MGT402(Cost and Management Accounting)-Important Practice Questions-Lecture 18-Part 2-Short Lecutres

MGT402 (Cost and Management Accounting) - 100% Exam/Paper Preparation - Important Practice Questions - Short Lectures - By Rare Academy of Science Email id: [email protected] Rare Academy of Science PROBLEM QUESTIONS Q. 2: In order to submit quotation for air conditioning of Hina Shopping Centre, management of Indus Electrical Industries made following estimates: Direct materials Rs. 280,000; Direct labor Rs. 120,000; Predetermined overhead applied rate is 50% of direct labor cost; Predetermined rates for charging marketing and administration expenses are respectively 3% and 2% of the contract price. On the basis of above estimates contract price was quoted as Rs. 575,000 The quotation was accepted by the owners of Hina Shopping Centre and the order was finalized on October 6, 2006. Job No. 1617 was assigned to the order and the work was started on October 12, 2006. Weekly materials requisition summaries and labor cost analysis sheets showed following charges to Job No. 1617. Date Direct Material Direct labor October 17 Rs. 120,000 Rs. 46,000 October 24 Rs. 96,000 Rs. 44,000 October 31 Rs. 60,000 Rs. 48,000 The job was completed on October 31. However, the time allowed for completion of job was upto November 4. Required (i) Prepare job cost sheet for Job No. 1617. (ii) Assuming that Job No. 1617 was the only job worked on during the above period, pass entries in general journal form to record production and sale of the job. Job was accepted by the customer on November 4 and cash received for the contract price. #learn #shortlecture #mgt402 #mgt402practicequestions #cost&managementaccounting #accounting #cost #management #mgt402paperpreparation #rareacademyofscience #Rare #Academy of #Science #Hina #Mehjabeen #important #series #service #fifo #lifo #weightedaveragemethod #exam #paper #preparation #education #trending #trend #trendingvideo #trendingnow #sale #costofgoodssold #gross #profit #percentage #percent #sta301 #sta301quiz3solutionfall2025 #fall2025 #sta301quiz3 #quiz #statisticsandprobability #statistics #cs302quiz1solution#fall #2024 #cs304 #cs304assignment1solutionfall2024 #fall #cs304assignment1solution #objectorientedprogramming #edu401 #edu401quiz3solutionspring2024 #contemporary #issues #education #trends #sta301 #sta301quiz1solutionspring2024 #statistics #probability #eco402 #eco402quiz1solutionspring2024 #microeconomics #ajax #introduction #synchronous #asynchronous #oop #php #objectorientedprogramming #class #object #constructor #variables #datatype #output #déclaration #multiple #values #forms #bootstrap #array #method #function #arrowfunction #variables #datatype #identifiers #rules #examples #javascript #array #object #link #styling #style #property #table #comment #syntax #example #webprogramming #introductiontohtml #html #tags #structure #webdevelopment #programming #website #development #html #css #langauge #assignments #lecture #mth302 #solution #timeseries #analysis #multan #vu #virtualuniversity #average #business #mathematics #quiz #module #time #statistics #vuassignment #lectures #maths #trending #trend #university #vulectures #gdb #rare #academy #science #shorts #video#principlesofmanagement #principles #management #marketing #pakistan #delegation #comment #organization #strategy #method #latestnews #latest #update #market #2023 #spring #mgt211 #business #introduction #products #customer #clientes #distribution #channel #approach #pricing #strategy #productlifecycle #expansion #job #design #theory #service #items #commodity #goods #design #motivation#education #curriculum #development #goals #source #unity #teaching #students #college #school #interview #samping #evidence #experience #learning #online #shopping #course #planning #evaluation#generalknowledge #method #concept #discover #children #knowledge #professional #practice #experiment #critical #thinking #young #weight #question #interview#criticalthinking #practice #reflective #tools #observation #solution #assessment #skills #knowledge #portfolio #experience #academic #design #documentation #visual #report #test #task #reasearch #specifications #general #result #letter #brand #style #business #approach #products #customer #architecture #humanresourcemanagement #hrmanagement #latest #law #views #traditional #power #police #manger #job #rules #competition #rewards #boss #expert #suspension #lecture #factorial #permutations #combination #time #life #combinations #permutations #probability #practicequestions #practice #question #mathematics #statistics #programming #language #learning #latest #exam #paper #examination #calsses #online #earning #mgt201 #lectures #financialaccounting #commerce #accounting #finance #normaldistribution #distribution #business #frequency#mobileapplicationdevelopment #application #mobileapplication #course #android #studio #androidstudio #hec #highereducation #bzu #bzuuniversity #bzumultan