26 mcqs2 marks 32 marks 5
or baki yeenjoy it:-p
Consider the following data: (3)
Particulars
Rs.
Raw material inventory beginning
14,000
Purchases of Raw materials
120,000
Raw material inventory Ending
10,000
Direct labor
200,000
Manufacturing Overhead (actual)
402,000
Manufacturing Overhead (applied)
404,000
What is the amount of under or over applied manufacturing overhead cost?
XYZ Company's Overhead Budget for the month together with data relating to cost centers is as follow: (5)
Overhead Cost
Rs.
Power
3,200.00
Rent Of Godown
125
Depreciation Of plant
7,500.00
Machine Groups
Q
R
S
T
TOTAL
Kilowatt Hours
27,500.00
2,525.00
4,500.00
6,500.00
41,025.00
Small tools and supplies
291
350
55
142
838.00
Floor Space(Sq Ft)
1,100.00
1,105.00
650
550
3,405.00
Capital Cost Of plant
2,450.00
16,000.00
7,500.00
13,000.00
38,950.00
Required: Apportion each of the cost given to the four groups of machine on suitable bases.
Red Corporation instituted a new process in October, during which it started 10,000 units in department A. of the units started, 1,000 units, a normal number were lost during the process, 7,000 were transferred to next department B and 2,000 remained in work in process inventory at the end of the month, 100% completed as to material and 50% as conversion. Material and conversion cost of Rs. 27,000 and Rs. 40,000 were charged to department in October.
Required: Total cost transferred to department B
West Point Company uses predetermined overhead rates to apply manufacturing overhead to jobs. The predetermined overhead rate is based on machine hours in Department A and direct labor cost in Department B and at the beginning of the year, the company made the following estimates:
Particulars
Dept A (Rs.)
Dept B(Rs.)
Direct labor cost
45,000
45,000
Manufacturing overhead
36,000
80,000
Direct labor hours
18,000
16,000
Machine hours
6,000
1,500
What predetermined overhead rates would be used in Department - A and Department - B, respectively? (5)
Entries (3)
Direct Labor
25,000
Indirect Labor
20,000
Sales Salaries
5,000
Administrative Salaries
10,000
Total
60,000
Deductions
Income tax
3,000
Group insurance
2,000
Required: Pass journal entry to record Payroll expense.
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