following inventories on March 1: Finish goods Rs. 15000, WIP Rs. 19070 and Materials Rs. 14000.
The work in process control three jobs: Job No. 62 Materials Rs. 2800, Labor Rs. 2100 and Applied FOH Rs. 1680. Job No. 63 Materials Rs. 3400, Labor Rs. 2700 and Applied FOH Rs.2160. Job No. 64 Materials Rs. 1800, Labor Rs. 1350 and Applied FOH Rs.1080.
The following information pertains to March operations:
Required: (1) Prepare job order cost sheets to past beginning inventories data (2) Journalize the March transactions with current posting to general ledger inventory accounts and to job cost sheets. (3) Prepare schedule of inventories on March 31.
Q.No.4 Marks (4)
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