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# Assignment No. 01,MGT402, Due Date 11 may,2017

“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 ...

 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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