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Learning objectives:
This assignment is aimed to enable the students to develop fundamental information for presenting in a cost of production report while learning the treatment of normal losses and FIFO costing method of work in process inventory.
Assignment:
S&N Corporation manufactures men’s garments which pass through two departments. Company uses process costing system and work-in-process inventories are treated at first-in, first-out basis. For the month of December 2013, the company’s cost accountant is planning to prepare a cost of production report for the 1st department.
Production and cost data for the 1st department during the month of December, 2013 is as follows:
Production Data (Units):
Units in process - 1st December, 2013 (50% complete as to material and 25 % as to conversion cost)
1,500
Units started during December, 2013
5,500
Units completed and transferred out
4,200
Units lost during processing (normal loss)
300
Units in process - 31st December, 2013 (75% as to material and 50% as to conversion cost)
2,500
Production costs data (Rupees):
Cost incurred on opening work in process inventory:
Rs.
Rs.
Direct material
32,500
Direct labor
3,500
Factory overhead
2,200
Total
38,200
Cost incurred during December 2013:
Direct material
55,000
Direct labor
60,000
Factory overhead
65,200
Total
180,200
Total cost to be accounted for
218,400
Required: Prepare following for the month of December 2013 under FIFO costing method.
a) Quantity Schedule (5 Marks)
b) Schedule of cost accumulated in the department (5 Marks)
c) Schedule of total cost accounted for/cost apportionment (5 Marks)
d) Schedule of equivalent production (2.5 Marks)
e) Calculation of cost per unit (2.5 Marks)
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Replies to This Discussion

Mc120403068

 

 

S &N Corporation

Department 1

Cost Of Production Report

I-Quantity schedule

 

 

units of opening work in process(50% complete as material & 25% conversion cost)

1500

 

 

Units started in process

5500

 

7000

Units complete and transfer out

4200

 

Units lost

300

 

Closing work in process(75% material complete & 50%  conversion cost)

2500

 

 

 

7000

 

II-Cost accumulated in the process.

 

Rs.

Direct material(32500+55000)

87500

Direct labor(3500+60000)

63500

F.O.H(2200+65200)

67400

Total

218,400

 

 

 

 

 

 

 

III-calculation of equivalent units of production:

Particulars

Opening work in process

Rs.

Completed units(current) Rs.

Closing work in process

Rs.

Total

Rs.

Direct material

1500*50%=750

2700

2500*75%=1875

5325

Direct labor

1500*75%=1125

2700

2500*50%=1250

5075

F.O.H

1500*75%=1125

2700

2500*50%=1250

5075

 

 

 

 

 

 

 

 

 

IV-Unit cost (FIFO):

Particulars

Rs.

Direct material(55000/5325)

10.3286384

Direct labor(60000/5075)

11.82266

F.O.H(65200/5075)

12.84729

Total unit cost

34.99833

 

V-Cost apportionment (FIFO):

Particulars

Rs.

Rs.

Cost already incurred

38200

 

Direct material(1500*50% =750*10.3286384)

7746.4788

 

Direct labor(1500*75%= 1125*11.82266)

13300.49

 

F.O.H(1500*75% = 1125*12.84729)

14453.20

 

Total

 

73700.17

Cost of units completed(2700*34.99833)

 

94495.491

Cost transfer to next department

 

168195.661

Closing work in process

 

 

Direct material(2,500×75%=1,875×10.3286)

19366.125

 

Direct labor(2,500×50%=1,250×11.82266)

14778.325

 

F.O.H(2,500×50%=1,250×12.84729)

16059.1125

 

Total

 

50203.5625

 

 

218399.2235

 

218399.2235 It is almost equal to 218400

ji its complete  n correct sollution

 M.Tariq Malik  apki assignmnt mai mistakes thi 

+ AnGeL Sweet DoLL + apki total wrong hai

 D@nY@L@fR()Z!  thnx for idea 

 n jo mera sollution hai aik dm correct hai  u can check it

ya mano ji its absolutely Correct 1

mines exact 218,400 round off kiay bgair !! if use 5 decimal places !! 

PLEASE KOI CHECK KAR K BATAYE YE SOLUTION CORRECT HAI

Attachments:

mine 20 out of 20 !!

S &N Corporation

Department 1

Cost Of Production Report

I-Quantity schedule

 

 

units of opening work in process(50% complete as material & 25% conversion cost)

1500

 

 

Units started in process

5500

 

7000

Units complete and transfer out

4200

 

Units lost

300

 

Closing work in process(75% material complete & 50%  conversion cost)

2500

 

 

 

7000

 

II-Cost accumulated in the process.

 

Rs.

Direct material(32500+55000)

87500

Direct labor(3500+60000)

63500

F.O.H(2200+65200)

67400

Total

218,400

 

 

 

 

 

 

 

III-calculation of equivalent units of production:

Particulars

Opening work in process

Rs.

Completed units(current) Rs.

Closing work in process

Rs.

Total

Rs.

Direct material

1500*50%=750

2700

2500*75%=1875

5325

Direct labor

1500*75%=1125

2700

2500*50%=1250

5075

F.O.H

1500*75%=1125

2700

2500*50%=1250

5075

 

 

 

 

 

 

 

 

 

IV-Unit cost (FIFO):

Particulars

Rs.

Direct material(55000/5325)

10.3286384

Direct labor(60000/5075)

11.82266

F.O.H(65200/5075)

12.84729

Total unit cost

34.99833

 

V-Cost apportionment (FIFO):

Particulars

Rs.

Rs.

Cost already incurred

38200

 

Direct material(1500*50% =750*10.3286384)

7746.4788

 

Direct labor(1500*75%= 1125*11.82266)

13300.49

 

F.O.H(1500*75% = 1125*12.84729)

14453.20

 

Total

 

73700.17

Cost of units completed(2700*34.99833)

 

94495.491

Cost transfer to next department

 

168195.661

Closing work in process

 

 

Direct material(2,500×75%=1,875×10.3286)

19366.125

 

Direct labor(2,500×50%=1,250×11.82266)

14778.325

 

F.O.H(2,500×50%=1,250×12.84729)

16059.1125

 

Total

 

50203.5625

 

 

218399.2235

 

218399.2235 It is almost equal to 218400

ASSIGNMENT NO.2 COST AND MANAGEMENT ACCOUNTING                                             

 

SOLUTION

S&N CORPORATION

COST OF PRODUCTION REPORT OR PROCESS COST SHEET

  1. A.      Quantity  Schedule

Units put in process on 1st December 2013

1,500.00

Units started during the December

5,500.00

7,000.00             

Units in process on 31st December 2013

2,500.00

Units completed and transferred out

4,200.00

Units lost (Normal Loss)

300.00

7,000.00

 

  1. B.      Cost Accumulated in the department or process

Cost incurred on opening work in process inventory

Direct Material

32,500.00

Direct Labor

3,500.00

Factory Overhead

2,200.00

Total Cost

38,200.00

Cost incurred during December 2013

Direct Material

55,000.00

Direct Labor

60,000.00

Factory Overhead

65,200.00

Total Cost

180,200

Total cost to be accounted for

218,400.00

 

  1. C.      Calculation of Equivalent Units Produced (FIFO)

 

Opening Work in Process

Completed Units

Closing work in Process

Total

Material

1,500 x 50/100

= 750

2,700.00

2,500 x 75/100

=1,875

750+2700+1,875

=5,325

Labor

1,500 x 25/100

=375

2,700.00

2,500 x 50/100

=1,250

375+2700+1250

=4,325

Factory Overhead

1,500 x 25/100

=375

2,700.00

2,500 x 50/100

=1,250

375+2700+1250

=4,325

 

  1. D.      Cost per Unit (FIFO)

Direct Material

5,5000 /  5,325 = 10.3286

Direct Labor

60,000 / 4,325 = 13.8728

Factory Overhead

65,200 /4,325 = 15.0751

Total unit Cost

39.2765

 

  1. E.       Cost Apportionment (FIFO)
  1. Cost of Units transferred to next department

a-      Opening work in process

Cost already incurred

                                                               38,200.00

Direct material

1,500 x 50/100 = 750 x 10.3286 = 7,746.45

Direct Labor

1,500 x 25/100 = 375 x 13.8728 = 5,202.30

Factory Overhead

1,500 x 25/100 = 375 x 15.0751 = 5,653.16

Total

56,801.91

b-      Cost of completed Units

2,700 x 39.2765 =                                                                                                                                               106,046.55

Cost transferred to next department

                                                                          162,848.46

c-       Closing work in process

Direct Material

2,500 x 75/100

= 1,875

1,875 x 10.3286

= 19,366.125

Direct Labor

2,500 x 50/100

= 1,250

1,250 x 13.8728

17,341

Factory Overhead

2,500 x 50/100

= 1,250

1,250 x 15.0751

18,843.875

Total

                      = 19,366.125+17,341+18,843.875

                    = 55,551

TOTAL

                                                                              218,400

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