We have been working very hard since 2009 to facilitate in your learning Read More. We can't keep up without your support. Donate Now.

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 Solved Exercises ( Chapter No 05, 06, 08 & 11)


+ 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)


Views: 26

Replies to This Discussion

MGT402 Chapter 6 Excerise Solution

Q. 1

 

Following is the information pertaining to the production cost of Revolving Chair Company for

the year ending on March                                            31 2006;

Direct material consumed                                           440,000

Direct labor                                                                 290,000

Indirect labor                                                               46,000

Light and power                                                          4,260

Depreciation                                                                4,700

Repairs to machinery                                                   5,800

Other factory expenses                                               29,000

Work in process inventory; April 1, 2005                    41,200

Finished goods inventory; April 1, 2005                     34,300

Work in process inventory; March 31, 2006                42,500

Finished goods inventory; March 31, 2006                 31,500

During the year 18,000 units were completed.

Factory overhead cost is applied @ 30% of the direct labor cost.

Required:

1. Cost of goods manufactured statement

2. Cost of goods sold statement identifying at normal and at actual

3. Cost per unit

4. Amount of over or under applied factory overhead cost

 

Solution 

 

1)     cost of goods manufactured:

Direct material consumed                                                   440,000

add Direct labor                                                                 290,000

add direct F.O.H cost  (see note 1)                                      89760

total factory cost                                                                 819760

add Work in process inventory; April 1, 2005                      41,200

cost of goods to be manufactured                                        860960

less Work in process inventory; March 31, 2006                    42,500

cost of goods manufactured                                               818460

 

 

 

 2. Cost of goods sold statement identifying at normal and at actual

Direct material consumed                                                   440,000

add Direct labor                                                                 290,000

add applied factory overhead cost (see note 2)                    87000

total factory cost                                                             817000

 add Work in process inventory; April 1, 2005                    41,200

cost of goods to be manufactured at normal                      858200

less Work in process inventory; March 31, 2006                42,500

cost of goods manufactured   at normal                              815700

add Finished goods inventory; April 1, 2005                        34,300

 cost of goods available for sale at normal                          850000

less Finished goods inventory; March 31, 2006                   31,500

cost of goods sold at normal                                           818500

add under applied (see note 3)                                            2760

cost of goods sold at actual                                            821260

 

 

 

 3. Cost per unit:

 

cost per unit=cost of goods manufactured number of units manufactured

 

                    =818460/18000

  Cost per unit  = 45.47

 

4. Amount of over or under applied factory overhead cost

 

applied factory overhead cost            87000

actual factory overhead cost              89760

 

under applied                                   2760

 

 

Working notes

 

 

Note 1        actual direct F.O.H cost :

Indirect labor                                                               46,000

Add Light and power                                                    4,260

Depreciation                                                                 4700   

Repairs to machinery                                                   5,800

Other factory expenses                                               29,000

actual direct F.O.H cost                                             89760

 

note 2

applied factory overhead cost:

Factory overhead cost is applied @ 30% of the direct labor cost

           =290000@30%

           = 87000

 

 

note 3

under applied :

applied factory overhead cost            87000

actual factory overhead cost              89760

under applied                                     2760

Chapter 8 Excerise Solution

Q.2 

 

Raw

Usage per unit of

Re-order

Price

Delivery Period

 

 

Re-order

 level kg,

material

Product

Quantity

Per kg.

 

 

 

 

 

kg.

kg.

 

Min

Avg

Max

 

A

10

10,000

0.1

1

2

3

8,000

B

4

5,000

0.3

3

4

5

4,750

C

6

10,000

0.15

2

3

4

2,000


Weekly production varies from 175 to 225 units, averaging 200 units.
What would you expect the quantities of the following to be:
(a) Minimum stock of A
(b) Maximum stock of B
(c) Re-order level of C

(d) Danger stock level of A

MGT402-Chapter- 11-Excerise-Solution

 The following figures have been extracted from a trader's records in respect of wages and salaries

for July. Rupees

(i) Wages and salaries (gross) 6,300

(ii) Income tax 1,600

(iii) Employees' pension contributions 600

(iv) Employer's pension contributions 700

 

 

1 What is the total amount the trader will have to pay for wages and salaries for July?

A 4,100

B 4,800

C 6,300

D 7,000

 

 

2 What is the net pay received by employees?

A 4,100

B 4,200

C 4,800

D 5,600

 

Net salary = Gross salary - income tax - employees' pension contributions 

 

 

3  Which of the following does not appear on a payslip?

 

            A. Gross weekly wage for the employee

            B. Tax paid to date by the employee in the tax year

            C. Deductions paid by the employee

            D. Details of the employee's expected pension.

 

 4 Which is the most convenient way for a large employer to pay salaries electronically?

 

                A. BACS

                B. Bank transfer

                C. By cash

                D. By cheque.

RSS

Latest Activity

Kamboh (Graphic Designer) updated their profile
6 minutes ago
Mani Siddiqui Ex posted discussions
10 minutes ago
++!!!Zuni khan(Zidi Larki) posted discussions
15 minutes ago
+ıllıllı ᎶᏋᏁᎥᏬᏕ ᏰᎥᏒᎴ ıllıllı+ replied to Miss. Churhail's discussion meri ana k noon ka ik nukta un py bhari hy@@@
18 minutes ago
+ıllıllı ᎶᏋᏁᎥᏬᏕ ᏰᎥᏒᎴ ıllıllı+ liked Miss. Churhail's discussion meri ana k noon ka ik nukta un py bhari hy@@@
18 minutes ago
jawad posted discussions
19 minutes ago
+++N+S+++ joined +M.Tariq Malik's group
23 minutes ago
+ıllıllı ᎶᏋᏁᎥᏬᏕ ᏰᎥᏒᎴ ıllıllı+ replied to Mani Siddiqui Ex's discussion وہ چار وقت
26 minutes ago
+ıllıllı ᎶᏋᏁᎥᏬᏕ ᏰᎥᏒᎴ ıllıllı+ liked Mani Siddiqui Ex's discussion وہ چار وقت
27 minutes ago
+ ! ! ! @ Anaya @ ! ! ! + replied to +M.Tariq Malik's discussion By Rashid Rashu ( سے اچھے نمبروں سے ڈگری لینا چاہتے ھیں VU اگر آپ )
50 minutes ago
+ ! ! ! @ Anaya @ ! ! ! + replied to +M.Tariq Malik's discussion By Rashid Rashu ( سے اچھے نمبروں سے ڈگری لینا چاہتے ھیں VU اگر آپ )
50 minutes ago
Miss. Churhail replied to Mani Siddiqui Ex's discussion وہ چار وقت
56 minutes ago

Looking For Something? Search Here

© 2020   Created by +M.Tariq Malik.   Powered by

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

.