MGT- 402 Assignment No 1 Solution
Here is the solution of assignment no 1 of MGT- 402 "Cost and Management Accounting" . I am sharing a jpg of solved assignment question but if you want to get docx file then click the link given below
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Explanation of Solution:
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Ray Corp. provides the following data for the year 20X7:
Direct Labor Cost
|
Rs. 130, 000
|
Indirect Labor Cost
|
60,000
|
Indirect Material Cost
|
13,400
|
Freight-in
|
6,000
|
Miscellaneous Factory Overhead Costs
|
5,000
|
Purchases
|
210, 000
|
Factory overhead is applied at the rate of 75% of direct
labor cost. 3,900 units were sold during 20X7 at Rs. 200 per unit. Inventory
accounts showed following opening and closing balances:
Jan.
1
|
Dec.
31
|
|
Raw Materials
|
Rs.
27,000
|
Rs.
17,000
|
Work in Process
|
29,500
|
13,000
|
Finished Goods
|
25,000
|
?
|
Finished Goods (units)
|
200
|
300
|
Required:
Using the above data, determine following for the year 20X7:
1. Number of units manufactured
(1
Point)
2. Unit cost of finished goods (1 Point)
3. Value of finished goods (2
Points)
4. Cost of goods sold statement at normal and at actual (5 Points)
5. Gross profit (1
Point)
Solution:
Using above
data, we determin following for the year 20x7
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