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MGT402 Assignment 1 Solution Fall 2017

SEMESTER FALL 2017

COST & MANAGEMENT ACCOUNTING (MGT402)
ASSIGNMENT NO. 01
DUE DATE: 16 TH NOVEMBER, 2017
MARKS: 10

Assignment Topic: Inventory Valuation and Cost of Goods Sold Assignment Objective:

After attempting this assignment whole-heartedly, the students will be able to:  Get understanding about Inventory Valuation Method  Get idea about the calculation of costs of sales Assignment 01 MGT402

Question
XYZ Company is a manufacturing concern. It had 100 units in store on Sep. 01, 2017 at the rate of Rs. 10 per unit. Following transactions were made during the month of September.

1-Sep Received 200 units @ Rs 9

8-Sep Issued 200 units

15-Sep Received 400 units @ Rs 11

20-Sep Received 600 units @ Rs 12

30-Sep Issued 500 units

Other Costs for the month were:

 Direct Labour Rs. 2,500

 Factory overhead Rs. 1,500 900 units of product were manufactured and 500 were sold. There were no beginning inventories of work in process and finished goods.

Required:

1. Prepare Material Ledger Card by using FIFO method

2. Calculate total cost of material issued

3. Calculate value of ending inventory

4. Calculate value of ending finished goods and costs of sales Note: Prepare Material Ledger Card in proper format and provide formulas where necessary

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