COST AND MANAGEMENT ACCOUNTING (MGT402) ASSIGNMENT NO. 01

[Imtiaz Waqar]

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

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

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MGT 402-ASSIGNMENT-SOLUTION-2020

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MGT402 Cost & Management Accounting Assignment 1 Fall 2020

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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

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Correct Solution MGT402 Assignment by Khalid Masood

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Correct Solution MGT402 Assignment by Khalid Masood

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MGT402-COST & MANAGEMENT ACCOUNTING-ASSIGNMENT Solution 2020