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# 1st Assignment Solution File Cost & Management Accounting (MGT 402) fall 2011

hi friends kesay ho yar main nay chote c try key hay per thek ke hay plz check the attachment.

Best Regards

Abid Virek

bewti4u@yahoo.com

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See the attached file for another idea solution of MGT402 assignment#1

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plz explain how FOH calculated?

yes mr tariq please explain from where it came factory overhead 43400

Dear,

In question the Factory Overhead is 3.5 per unit. You can multiply this with total Units and get Factory Overheads..

Labor Cost 31000 / 2.50 per unit cost

= 12400 Units

Now Multiply == 12400 * 3.5

= 43400

MGT 402
ASSIGNMENT IDEA SOLUTION

Total Factory Cost
Amount
Openin g Raw Material 19000

Material Available for Use 94000
Less Closing Raw Material 21000

Material Consumed 73000
Prime Cost 104000

Total Factory Cost 147400

Closing inventory of finished goods
No of Units Manufactures= Units Sold + Closing Finshed Units – Opeing Finshed Units
No of Units Manufactures= 26300 + 3700 – 4400
No of Units Manufactures=25600 units

Per unit Cost of Goods Manufactured = Cost of Goods Manufactured / No of Units
Manufactures
Per unit Cost of Goods Manufactured =148500/25600
Per unit Cost of Goods Manufactured =5.8
Closing Finished Goods Inventory= Closing Finished Units * Cost per unit
Closing Finished Goods Inventory=3700*5.8

Closing Finished Goods Inventory=21463
Azhar Corporations
Cost of Goods Sold Statement
Ast on 31, 10 2010

opening raw material 19000
Material Available for Use 94000
Less Closing Raw Material 21000
Material Consumed 73000
Prime Cost 104000
Total Factory Cost 147400
Cost of Goods Available for Manufacturing 168400
Less Closing WIP 19900
Cost of Goods Manufactured 148500
Cost of Goods Available for sale 161600
Less Closing Finished Goods 21463
Cost of Goods Sold 140137

Gross Profit & Net Profit
Azhar Corporation
Income Statement
As on xx/xx/xxxx
Particulars

sales 184100
Less Cost of Goods Sold 140137
Gross Profit 43963
Less Opearating Expenses 23450
Net Profit 20513

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