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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
Miscellaneous Factory Overhead Costs              5,000
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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Gross Profit = Sale - Cost of Goods Sold = 780000 - 440650 =Rs.339,350

Thanks bilal Saab lakin sale ki value 780,000  kaha sy li hai ap nay 

BILAL BHAI UNIT COST KESE NIKALI HAY 117.5 plz explain
BILAL BHAI UNIT COST KESE NIKALI HAY 117.5 plz explain
BILAL BHAI UNIT COST KESE NIKALI HAY 117.5 plz explain

farhan bhai yeah lo 

2: Unit cost of finished goods

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
Cost per unit = Cost of goods manufactured / Number of units manufactured
= 470,000 / 4000
= 117.50


Unit cost of finished goods = Rs.117.5

Total Manufacturing cost / Factory cost = 453,500
ye value kesy nikali apny ??

sale =3900*200=Rs.780000

Cost of goods manufactured = Rs. 470,000
Cost per unit = Cost of goods manufactured / Number of units manufactured
= 470,000 / 4000
= 117.50

Raw material opening inventory                   27,000
Add: Purchases        210,000
Add: Freight in         6,000                          216,000
Material available for use                             243,000
Less:Raw material closing inventory              17,000
Cost of material consumed                           226,000
Add: Direct labor cost                                  130,000
Prime cost / Direct cost                                356,000

Factory overhead cost ( 75% of direct labor ) 97,500
Total Manufacturing cost / Factory cost          453,500

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