Following figures are presented to you by
by | Mar 18, 2020 | Uncategorized
Question 01
Following figures are presented to you by Toseef manufacturing Company:
Items
|
Budgeted Figures for operations During 2006
|
Actual Figures for operations during January 2006
|
|
Dept A
|
Dept A
|
Direct materials (Rs )
|
2,400,000
|
250,000
|
Direct Labor (Rs.)
|
1,200,000
|
105,000
|
Factory overhead (Rs.)
|
1,800,000
|
9,500
|
Direct labor hours
|
100,000
|
28,000
|
Machine hours
|
360,000
|
–
|
Required: Calculate predetermined factory overhead absorption rates for the departments using five different bases. (Present your answer by enlisting the rates in descending order of approximate frequency of their use).
(Marks: 05)
Question 02
From the following data calculate the over/under absorption and show how the transactions would be recorded in the production overhead account.
Absorption rate = Rs.8.00 per direct labor hour
Number of direct labor hours = 1,200
Production overhead incurred = Rs. 6,900
(Marks: 05)
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