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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:
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DEADLINE:
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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:
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• 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.
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Attachments:

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Replies to This Discussion

mbs studen enjoye this is 100% solution....chill

Attachments:

Unit Sold + Ending Unit-Opening unit = Produced Unit

 

Per Unit Cost = Cost of good manufactured / Produced unit

 

FG ENDING COST = per unit cost & FG ending units

 

Aysay Ai Ge 

http://vustudents.ning.com/group/mgt402costmanagementaccounting/for...

MGT-402 Assignment....

Attachments:

Insurance 3500

Depriciation of factoy 

Rent of building will be included in FOH..... 

Because we are in discussion of MGT402

we was wrong that Rent of building is OE.... 

insurance will be include in FOH

Now

Operating Expenses are

Salaries of marketing Stafff

Distribution Expenses only

building rent is not factory overhead's part.why insurrance?reason,

its is FOH

we are doing costing and during costing all rent will be go in the foh 

if there was OFFICE rent then it gonna be record in OE

of detail read ur hand outs

enjoy fellow.....

Attachments:

all atach files are wrong

U ki to theak hai na  !! challenge U ki bi wrong hi honi 

inshallah never

marks sheet sb sy phely u ko dekho ge idr

doll ko challege ni kro u ko khud ko mhnga pry ga

AnGeL Khair hai :P Janay doooo koi fail ho na ho hum fail hain bass :P

Ahsan MBS III  pa g fail aj tk ni hoi ar inshallah ab b asa ni ho ga20 ni to 10 marks to dy gein wo

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