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MGT402 - Cost & Management Accounting Assignment 1 Solution
QUESTION:-
Following information has been extracted from books of the company for inventory
records during January.
January 5: purchased 900 gallons @ Rs. 59 per gallon.
January 9: issued 650 gallons to job #20
January 11: 150 gallons deteriorated in quality and transferred to obsolete stock.
January 27: Returned to supplier 80 gallons purchased on January 5.
Required:
Prepare Material Ledger Card under FIFO costing method
SOLUTION:
ABC Company
On January 1st,
Material Ledger Card (FIFO)
Date |
Purchase |
Issue |
Inventory |
||||||||||
|
Unit |
Unit Cost |
Total |
Unit |
Unit Cost |
Total |
Unit |
Unit Cost |
Total |
||||
ADD |
|
|
|
|
|
|
|
|
|
||||
1st January |
215 |
45 |
9675 |
|
|
|
215 |
45 |
9675 |
||||
5th January |
900 |
59 |
53100 |
|
|
|
900 |
59 |
53100 |
||||
|
|
|
|
|
|
|
|
|
|
||||
Total |
1115 |
|
62775 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||
SUBTRACT |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
9th January |
|
215 |
45 |
9675 |
|
|
|
||||||
|
|
435 |
59 |
25665 |
|
|
|
||||||
11th January |
|
150 |
59 |
8850 |
150 |
59 |
8850 |
||||||
27th January |
|
80 |
59 |
4720 |
80 |
59 |
4720 |
||||||
|
|
|
|
|
|
|
|
||||||
|
Total |
880 |
|
48910 |
|
|
|
||||||
|
Subtract |
|
|
||||||||||
|
(Purchase – Issue) |
235 |
NIL |
13875 |
1345 |
NIL |
76345 |
||||||
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Permalink Reply by + M.Tariq Malik on
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Dear Fellows,
All of you are requested, Please post Only One Discussion for Current Assignment/GDB/Online Quiz and everyone reply/share/discussed his/her data on that same discussion, so that all members get solution & discuss easily on Current Assignment/GDB/Online Quiz.
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Permalink Reply by Nabeel Shahid on
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Brother ,how to calculate the cost of good sold
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Permalink Reply by Ahsan Gujjar on -
This is half solution of assignment. copy this and must to include C.G.S for the completion of assignment with own understanding.
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Permalink Reply by Shoaib Nawaz on
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give me complete solution
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MGT402 Assignment#01 Solution
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MGT-402 Assignment.docx, 13 KB
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MGT402 Assignment#01 Solution
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Permalink Reply by Shoaib Nawaz on
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give me complete and relevant solution
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