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Learning Objectives:
After going through this assignment, the students should be able to prepare:
•Store ledger card under inventory valuation method of first in first out (FIFO)
•cost of goods sold statement
Assignment Question
On February 1st, XYZ Company had 200 gallons of material in store at Rs. 40.00 per gallon.
Following information has been extracted from books of the company for inventory records during
February.
February 5
: purchased 900 gallons @ Rs. 50 per gallon.
February 9: issued 600 gallons to job #20
February 11: Returned to supplier 100 gallons purchased on February 5.
February 27
: Purchased 150 gallons @ Rs. 200 per gallon.
Additional Information:
During the same period 1,000 direct labor hours incurred in factory. Direct labour was Rs. 20,000 and factory
overhead applied rate was Rs. 50 per direct labour hour. Actual factory overhead for the period was Rs. 70,500.
Month-end inventories of finished goods and work in process were Rs. 13,000 and Rs.12,000 respectively. There
was no beginning inventory.
Required:
Prepare Material Ledger Card under FIFO costing method and Cost of Goods Sold Statement for the month of
February.


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MGT101 GDB Solution Fall 2020

kindly upload assignment solution mgt402 idea or discussion here

Exactly right

Please upload MGT 402 assignment sloution

I also need , plz anyone upload MGT402 assignment soloution

MGT402-Assignment#01-Idea-Solution-Fall-2020

Click on the below link 

MGT402-Assignment#01-Idea-Solution-Fall-2020

Sir iska second part bhe upload kr dein

MGT402 Complete Assignment#01 Solution Uploaded Check it at below link 

MGT 402-ASSIGNMENT-SOLUTION-2020

MGT402 Cost & Management Accounting Assignment 1 Fall 2020


Solution:

 

 

 

 

Materials Ledger Card

 

 

 

 

 

 

 

FIFO Method

 

 

 

 

 

 

 

 

 XYZ Company

 

 

 

 

Date

Received

Issued

Balance

units

units Cost

Amount

Unit

Unit Cost

Amount

Units

Units Cots

Amount

 

 

Rs.

 

 

Rs.

 

 

Rs.

 

1st Feb

 

 

 

 

 

 

200

40

8000

 

 

 

 

 

 

 

 

 

 

5-Feb

900

50

45000

 

 

 

200

40

8000

 

 

 

 

 

 

 

900

50

45000

9-Feb

 

 

 

200

40

8000

 

 

 

 

 

 

 

400

50

20000

500

50

25000

11-Feb

 

 

 

100

50

5000

400

40

16000

27-fef

150

200

30000

 

 

 

400

40

16000

 

 

 

 

 

 

 

150

200

30000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closing Stock of 550 gallons of Rs. 46000

Correct Solution MGT402 Assignment by Khalid Masood

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Correct Solution MGT402 Assignment by Khalid Masood

MGT402-COST & MANAGEMENT ACCOUNTING-ASSIGNMENT Solution 2020

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