HU Cases CGS.docx - Protected View - Saved to this PC- O Scarch (Alto abdulwahid Insert Share Comments Home Draw Design Layout References Mailings Review View Help PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit it's sater to stay in Protected View Enable Editing Company paid Rs. 200 as selling, admin and general expenses for this year Required: (1) Prepare Cost of Goods Sold and Income Statement CASE. NO 3 BBA 4th Semester 3rd Year of Operations (1992) Cost Accounting On 1-1-1992 ABC Furniture Ltd. Plans to produce 120 Tables in 3rd year of operations. Company estimates that 1 foot of raw material (wood as direct material) is sufficient for producing 1 table. Company has 40 feet of wood as was left unused till 31-12-1991. On 10-1-1992, company purchased 120 feet of wood @ Rs. 10 / foot. Throughout the year production remained as under (A) 100 tables fully completed and sold @ Rs. 50 cach , Where following costs were incurred: Direct material (Wood) = 100 feet of Rs.1000, Direct labor (Carpenter) = Rs. 2000 and Factory overhead (cost other than wood and carpenter payments) of Rs. 1000. Company paid Rs. 200 as selling, admin and general expenses for this year (B) 10 tables, 50 % complete where following costs were incurred: Direct material (Wood) = 5 feet of Rs. 50, Direct labor (Carpenter) = Rs. 100 and Factory overhead (FOH) of Rs. 50. Required: (1) Prepare Cost of Goods Sold and Income Statement CASE. NO 4 Page 1 of 2 1050 words Focus E 2104 Type here to search EH ? E 20C 4:47 PM 11/11/2021