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# Assignment # 1 Due Date 17 May 2018

Assignment 01            10 Marks

Ray Corp. provides the following data for the year 20X7:

Direct Labor Cost                                              Rs. 130, 000
Indirect Labor Cost                                                 60,000
Indirect Material Cost                                            13,400
Freight-in                                                                  6,000
Purchases                                                                 210, 000

Factory overhead is applied at the rate of 75% of direct labor cost. 3,900 units were sold during 20X7 at Rs. 200 per unit. Inventory accounts showed following opening and closing balances:

Jan. 1           Dec. 31

Raw Materials                           Rs. 27,000       Rs. 17,000

Work in Process                          29,500              13,000

Finished Goods                            25,000                   ?

Finished Goods (units)                   200                     300

Required:
Using the above data, determine following for the year 20X7:
1. Number of units manufactured (1 Point)
2. Unit cost of finished goods (1 Point)
3. Value of finished goods (2 Points)
4. Cost of goods sold statement at normal and at actual (5 Points)
5. Gross profit (1 Point)

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### Replies to This Discussion

Dear friends first of all make the COGS statement us main se cost of goods manufactured lain gye ja WIP closing inventory ke baad aaye ga.

Number of units manufactured = Cost of Goods Manufactured / No. of Units Manufactured

Phir
Unit sold
Less Opening Finished units
to jo total aaye that will be the Number of units manufactured.

Number of units manufactured = 4000

Unit cost of finished goods = Rs.117.5

Value of finished Goods = Rs.35250

Cost of Goods sold at normal 459,750

Cost of Goods Sold at actual  440,650

Gross Profit = Rs.339,350

bilal sb ...gross profit kasay nikala hai

Bilal Bhai how to calculate the sale?

sale =3900*200=Rs.780000

Dear friends I tried please check my working.
Regards
Zafar Iqbal

1. NUMBER OF UNITS MANUFACTURED

Units Sold 3900
Add Units closing finished goods inventory 300
Less units opening finished goods inventory 200
Units Manufactured 4000

2. Value of finished goods

Closing finished goods = Closing finished goods units X Cost per Unit
= 300 x 117.50 (Working 1 )
= 35,250

4)
Ray Corp.
Cost of goods sold statement
For the year ended .
Rupees

Raw material opening inventory, Jan. 1 27,000
Material available for use 243,000
Less: Raw material closing inventory, Dec 31 (17,000)
Cost of material consumed 226,000
Prime cost / Direct cost 356,000

Factory overhead cost ( 75% of direct labor ) 97,500
Total Manufacturing cost / Factory cost 453,500
Add Work in process opening inventory 29,500
Cost of goods to be manufactured 483,000
Less Work in process closing inventory 13,000
Cost of goods manufactured 470,000
Add Finished goods opening inventory 25,000
Cost of goods to be sold 495,000
Less Finished goods closing inventory 35,250
Cost of goods sold at normal 459,750
Less Over applied Cost (Working-2) 19,100
Cost of goods sold at actual 440,650

(Working - 1)
Cost per unit = Cost of goods manufactured / Number of units manufactured
= 470,000 / 4000
= 117.50

(Working - 2 )
Under/Over applied FOH cost
Applied FOH cost 97,500
Less Actual FOH cost 78,400
Over Applied FOH cost 19,100
Dear friend I have solved the assignment but I don't know how to upload word file on this website. can someone guide me?
Regards

Gross Profit = Rs.339, 350 kasa nikalta hai

bhai gross profit kasay nikala hai

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