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QUESTON1 Given below are ecloded account balanes of Aryan. Manaanning Compay for ช่เ I Jaauary 2017 31 December 2017 Finished Gneds Inventory Work in Process Inveneery 76000) Direct Labour Factory Supervisury Salaries Income Tax Expenes Factory Inarance Raw Material Parchases dminitrsive Expenses Retums and Allownces Factory Depreciation Indirect Labour elling i Espenses Required: (a) Prepare a schedlule of cost of soods manefoctured for Aryani Manufacturing (9 macks) Company for the year ended 31 December 2017 the year ended 31 December 2017 Company for the year endod 31 December 201 (b) Prepare compusation of cost of goods sold for Aryani Manfacturing Company for 3 mcks) (c) Prepare an Income Statement through net iecome for Aryami Manufacturing 3 marks) TOTAL 1S MARKS Continned...

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Cost of Goods Manufactured for the year ended 31st December 2017: Particulars Work in process Inventory, January 1 Direct material used : AmountS 44,000 Raw Material Inventory as on January 1 Purchases Cost of material available for use Less: Raw Material Inventory on December 31 26,000 186,000 212,000 38,000 174,000 Cost of direct material used Direct labor 86,000 Factory overhead: 34,000 28,000 36,000 16,000 114,000 374,000 42,000 332,000 Factory Supervision s Indirect labor Factory Insurance Factory Depreciation alaries Total Factory overhead Total manufacturing cost incurred Less: Work in process Inventory, December 31 Cost of goods manufactured Cost of Goods sold for the year ended 31st December 2017: Particulars Beginning Inventory of Finished Goods Add: Cost of Goods manufactured (as above) Cost of goods available for sale Less: Ending Inventory of Finished Goods Amount S 30,000 332,000 362,000 34,000 328,000 Cost of Goods sold Multi Step Income Statement: Particulars Sales Revenue Less: Sales Returns and Allowance Net Sales Less: Cost of goods sold Gross Profit Less: Operating Expenses Amount S 760,000 6,000) 754,000 328,000 426,000 Administrative expenses Selling expenses Income before tax Less: Income tax expense Net Income 24,000 88,000 314,000 64,000 250,000

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