Course: Cost Accounting

Instructor: Dr Riaz Ahmad

ASSIGNMENT No. 1:

NOTE: Attempt the following questions.

Total Marks: 10

1. Fast Corporation submits the following data for September, 2021 :

Direct labor cost Rs. 3,00,000

Cost of goods sold Rs. 11,10,000
Factory overhead is applied at the rate of 150% of direct labor cost.

Inventory accounts showed these beginning and ending balances :

September 01 September 30
Finished goods Rs. 1,50,000 Rs. 1,75,000
Work in process 96,000 1,30,000
Materials 70,000 74,000

Other data :
Marketing expenses Rs. 1,41,000
General and administrative expenses 2,29,000
Sales for the month 18,20,000

Required :
An income statement with schedule showing cost of goods manufactured and sold.

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