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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
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
Sale (26300 x 7 )
Less: Cost of goods sold
Less: Operating Exp.
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)
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
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.
Thank You Brother.
See the another solution file
One more solution file of MGT402 assignment#1
plez any one tell me that its a correct solution.
Correct Answer: CGS = 140,140
G. P = 43,960
N. P = 20,510