Question 1:

Sales (500 TV sets) 100,000

Material Purchased 30,000
Direct Labor ?
Factory Overhead (2/3 of Direct labor) 20,000
Selling expenses 5% of sales
General expenses 10% of sales
Inventory Jan 1st:
Material 5,000
Finished goods (50 TV sets) 7,000
Inventory Jan 31st:
Finished goods (70 TV sets) ?
Material 7,000

Required:
 Number of units manufactured
 Unit cost of TV sets manufactured
 Cost of finished goods ending
 Gross Profit per units sold
 Income statement a Dec 31st
Question 2:
Production in units 30,000
Sales in units ?
Ending finished goods in units ?
Sales (25 per unit) 6,50,000
Advertising expense 90,000
Direct labor 1,60,000
Raw material purchase 80,000
Building rent (production 80% office 20%) 50,000
Utilities expense, factory 35,000
Maintenance, factory 25,000
Depreciation on factory equipment
@0.10 per units produce ?
Selling & Admin expense 1,00,000
Other factory overhead cost 11,000
Other selling & admin expense 20,000
Inventories: Jan 1st Dec 31st
Raw material 20,000 10,000
Work in process 30,000 40,000
Finished goods Nil ?

Required:
 Prepare cost of goods manufactured statement
 Cost and number of units of finished goods at Dec 31st
 Prepare income statement
Question 3:
Sales ?
Less: Cost of goods sold:
Opening inventory finished goods 60,000
Add: cost of goods manufactured ?
Less: Finished goods ending ?
______________
Cost of goods sold ?
_______________
Gross Profit (41.25% of sales) ?
Less: Operating expenses ?
_______________
Net income (2623 % 𝑜𝑓 𝑠𝑎𝑙𝑒𝑠) 640,000
Additional Information:
Raw material used 5,30,000
Direct labor 4,50,000
Factory overhead 50% of prime cost
Work in process - opening 1,20,000
Work in process – ending 1,10,000

Required:
 Calculate missing values and prepare income statement, show all calculations