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# mgt402 first assign

plz discuss  here abut assign

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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

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

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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

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One more solution file of MGT402 assignment#1

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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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