We have been working very hard since 2009 to facilitate in your learning Read More. We can't keep up without your support. Donate Now.

www.bit.ly/vucodes

+ Link For Assignments, GDBs & Online Quizzes Solution

www.bit.ly/papersvu

+ Link For Past Papers, Solved MCQs, Short Notes & More

Looking For Something at Site? Search Below

“CGS statement & Inventory costing methods”

Question No 01: (5 marks)

Mr. Ikram - sole proprietor established a small company for dealing in leather products. During April 2017, company’s books of accounts show the following information as:

Cost of goods manufactured                         Rs. 760,000 for 4,200 units

Finished goods inventory on 1st April            Rs. 52,000 for 1,800 units

Finished goods inventory on 30th April          430 units

Requirement:

By considering the above mentioned information, you need to:

 Calculate closing finished goods amount

 Prepare Cost of goods sold statement

Question No 02: (5 marks)

150 units of product “Alpha” at Rs. 12.5 per unit were in store on 1st April, 2017. During the month company made some receipts and payment of stock which are given as:

April 05        received        120 units @ Rs. 13.25 per unit

April 11        issued           100 units

April 19        received        80 units @ Rs. 14.00 per unit

April 26        issued           210 units

Requirement:

With the help of above mentioned information and Weighted Average method, you need to calculate the

 Cost of purchases

 Cost of sales

 Cost of ending inventory


+ http://bit.ly/vucodes (Link for Assignments, GDBs & Online Quizzes Solution)

+ http://bit.ly/papersvu (Link for Past Papers, Solved MCQs, Short Notes & More)

+ Click Here to Search (Looking For something at vustudents.ning.com?)

+ Click Here To Join (Our facebook study Group)


Views: 1945

Replies to This Discussion

MGT402 - Cost & Management Accounting Solution 

Attachments:

RSS

© 2020   Created by +M.Tariq Malik.   Powered by

Promote Us  |  Report an Issue  |  Privacy Policy  |  Terms of Service

.