CE Q No. 5 Q No.

6
Year A B A B
Prepare a cost of
Prepare a cost of
CE 2015 goods sold
production report
statement.

T-Account for WIP,

Income Statement, number
finished goods,
of units manufactured, unit Group bonus for
CGS, FOH control
cost, gross profit per unit each day and for
Total FOH of a single and applied FOH,
CE 2016 sold, income per unit sold, the week, Week's
department General Journal
gross profit to sales ratio earnings of each
entries: CGM, CGS
and income to sales employee
and closing of under
percentage
or over applied CGS

Schedules of CGM,
Sales Budget and Expected Production budget for upcoming
CE 2017 CGS and Income
Cash collections fiscal year
Statement

Cost of goods
Cost of production
manufactured, cost of
CE 2018 report for a specific Breakeven Point
goods sold indicating CGS
department
at normal and actual

Budget Allowance, Total Earnings, time

Cost of Production Report based on capacity saved, daily earnings
CE 2019
by Weighted Average utilized, actual and labour cost per
factory overhead unit

Annual manufacturing overhead
Budgeted FOH rate for Dep
cost allocation, Amount of MOH
A & B, total overhead cost
allocated to somerset high
CE 2020 for a job, if job no. 10
school job, Estimated total
consists 50 units of product
manufacturing costs for
then unit cost of this job
Somerset High School Job
Equivalent units in
process for direct
materials and
conversion costs
assuming no Income Statement
beginning inventory by absorption cost
and Assume 12,000 and variable costing
ltr were 40%
complete prior to
addition of 22,000
ltr
 Q No. 7 Q No. 8
A B A B

absorption costing A quantity schedule;

Statement of amount of loss,
income statement, (b). Cost charged to process;
recomment change in sale value
variable costing (c). Cost of equivalent units;
each product, total sale value
income statement, (d). Cost of finished goods;
maintaining the same sale-mix
Reconcile the (e). Value of closing work-in-
which will eliminate the said loss
difference in profits process

Unit product cost under: Equivalent units of production,

Absorption cost, variable cost cost per equivalent unit for the
contribution format variable month, cost of ending WIP
costing income statements inventory and units transferred,
reconcile variable and absorption cost reconciliation report for the
costing net operating incomes month

Underapplied and overapplied

FOH, general entries to close
FOH applied account, journal
Total FOH Variance, capacity
entries in case of varience is Total fixed cost
variance and budget variance
significant, unsignificant and poor
production scheduling and
excessive spending

New Contribution formate if:

Sales Increase, Selling price
decrease and Sale volume
increase, selling price increase
with fixed expense increase and Labour variances
sale volume decrease, selling
price increase with variable
expense increase and sale
volume decrease

Manufacturing cost per unit,
Allocate total costs between
completed units and units in
ending inventory.
Compute budgeted What may have cause
Production cost worksheet,
FOH, applied FOH, price variance, What
using FIFO for finishing
amount of under and may have caused
department
over applied FOH. efficiency variance