Question 01Following figures are presented to you by Toseef manufacturing Company:ItemsBudgeted Figu

Question 01Following figures are presented to you by Toseef manufacturing Company:ItemsBudgeted Figures for operations During 2006Actual Figures for operations during January 2006Dept ADept ADirect materials (Rs )2,400,000250,000Direct Labor (Rs.)1,200,000105,000Factory overhead (Rs.)1,800,0009,500Direct labor hours100,00028,000Machine hours360,000-Required: Calculate predetermined factory overhead absorption rates for the departments using five different bases. (Present your answer by enlisting the rates in descending order of approximate frequency of their use).(Marks: 05)Question 02From the following data calculate the over/under absorption and show how the transactions would be recorded in the production overhead account.Absorption rate = Rs.8.00 per direct labor hourNumber of direct labor hours = 1,200Production overhead incurred = Rs. 6,900(Marks: 05)

 

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