SEMESTER FALL 2013
COST AND MANAGEMENT ACCOUNTING (MGT402) ASSIGNMENT NO. 01 (NON GRADED)
DUE DATE: 25TH NOVEMBER, 2013 MARKS: 20
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.
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:
Insurance expired – building
Power, heat and light
Repair & Maintenance of machinery
Salaries of marketing staff
Depreciation of Factory
Other manufacturing expenses
Rent of building
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)
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
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:
• 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.
• 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.
• 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
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.
Replies are closed for this discussion.
mbs studen enjoye this is 100% solution....chill
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
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
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
all atach files are wrong
U ki to theak hai na !! challenge U ki bi wrong hi honi
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