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“CGS statement & Inventory costing methods”

Question No 01: (5 marks)

Mr. Ikram - sole proprietor established a small company for dealing in leather products. During April 2017, company’s books of accounts show the following information as:

Cost of goods manufactured                         Rs. 760,000 for 4,200 units

Finished goods inventory on 1st April            Rs. 52,000 for 1,800 units

Finished goods inventory on 30th April          430 units

Requirement:

By considering the above mentioned information, you need to:

 Calculate closing finished goods amount

 Prepare Cost of goods sold statement

Question No 02: (5 marks)

150 units of product “Alpha” at Rs. 12.5 per unit were in store on 1st April, 2017. During the month company made some receipts and payment of stock which are given as:

April 05        received        120 units @ Rs. 13.25 per unit

April 11        issued           100 units

April 19        received        80 units @ Rs. 14.00 per unit

April 26        issued           210 units

Requirement:

With the help of above mentioned information and Weighted Average method, you need to calculate the

 Cost of purchases

 Cost of sales

 Cost of ending inventory

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plz share ur idea solution over here:)

so gye ho kia sary

nahi yar smj nhi arhe es assignment ki ...

please share the solution..

Cost of Good Sold Culcolated with Avg Method 
Amount Units Per Unit Cost 
 Finishing good opeing (1st April) 52000 1800 28.88888889
Cost of goods Manufectured During the period 760000 4200 180.952381
Cost of Goods available for sale  
(Opening inventory+Manufectured)
812000 6000 135.3333333
Finishing good ending (30 April) 58193 430
Cost of good sold CGS 753807 5570
Cost of Good Sold Culcolated with Avg Method 
Amount Units Per Unit Cost 
 Finishing good opeing (1st April) 52000 1800 28.88888889
Cost of goods Manufectured During the period 760000 4200 180.952381
Cost of Goods available for sale  
(Opening inventory+Manufectured)
812000 6000 135.3333333
Finishing good ending (30 April) 58193 430
Cost of good sold CGS 753807 5570
Inventory System Weighted Average method,
 
Date Received Issued Balance
Rate Unit Amount Rate Unit Amount Rate Unit Amount
1-Apr             12.5 150 1875
5-Apr 13.25 120 1590       12.83333 270 3465
11-Apr       12.83333 100 1283.333 12.83333 170 2181.667
19-Apr 14 80 1120       11.00556 300 3301.667
26-Apr       11.00556 210 2311.167 11.00556 90 990.5

Question no 1: we need to find out two things in question 1. 1) closing goods finished amounts 2) Cost of Goods sold statement 

1) for closing goods inventory amount we have unit of closing goods but amount is not given, for this we have to find Cost of per unit first... Cost per unit formula is; 

                                Cost per unit = Cost of goods manufactured / no of units

when u get the cost per unit, then u will have closing finished goods amount i.e.

                             Closing finished goods inventory = closing goods unit x cost per unit

2) for Cost of goods statement,

we need closing goods inventory amount which we will find in 1st question, now 

Cost of goods manufactured

760,000

 

Add: Finished Good inventory on 1st April

52,000

 

Cost of goods to be sold

812,000

Less: Finished goods inventory on 30th April

 

 

Cost of goods sold

 

 

THNX PAA je

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