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Topic: Process Cost Accounting - FIFO Costing Method
Learning Objectives:
The learning objective of this Assignment No. 02 is to encourage the students for
applying their knowledge about FIFO costing, which they have learned during
lesson No. 01 to 27. This will enhance the understanding of the students about
FIFO costing method.
Learning Outcomes:
After solving this Assignment No. 02 the learners (students) are well aware about
the FIFO costing techniques used for calculating the closing WIP cost and the
finished goods inventory.
The Case
Science Developers – a lab instruments manufacturing and marketing company is working in far
flung hilly areas of world renowned Scientific Country. At present, the company is involved in
manufacturing and marketing of one of its famous chemical brand – Chemical. The Country’s
Government has recently given the company an order for delivering Chemical in 500,000 lbs.
The Company has started its work on the project on 1st February, 2012. The company has the
policy to cost material and units on the FIFO method.
On 30th April, 2012, Mr. Processor – In-charge of processing department, presented following
monthly report to Mr. Chief. This report contains information about inventories, costs and
production as under:
March 30 April 30
Materials 100,000 lbs 80,000 lbs
Materials cost Rs. 100,000 ----
Work In Process Inventories:
All Materials, 40% completed as to labor and FOH 20,000 units
Cost Rs. 84,000
All Materials, 331/3% completed as to labor & FOH 30,000 units
Finished goods inventory 40,000 units 24,000 units
Cost Rs. 448,000
Purchase of Materials 440,000 lbs @ Rs. 1.10 per lb
Transferred to production 460,000 lbs
Production ratio – 2 lbs: 1 of Chemical
Completed during the month 220,000 units
Direct Labor Rs. 1,198,800
Factory Overhead Rs. 421,800
Requirement:
Calculate the following: (6 marks each)
a) Equivalent production units of material, labor and FOH
b) Unit costs of three cost elements
c) Cost of units transferred to finish goods inventory, using FIFO costing method.
d) Cost of the ending Work in process inventory
e) Number of units sold and the cost of the finished goods inventory on April 30, 2012 using
the FIFO method.
Instructions:
Please read the following instructions carefully before preparing the assignment solution:
 All Supporting Formulas and calculations are required as they carry marks.

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Replies to This Discussion

Please Discuss here about this assignment.Thanks

 how to solve it

Requirement# 02 Unit Cost = Total Cost / Total Production Material = 484000/ Labor FOH

tariq bhai please share the idea solution

kindly share the solution as soon as possible

Please download the idea solution along with Answere.

Just download cost of production report-I (which I upload few days back) it will help you 80% insallah.

Attachments:
Quanitity Schedule
Units from proceeding departement (Opening W-I-P) 20,000
Units Started in Process 230,000
250,000
Units Completed & Transfer 220,000
Units in W-I-P 30,000
250,000
Cost to be Accounted Total Cost Total P.U.C
Opening W-I-P 84,000  
Cost Added By Department    
Material (460000 x 1.1) 506,000 2.024
Labour          1,198,800 4.953719008
FOH              421,800 1.742975207
2,210,600           8.720694
Total Per Units Completed & Transfer (220,000 x  8.720694)    1,918,552.73
 
Opening W-I-P Cost  
Previous Cost 84000
Labour (20,000 x 60% x 4.9) 59444.628
FOH (20,000 x 60% x 1.74) 20915.7
 
Closing W-I-P Cost  
Material (30,000 x 100% x 2.024) 60720
Labour (30,000 x 33.33% x 4.953719008) 49537.19
FOH (30,000 x 33.33% x 1.742975207) 17429.75
 
   2,210,600.00

This is idea 

Please upload the complete Solution file

My Dear Sir g kindly arrange the assi9gnment solution of MGT 402 .I will be very thankful to you for yours kind coperation.

yar plz full assignment up lord kr do yar

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