Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. account department of the aqib khan co. provides t

Account Department of the Aqib Khan Co. provides the following data at end of may...

80.2K

Verified Solution

Question

Accounting

Account Department of the Aqib Khan Co. provides the following data at end of may 2017, you are required to prepare Cost of Goods Manufactured; Cost of Goods Sold; find out Gross Profit / Loss & Net profit / Loss and Per Unit Manufacturing Cost at the Year ended june 30th, 2017, assuming that Net Sales of Rs. 72,000, Marketing Expense 5%, Advertising Expense 1 % and Other Expense 3% of Net Sales; Net Purchases Rs. 36,000 and Direct Expenses are 1 % of Net Purchases; FOH 2/3 of Direct Labor. Units are produced during the period was 5,000. Assume Gross profit 33-1/3% of sales.

Opening Inventory of Raw material 4002 and closing inventory 1.1 times of 4002 . Opening Inventory of WIP is 5002.5 and closing inventory 1.15 times of 4002. Opening Inventory of Finish goods 4002 twice and closing inventory 2.24 times of 4002

find direct labor using reverse working.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students