Friends,
The following was my answer,to the cost accounting portion,in the exam. Please correct me if i m wrong.
Q#2(a)
1.Direct materials purchased were Rs.410000
2.Direct materials used were(22000+410000-25800) 406200
3.Payment of direct labor payrolls were 189000
4.Direct labor cost assigned to production was 192000
5.Overhead application rate was(393600/192000*100) 205%
6.Manufacturing cost was as follows:
Material used(as above) 406200
Add direct labor cost 192000
Add FOH 393600
Total manufacturing cost 991800 991800
7.Cost of finished goods manufactured was as follows:
Total manufacturing cost as above 991800
Add opening inventory of work in process 5000
Less ending inventory of work in process 8000
cost of finished goods manufactured 988800 988800
8.Cost of goods sold was as follows:
Cost of finished goods manufactured as above=988800
Add opening inventory of finished goods 38000
Less ending inventory of fininshed goods 24000
Cost of goods sold 1002800 1002800

@Ali Ahmed Syed and all senior members.

Please reply to the above post. I wd also post other attempted answers to the questions of paper-2011.