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Cost Solutions Past Papers

# Cost Solutions Past Papers

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Guyz these are the solutions to Cost Accounting Past Papers... I hope it'll be helpful
Guyz these are the solutions to Cost Accounting Past Papers... I hope it'll be helpful

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04/22/2013

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Paper: Spring 2007Question: 02
Req: 01:-
Total Manufacturing Costs
= Direct Material + Direct Labour + Factory Overheads= {Open. Inv. Mat. + Purchased Mat. - Cl. Inv. Mat.} + Direct Labour + FOH= {15000 + 46500 - 19200} + {(6125*7.80)+(9875*8.40)} + {(6125*5.00)+(9875*4.20)}= 42300 + (47775+82950) + (30625+41475)= 42300 + 130725 + 72100
= 245125
Req: 02:-
Cost of Goods Manufactured
= Total Manufacturing Cost + Work in Process.Open. Inv. - Work in Process. Cl. Inv.= 245125 + 17300 - 19425
= 243000
Req: 03:-
Cost of Goods Sold
= Cost of Goods Manufactured + Finished Goods.Open. Inv. - Finished Goods.Cl. Inv.= 243000+11300 - 9400
= 244900
Paper: Spring 2007Question: 03
Req:1 :-
The Amount of Total Material Available for sale
= Opening Inv. + Purchases= (200 * 2) + (220 * 2.4)= 400 + 528= 928

Note: For Calculating this req, you should calculate purchases first.
Purchased Units = Sale + Closing Inv. - Opening Inv.= 180 + 240 - 200= 220 unitsReq:2:-
Income Statement showing after Tax earning

LIFO FIFO
Sale 648648Less: Cost of Goods SoldOpening Inv. 400400Add: Purchases 528528928928Less: Closing Inv. 488 440 568 360
Net Income before Tax 208 288
Less: Income Tax @ 50% 104144
Net Income after Tax 104 144
Req:3:-
Cost assigned to ending inventory

LIFO FIFO
Closing Inventory: 488 568Req:4:-
Comparison of the result of both the companies
Among these two companies, the company which uses the LIFO Method itsincurred cost is higher than theother company and its Gross proit or Net Profit is less then other companyand this company also get thebenefit of Tax bracket, because it will pay tax less than other company.

Paper: Spring 2007Question: 04
Jabir Company
Income Statement
For the yead ending 31st December, 19ASale Rs. 810000Less: Cost of Goods Sold: (W-1) 405000
Gross Profit 405000
Less: Operating Expenses 124000
Net Operating Income Rs. 281000
W-1
Jabir Company
Cost of Goods Sold
Cost of Goods available for sal 450000
Less: Finished Goods-Closing Stock 45000
Cost of Goods Sold 405000

Paper: Spring 2007Question: 05