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    Cost Accounting #2 PDF

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    SYED ABDUL HASEEB SYED MUZZAMIL NAJEEB 13853
    This document provides instructions for a cost accounting assignment. It includes 7 multiple choice questions about concepts like cost of goods sold, conversion cost, and manufacturing vs. merchandising businesses. It also includes 2 word problems requiring students to prepare cost of production reports using provided cost and quantity data for different departments within manufacturing companies. Students are instructed to show all work, include identifying information, and submit their assignment on the specified due date through the class online platform.

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    Cost Accounting #2 PDF

    Uploaded by

    SYED ABDUL HASEEB SYED MUZZAMIL NAJEEB 13853
    45 views3 pages
    This document provides instructions for a cost accounting assignment. It includes 7 multiple choice questions about concepts like cost of goods sold, conversion cost, and manufacturing vs. merchandising businesses. It also includes 2 word problems requiring students to prepare cost of production reports using provided cost and quantity data for different departments within manufacturing companies. Students are instructed to show all work, include identifying information, and submit their assignment on the specified due date through the class online platform.

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    This document provides instructions for a cost accounting assignment. It includes 7 multiple choice questions about concepts like cost of goods sold, conversion cost, and manufacturing vs. merchandising businesses. It also includes 2 word problems requiring students to prepare cost of production reports using provided cost and quantity data for different departments within manufacturing companies. Students are instructed to show all work, include identifying information, and submit their assignment on the specified due date through the class online platform.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    45 views3 pages

    Cost Accounting #2 PDF

    Uploaded by

    SYED ABDUL HASEEB SYED MUZZAMIL NAJEEB 13853
    This document provides instructions for a cost accounting assignment. It includes 7 multiple choice questions about concepts like cost of goods sold, conversion cost, and manufacturing vs. merchandising businesses. It also includes 2 word problems requiring students to prepare cost of production reports using provided cost and quantity data for different departments within manufacturing companies. Students are instructed to show all work, include identifying information, and submit their assignment on the specified due date through the class online platform.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Date: Aril 26,2020 Class: BBA/BCOM/MBA

    Course Name: Cost Assignment Submission Date: May 1 ,2020

    Instructions:
    • Submit within due date.
    • Mention your Name, Std. ID, Campus name, class and course name at the front page of solution.
    • Campus name is mandatory to mention.
    • All questions are compulsory
    • Submit assignment on Google class room not on email.  Show all supportive calculation.

    Question 1: Select the Best Option


    1. Cost of goods manufactured - opening work in process + ending work in process =?
    a) Cost of goods sold c) Conversion cost
    b) Prime cost d) Total factory cost

    2. What would conversion costs if costs of raw materials, direct labor costs, and
    manufacturing overhead costs Rs.80,000, Rs.50,000, and Rs.60,000, respectively?
    a) Rs.130, 000 c) Rs.140, 000
    b) Rs.110, 000 d) Rs.190, 000

    3. If cost of sales is Rs. 90,000, income from sales Rs. 200,000 and operating expenses Rs.
    100,000. What will be net result?
    a) Rs. 5,000 Losses c) Rs 1, 95,000 Profits
    b) Rs.10, 000 Profits d) Rs 1, 95,000 Losses

    4. Which of the following Organization converts raw material into finished goods?
    a) Trading concern c) Merchandising concern
    b) Manufacturing concern d) Service concern

    5. If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs.
    100,000. What will gross profit?
    a) Rs. 5,000 c) Rs. 1, 00,000
    b) Rs. 95,000 d) Rs.1, 05,000

    6. Cost of goods manufactured + opening finished goods – ending finished goods =?


    a) Total factory cost c) Prime cost
    b) Cost of goods sold d) Conversion cost
    7. In the cost of goods sold statement, the sum of labor cost and the factory over head is
    known as:
    a) Conversion cost c) Total factory cost
    b) Prime cost d) Cost of goods manufactured

    ASSIGNMENT: 02 1

    8. In cost of goods sold statement the ‘cost of goods manufactured’ is equal to:

    a) Total factory cost + Opening work in process + Ending work in process


    b) Total factory cost + Opening work in process – Ending work in process
    c) Total factory cost - Opening work in process + Ending work in process
    d) Ending work in process +Total factory cost – Opening work in process

    Question 2: Following data is extracted for the book of Durban Manufacturer.

    Department A Department B
    Units
    Started in process 150, 000
    Received from department A 95, 000
    Transferred to department B 95, 000
    Transferred to finished goods inventory 63, 000
    Ending units in process:
    Department A (direct material 100% complete; direct
    Labor 45% & factory overhead 40% complete) 55, 000
    Department B (direct labor 25% & FOH 55%
    complete) 32, 000
    Costs Rs. Rs.
    Direct material 76, 500 0
    Direct labor 114, 960 10, 650
    Factory Overhead (applied) 40, 950 20, 956

    Required: Cost of Production Report of both Departments.

    Question 3. A company's Department 2 costs for June were:


    Cost from Department 1 $16320
    Cost added in Department 2:
    Materials 43,415
    Labor 56,100
    Factory overhead (FOH) 58,575

    The quantity schedule shows 12,000 units were received during the month from Department 1;
    7,000 units were transferred to finished goods; and 5,000 units in process at the end of June
    were 50% complete as to materials cost and 25% complete as to conversion cost.

    Required: Prepare Cost of production report.

    ASSIGNMENT: 02 2

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