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Discussion Question Raheem & Co uses process costing. Cost and additional information of first department for the month of December is given below: Units Units in opening work in process (100% completed as per direct material and 65% completed with conversion cost) 200 Units put into process 11,800 Units completed & transferred out 6,800 Units loss- Abnormally (Completed 100% as par direct material and 50 % as par conversion cost) 1,800 Normal loss 700 Remaining units were still in process ? Additional information: v Cost incurred on opening work in process Direct Material Rs. 6,600, Direct Labor Rs. 4,500 and FOH Rs.2, 900. v Cost incurred by the department (Direct material Rs. 33,400, Direct labor Rs. 18,500 and FOH Rs. 10,100) v The still in process units were completed 100 % as per direct material and for conversion cost 20 % of Units were 40 % completed 30 % of Units were 20 % completed Balance of the Units was 30 % completed.


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dear fellows.
here is solution of current gdb MGT-402
IF YOU find something wrong in calculation,also inform me at lucky.jan077@gmail.com ,
hope you will consider this request.
Unit cost.
In fifo method we find unit cost on cost icurred by the dept
Cost incurred by the department (Direct material Rs. 33,400, Direct labor Rs. 18,500 and FOH Rs. 10,100)
1. What will be unit cost for Material under FIFO costing method?
Direct material=RS. 33400/11100=RS.3.0090
2. What will be unit cost for Labour under FIFO costing method?
Labour= RS.18500/8353=RS.2.2148
3. What will be unit cost for Factory overhead under FIFO costing method?
FOH=RS. 10100/8353=1.2091
What will be equivalent production units for Material under FIFO costing method?
.
Equivelent unit of production for material=11100


But in weighted avg unit cost will be find on both cost
1. Cost incurred on opening work in process Direct Material Rs. 6,600, Direct Labor Rs. 4,500 and FOH Rs.2, 900.
2. Cost incurred by the department (Direct material Rs. 33,400, Direct labor Rs. 18,500 and FOH Rs. 10,100)

And you( I mean lucky br ) find unit cost by weighted avg not by FIFO costing method understand……….
4. What will be unit cost for Material under FIFO costing method?
Direct material=RS. 40,000/11100=RS.3.6036
5. What will be unit cost for Labour under FIFO costing method?
Labour= RS.23,000/8353=RS.2.7535
6. What will be unit cost for Factory overhead under FIFO costing method?
FOH=RS. 13,000/8353=1.55633
What will be equivalent production units for Material under FIFO costing method?
.
Equivelent unit of production for material=11100

Dear 

There was a minor mistake in calculation in gdb of mgt402 .please make it correct and thanks a lot to all those people who told me about this.

 

YEAH,dear muskan arzo.u r rite,i am totally agrred with you .pls check this one and tell me about this

Attachments:
Lucky bhai ye Labor ki Ending process kis tarhan maloom ki hai.Please reply Quickly.
ending or closing units ki calculation  attach file main dhaikh lay
Attachments:
complete sol of gdb is given here with complete calculation
Attachments:

     The still in processunits were completed 100 % as per direct material and for conversion cost

THERE WILL BE 2700 UNITS STILLIN PROCESS

SO IT WILL BE AS

20% (2700*20%)ofUnits were 40 % completed=2700*20%*40%=216UNITS

30% (2700*30%)ofUnits were 20 % completed=2700*30%*20%=162UNITS

Balance(2700*50%)ofthe Units was 30 % completed=2700*50%*30%=405UNITS.

TOTAL=783UNITS STILL IN PROCESS OR CLOSING INVENTORY

 

 







OR IT CAN BE AS

20 % of Units were 40 % completed=0.2*0.4=0.08

30 % of Units were 20 % completed=0.3*0.2=0.06

Balance of the Units was 30 % completed. =0.5*0.3=0.15

                                                                                                                        0.29or 29%

 

2700*29%=783 UNITS







 HOPE U WILL UNDER STAND IT OTHER WISE ADD THIS ADRESS AND THEN WE SHELL DISCUSEE IT MORE.lucky.jan077@gmail.com

 

yes i am agree arzo muskan for you gdp answer they did no told us average method but they told us fifo method

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