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Cost Accounting Solution (First Assignment) : I share my solution with all of you: if you have any problems then intimate me for further guidance. If you have any suggestions for below solved assignment do share with me.

 

Errors and omissions are accepted....

 

Cost of goods sold statement

Direct Material

Opening Inventory Material

Add: Net Purchases

Material Available for use

Less: Closing Inventory Material

 

Add: Direct Labor

Add: Factory Overhead (31000/2.5=12400 x 3.5 = 43400)

Total Factory Cost

Add:  Opening WIP

Cost of goods to me manufactured

Less: Closing WIP

Cost of goods manufactured

Add: Opening F/G

Cost of goods available for sale

Less: Ending F/G         (W # 1)

Cost of good sole

 

19000

75000

94000

21000

 

 

 

 

 

 

73000

31000

43400  

147400

21000

168400

19900

148500

13100

161600

21460

140140

 

Income Statement

Sale (26300 x 7 )

Less: Cost of goods sold

Gross Profit

Less: Operating Exp.

Net Profit

184100

140140

43960

23450

20510

 

Working:

Valuation of closing F/G inventory = F/G units x Cost Per Units

                                                                   = 3700 x 5.80 = 21460

Cost Per Units = CGM / No of units = 148500 / 25600 = 5.80

No of units:

Sold Units:                             26300

Add: Closing units:                 3700

Less: Opening Units:            (4400)

                                               25600

mr. waqar aap ne closing work in-process 19900 kaise nikala hai please explain it.

 

See the attached file for idea solution of MGT402 assignment#1 Solution

Attachments:

dahokho g, Work in process mean wo units jo abi complete nahi huwa. aur un pa kuch work karna ha. wo incomplete hain material ka lahaaz sa, labor ka lahaaz sa and FOH ka lahaaz sa. so wo hy to incomplete. thats way ager hum incomplete units ko plus kr dy to total WIP aa jata ha. Like

Labour Still in Process : 6,000

Material still in Process: 6,800

FOH still in process : 7,100

Total = 19,900

Hope ap samaj gay hon gy...

Wasa ap ka campus kon sa hy...?

 

mara prime ics hy

and opening Material, Labor and FOH ko plus kran gy to opening aa jaya ga.

 

Labour Still in Process :   6,600

Material still in Process:  6,900

FOH still in process :       7,500

Total =                          21,000

good work mr waqar thanks for this naration.

 

Welcome

Thank You Brother.

See the another solution file

Attachments:

One more solution file of MGT402 assignment#1

Attachments:

plez any one tell me that its a correct solution.

 

Correct Answer: CGS = 140,140 G. P = 43,960
N. P = 20,510

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