Reference no: EM133016797
Question - Part 1 - The following balances have been taken from the general ledger for Pak Fan Manufacturing Company:
Raw Materials Inventory (1-12-2014) Rs. 40,000
Raw Material Purchases 190,000
Raw Materials Returns 9,000
Carriage Inwards 15,000
Direct Labor 255,000
Indirect Labor 60,000
Depreciation (Machinery) 30,000
Hear, Light and Power 25,000
Factory Rent and Taxes 31,000
Factory Repairs Expense 19,000
Foreman 's Salary 25,000
Raw Material (31-12-2014) 58,000
Work in Process (1-12-2014) 63,000
The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Compute the cost of December 31, 2014 inventory of Goods in Process.
Part 2 - Farhan Corporation fixed monthly fixed expenses are Rs. 370,000 and its contribution margin ratio is 55%. Assuming that the fixed monthly expenses do not change, what is the best estimate of the company's net operating income or operating loss in a month when sales are Rs. 830,000?
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