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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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### Replies to This Discussion

Dear Fellows,

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Brother ,how to calculate the cost of good sold

This is half solution of assignment. copy this and must to include C.G.S for the completion of assignment with own understanding.

give me complete solution

MGT402 Assignment#01 Solution

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MGT402 Assignment#01 Solution

Mgt4021stassignmentSol.docx

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