1. The cash book of Aireville Limited was balanced on 31 December 2015 and showed an overdraft of S3420. On the same date, the bank statement showed an overdraft of $1800.
A comparison of the cash book and the bank statement revealed the following
s
1
Items appearing only on the bank statement
Bank charges
Dishonoured cheque, PB Limited
190
330
2
Items appearing only in the cash book
Cash sales paid into bank 28 December 2015
Cheque paid to M Raja, a credit supplier
1560
2700
3
Debit side of the cash book being undercast
1000
REQUIRED
(a) Update the cash book of Aireville Limited.
Bring down the updated bank balance on 1 January 2016.
Aireville Limited
Cash book (bank columns only)
Date
Details
S
Date
Details
S
2016
Jan 1
Balance b/d
3420
[4]

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.

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