We are here with you hands in hands to facilitate your learning & don't appreciate the idea of copying or replicating solutions. Read More>>

Looking For Something at vustudents.ning.com? Click Here to Search

www.bit.ly/vucodes

+ Link For Assignments, GDBs & Online Quizzes Solution

www.bit.ly/papersvu

+ Link For Past Papers, Solved MCQs, Short Notes & More


Dear Students! Share your Assignments / GDBs / Quizzes files as you receive in your LMS, So it can be discussed/solved timely. Add Discussion

How to Add New Discussion in Study Group ? Step By Step Guide Click Here.

MGT402 - Cost & Management Accounting Assignment No. 01 Solution and Discussion Fall 2013 Due Date: Nov 25, 2013

SEMESTER FALL 2013
COST AND MANAGEMENT ACCOUNTING (MGT402) ASSIGNMENT NO. 01 (NON GRADED)
DUE DATE: 25TH NOVEMBER, 2013 MARKS: 20
Learning objectives:
To enable the students to:
• Prepare Cost of goods manufactured and sold statement;
• Understand the calculation of units manufactured and cost of ending inventory;
• Prepare income statement.
Assignment:
Macro Manufacturing Ltd. (MML) - a famous footwear brand in Karachi has 40 stores across the city. The company has gained reputation because of stylish and well-designed footwear for ladies and men.
At the end of financial year 2012-13 company’s owner is desirous to know the amount of profit earned during the year. The records of MML show following information for the financial year 2012-13:
i. During the year, direct material of Rs. 20,000 was purchased; direct labor cost incurred is Rs. 24,000.
ii. Other expenses incurred are:
Details
Rs.
Insurance expired – building
3,500
Indirect labor
23,000
Power, heat and light
35,000
Repair & Maintenance of machinery
15,000
Salaries of marketing staff
1,200
Depreciation of Factory
25,000
Other manufacturing expenses
22,000
Rent of building
4,500
Distribution expenses
5,000
iii. Sales during the financial year were of Rs. 874,500 (800 units).
iv. As on June 30, 2013, the company has cash of Rs. 66,000, debtors Rs. 12,000, plant and machinery Rs. 99,000, account payables Rs. 3,500 and current liabilities are of Rs. 250.
v. Position of inventories is as follows;
1st July 2012 30th June 2013
Raw materials Rs. 34,000 Rs. 15,500
Work in process Rs. 22,000 Rs. 13,000
Finished goods Rs. 33,000 (40 units) ? (30 units)
Required:
a) Cost of goods manufactured and sold statement for the year ended June 30, 2013 Marks: 15
b) Income statement for the year ended June 30, 2013. Marks: 05
IMPORTANT:
24 hours extra / grace period after the due date are usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.
OTHER IMPORTANT INSTRUCTIONS:
DEADLINE:
• Make sure to upload the solution file before the due date on VULMS.
• Any submission made via email after the due date will not be accepted.
FORMATTING GUIDELINES:
• Use the font style “Times New Roman” or “Arial” and font size “12”.
• It is advised to compose your document in MS-Word format.
• You may also compose your assignment in Open Office format.
• Use black and blue font colors only.
REFERENCING GUIDELINES:
• Use APA style for referencing and citation. For guidance search “APA reference style” in Google and read various website containing information for better understanding or visit http://linguistics.byu.edu/faculty/henrichsenl/apa/APA01.html
RULES FOR MARKING
Please note that your assignment will not be graded or graded as Zero (0), if:
• It is submitted after the due date.
• The file you uploaded does not open or is corrupt.
• It is in any format other than MS-Word or Open Office; e.g. PowerPoint, PDF etc.
• It is cheated or copied from other students, internet, books, journals etc.
• Please also note that assignment in this course is non-graded and don’t have weightage in total marks of the subject.
Note related to load shedding: Please be proactive
Dear students!
As you know that Post Mid-Term semester activities have been started and load shedding problem is also prevailing in our country now a days. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.

+ How to Follow the New Added Discussions at Your Mail Address?

+ How to Join Subject Study Groups & Get Helping Material?

+ How to become Top Reputation, Angels, Intellectual, Featured Members & Moderators?

+ VU Students Reserves The Right to Delete Your Profile, If?


See Your Saved Posts Timeline

Views: 12248

.

+ http://bit.ly/vucodes (Link for Assignments, GDBs & Online Quizzes Solution)

+ http://bit.ly/papersvu (Link for Past Papers, Solved MCQs, Short Notes & More)

+ Click Here to Search (Looking For something at vustudents.ning.com?)

+ Click Here To Join (Our facebook study Group)

Attachments:

Replies are closed for this discussion.

Replies to This Discussion

anyone plz help

me bana longa aj kal mai abhi time hai wasay bhi bht easy hain ye assignment

aur non graded bhi hai to daro nahi ap 

Please Discuss here about this assignment.Thanks

Our main purpose here discussion not just Solution

We are here with you hands in hands to facilitate your learning and do not appreciate the idea of copying or replicating solutions.

kese solv krni hai ye assignment ??koi idea h dai

me idea post kar donga ager mera net chal geya 

Is rent of building and insurance of building covered in factory overheads? plzz reply ASAP....im trying solving it myself

Rent of building is part of Income Statement

konse section mein aega rent of bldg....it is not an operating expense n not a financial expense as well....can u plzz clear this?? i got my net profit 652272...is it correct?

building rent is an operating expenses kia ho geya

Rent expenses hain yee

yh Q kesy ho ga

Q. 7
Opening material inventory Rs. 10,000
Closing material inventory 5,000
Direct Labor 30,000
FOH 20,000
Total factory cost 80,000
Calculate the value of material purchased during the year.
Hint:
Cost of material consumed will be calculated through a reverse calculation starting from total factory cost in which factory overhead cost and direct labor cost will be added, thereafter the cost of material consumed will be adjusted in reverse order with the changes in material inventory to know the amount of material purchased during the year.

RSS

Latest Activity

A_Q replied to + M.Tariq Malik's discussion ECO302 Mid Term Papers Spring 2019 (15~28-June 2019) & All Solved Past Papers, Solved MCQs & Helping Material in the group ECO302 Principles of Microeconomics
4 minutes ago
A_Q replied to + M.Tariq Malik's discussion ECO302 Mid Term Papers Spring 2019 (15~28-June 2019) & All Solved Past Papers, Solved MCQs & Helping Material in the group ECO302 Principles of Microeconomics
8 minutes ago
A_Q joined + M.Tariq Malik's group
8 minutes ago
+¢αяєℓєѕѕ gιяℓ commented on +¢αяєℓєѕѕ gιяℓ's blog post My Heart ❤️
10 minutes ago
+¢αяєℓєѕѕ gιяℓ commented on +¢αяєℓєѕѕ gιяℓ's blog post My Heart ❤️
11 minutes ago
+¢αяєℓєѕѕ gιяℓ posted discussions
14 minutes ago
+¢αяєℓєѕѕ gιяℓ replied to +¢αяєℓєѕѕ gιяℓ's discussion Me & Mid Term :-P
16 minutes ago
+¢αяєℓєѕѕ gιяℓ replied to +¢αяєℓєѕѕ gιяℓ's discussion Me & Mid Term :-P
23 minutes ago
+¢αяєℓєѕѕ gιяℓ replied to +¢αяєℓєѕѕ gιяℓ's discussion !حرف حرف رٹ کر بھی آگہی نہیں ملتی
24 minutes ago
Rana Ali posted a photo
41 minutes ago
+ ! ! ! Anny ! ! ! + updated their profile
1 hour ago
Profile IconAli, ▀▄▀▄ кαмℓα ▄▀▄▀ and AYESHA joined + M.Tariq Malik's group
1 hour ago

Today Top Members 

© 2019   Created by + M.Tariq Malik.   Powered by

Promote Us  |  Report an Issue  |  Privacy Policy  |  Terms of Service

.