Financial Statements 1 Test 31

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Financial Statements 1 Test 31

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Question 1
1 / -0

Opening Stock of Raw-Materials Rs. 1,00,000. Closing stock of Materials Rs. 2,00,000, PurchasesRs. 3,00,000, Carnage Inward Rs. 10,000, Freight outward Rs. 5,000. Purchase Returns Rs. 20,000, Opening Work-in progress Rs. 25,000, Closing work-in-progress Rs.10,000. Manufacturing overheads Rs. 6,000, Selling Overheads Rs. 10,000, Sale of By-products Rs. 1,000, Royalty based on production Rs. 5,000. The cost of manufactured goods is ____________.

A
Rs. 2,20,000

B
Rs. 2,15,000

C
Rs. 2,35,000

D
None of these
Question 2
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Directions For Questions

Use the following information to answer the questions below:
Opening Closing
Stock of raw materials 17,000 18,000
Work-in-progress 11,000 12,000
Stock of finished goods 42,000 41,000

During the year manufacturing overhead expenses amounted to Rs. 61,000, Manufacturing wages to Rs. 40,000 and purchase of raw materials to Rs. 92,000. There were no other direct expenses.

...view full instructions

The manufacturing Cost of Finished Goods available forsale was:

A
Rs. 3,91,000

B
Rs. 3,93,000

C
Rs. 3,94,000

D
Rs. 2,33,000
Question 3
1 / -0

Directions For Questions

Use the following information to answer the questions below:
Opening Closing
Stock of raw materials 17,000 18,000
Work-in-progress 11,000 12,000
Stock of finished goods 42,000 41,000

During the year manufacturing overhead expenses amounted to Rs. 61,000, Manufacturing wages to Rs. 40,000 and purchase of raw materials to Rs. 92,000. There were no other direct expenses.

...view full instructions

The Manufacturing Cost of Finished Goods produced were:

A
Rs.1,32,000

B
Rs.,93,000

C
Rs. 1,92,000

D
Rs. 1,91,000
Question 4
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Which of the following is True?

A
The value of ending inventory under simple average price method is realistic

B
Usually profit or loss will not arise out of pricing the issues on the basis of simple average price method

C
The value of stock is shown on the assets side of the balance sheet as fixed assets

D
Opening stock plus purchases minus cost of goods sold is the value of closing stock
Question 5
1 / -0

Directions For Questions

Use the following information to answer the questions below:
Opening Closing
Stock of raw materials 17,000 18,000
Work-in-progress 11,000 12,000
Stock of finished goods 42,000 41,000

During the year manufacturing overhead expenses amounted to Rs. 61,000, Manufacturing wages to Rs. 40,000 and purchase of raw materials to Rs. 92,000. There were no other direct expenses.

...view full instructions

The Cost of Raw Materials Consumed, were:

A
Rs. 1,09,000

B
Rs. 91,000

C
Rs. 92,000

D
None of these
Question 6
1 / -0

Cost Goods sold is equal to _________________.

A
Closing stock + Purchases - Opening Stock

B
Closing Stock +Opening Stock -Purchases

C
Sales- Closing Stock

D
Purchases - Closing Stock + Opening Stock
Question 7
1 / -0

Directions For Questions

Use the following information to answer the questions below:
Opening Closing
Stock of raw materials 17,000 18,000
Work-in-progress 11,000 12,000
Stock of finished goods 42,000 41,000

During the year manufacturing overhead expenses amounted to Rs. 61,000, Manufacturing wages to Rs. 40,000 and purchase of raw materials to Rs. 92,000. There were no other direct expenses.

...view full instructions

The manufacturing Cost of Finished Goods sold was ________________.

A
Rs. 1,91,000

B
Rs. 93,000

C
Rs. 1,94,000

D
Rs. 1,92,000
Question 8
1 / -0

Forwarding and Insurance charges Rs. 50,000 incurred by Consignor. Expenses incurred by Consignee: Landing & Clearing Rs. 1,400, Godown Rent Rs. 2,000, Unloading Expenses Rs. 2,800, Selling & Distribution Expenses Rs. 1,500, Transport Charges upto godown Rs. 5,600, Advertisement & Insurance Rs. 1,200, Establishment Costs Rs. 4,000. The amount of expenses to be considered while valuing the consignment stock is ___________.

A
Rs. 50,000

B
Rs. 51,400

C
Rs. 54,200

D
Rs. 59,800

Solution

The non-recurring expenses incurred by the consignee on receipt of consignment stock upto the place of sale (godown) are added to the value of the goods along with consignor's expenses. Here, the expenses to be added to the value of the goods = Rs. 50,000 (consignor's expenses) + Rs. 1,400 (landing & clearing) + Rs. 2,800 (unloading) + Rs. 5,600 (transport) = Rs. 59,800.
Question 9
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Closing Stock is equal to ___________________.

A
Opening Stock +Cost of Goods Sold - Purchases

B
Cost of Goods Sold -Opening Stock - Purchases

C
Opening Stock + Purchases - Cost of Goods Sold

D
Cost of Goods Sold + Purchase - Opening Stock

Solution

Cost of goods sold = Opening stock + purchases - closing stock
Therefore, Closing stock = Opening stock + purchases - Cost of goods sold
Therefore, C is the correct option.
Question 10
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Under inflationary conditions, which of the methods will show lowest value of closing stock ?

A
FIFO

B
LIFO

C
Weighted Average

D
All of the above

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	Opening	Closing
Stock of raw materials	17,000	18,000
Work-in-progress	11,000	12,000
Stock of finished goods	42,000	41,000

Financial Statements 1 Test 31

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Financial Statements 1 Test 31

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SHARING IS CARING

Question 1

Rs. 2,20,000

Rs. 2,15,000

Rs. 2,35,000

None of these

Question 2

Rs. 3,91,000

Rs. 3,93,000

Rs. 3,94,000

Rs. 2,33,000

Question 3

Rs.1,32,000

Rs.,93,000

Rs. 1,92,000

Rs. 1,91,000

Question 4

The value of ending inventory under simple average price method is realistic

Usually profit or loss will not arise out of pricing the issues on the basis of simple average price method

The value of stock is shown on the assets side of the balance sheet as fixed assets

Opening stock plus purchases minus cost of goods sold is the value of closing stock

Question 5

Rs. 1,09,000

Rs. 91,000

Rs. 92,000

None of these

Question 6

Closing stock + Purchases - Opening Stock

Closing Stock +Opening Stock -Purchases

Sales- Closing Stock

Purchases - Closing Stock + Opening Stock

Question 7

Rs. 1,91,000

Rs. 93,000

Rs. 1,94,000

Rs. 1,92,000

Question 8

Rs. 50,000

Rs. 51,400

Rs. 54,200

Rs. 59,800

Solution

Question 9

Opening Stock +Cost of Goods Sold - Purchases

Cost of Goods Sold -Opening Stock - Purchases

Opening Stock + Purchases - Cost of Goods Sold

Cost of Goods Sold + Purchase - Opening Stock

Solution

Question 10

FIFO

LIFO

Weighted Average

All of the above

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