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# MGT402 Cost & Management Accounting Assignment No 01 Fall 2019 Solution & Discussion

MGT402 Cost & Management Accounting Assignment No 01 Fall 2019 Solution & Discussion

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MGT402 Assignment No 01 Solution fall 2019

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# SOLUTION Assignment No. 1 (MGT402 - Cost and Management Accounting) Fall 2019

MGT402 Cost & Management Accounting Assignment 1 Solution Fall 2019

Cost and Management Accounting (MGT402)

Fall 2019

Assignment No. 01

Marks: 15

Due Date: November 21, 2019

Topics to be covered: Inventory Costing Method, Cost of Goods Sold Statement

Learning Objective:

After going through this assignment, the students should be able to prepare:

• Store ledger card under FIFO perpetual inventory valuation method   Cost of goods sold statement

Assignment Question

ABC is a manufacturing concern of leather products. Management manufactured 500 leather bags to fill an order by incurring following costs.

Following information has been extracted the books of company to prepare material ledger card for the month of December

 December 01: Company had 1,500 kg material @ Rs. 10 per kg December 04: Purchased material of 2,000 kg @ Rs. 11 per kg December 13: Issued 2,500 kg material December 19: Purchased material of 500 kg @ Rs. 12 per kg December 29: Issued 900 kg material

• Direct labor cost incurred during the period was Rs. 50,000. Factory overhead applied rate was Rs. 50 per direct labor hour and direct labor hours were 800.
• Ending inventory in finished goods and work in process were Rs. 10,000 and Rs.15, 000 respectively. There was no beginning inventory in finished goods and work in process.

Required:

1. Prepare Material Ledger Card by using first in first out (FIFO) inventory valuation method under perpetual inventory system.
2. Prepare Cost of Goods Sold Statement for the month of December.

Note: Provide working in proper format otherwise marks will be deducted.

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Dear sir

Can anyone send me Format of FIFO Fromat please

MGT402 Assignment No 01 Solution fall 2019

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