1. During the current period, ABC Ltd sold 60,000 units of product at Rs. 30 per unit. At the beginning for the period, there were 10,000 units in inventory and ABC Ltd manufactured 50,000 units during the period. The manufacturing costs and selling and administrative expenses were as follows: Total cost Number of units Unit cost Rs. Rs. Beginning inventory: Direct materials 67,000 10,000 6.70 Direct labour 1,55,000 10,000 15.50 Variable factory overhead 18,000 10,000 1.80 Fixed factory overhead 20,000 10,000 2.00 Total 2,60,000 26.00 Current period costs: Direct materials 3,50,000 50,000 7.00 Direct labour 8,10,000 50,000 16.20 Variable factory overhead 90,000 50,000 1.80 Fixed factory overhead 1,00,000 50,000 2.00 Total 13,50,000 27.00 Selling and administrative expenses: Variable 65,000 Fixed 45,000 Total 1,10,000 Instructions: 1. Prepare an income statement based on the variable costing concept. 2. Prepare an income statement based on the absorption costing concept. 3. Give the reason for the difference in the amount of income from operations in 1 and 2.

3 Answers  

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can be account payee cheque discounted from the bank of party?

2 Answers   BPO, PCTL,

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Which accounting application you prefer most and why?

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Machinary worth Rs 2000 and sold to Rs 1200. Bought new one Rs 4000 and carige inwards Rs 5 How many amount trafer to Capital a/c?

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What is the Difference Between P & L A/C and Income and Expenditure A/C ?

3 Answers  

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What is BRS Adjustment entry?

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If we started new project of Housing with Construction linked payment plan . How can booked our revenue or Sales .

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i have 100 rupees. how i can divide in 21 note who is equal to 100 rupees??

5 Answers   Klash Private Limited,

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if a company has opened its new branch in delhi ,so while preparing Balance sheet for that company we will be preparing depreciation chart. So i want to know whether depreciation chart should be prepared as per IT Act or Companies Act?

2 Answers  

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