Mgt402 Solved Assignment

Welcome to Semester spring 2017

Cost & Management Accounting (MGT402)

On behalf of Virtual University of Pakistan, we warmly welcome to all of you enrolled in the course “Cost & Management Accounting (MGT402)”. We hope that you will enjoy learning new concepts of Cost & Management Accounting and find it useful to implement its knowledge in your practical life.

This subject demands your full concentration in each lecture. We recommend that if you properly listen to all lectures, consult the reference books regularly then you would not only be able to fulfill the objectives of this course but also to generate good inferences as well. We are always here to guide you in your studies.

At Virtual University of Pakistan, students undertake their education in an exciting, creative and innovative academic environment and they are tested through different testing instruments i.e. Assignments, GDBs (Graded Discussion Boards), Mid-term and Final-term examinations. All these evaluation techniques not only test your knowledge but also provide you the opportunity to face the challenges in practical life ahead. You can only be benefited from these techniques if you go through them by applying your own knowledge.

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We wish you ALL THE BEST for the Semester… Happy Learning!

SEMESTER SPRING 2012 Cost & Management Accounting (MGT-402)

Assignment No. 02 Due Date: 4th June 2012 -- 7th June 2012 Marks: 30

Topic:Process Cost Accounting - FIFO Costing Method

Case Solution: 1. Equivalent production units:

Units Units Material Labor and FOH

Units completed 220,000 220,000 (-) beginning inventory (total units) 20,000 20,000 Units started & completed this period 200,000 200,000 (+) beginning inventory units - 0 - 12,000 (60%) (+) ending inventory units 30,000 10,000 (33-1/3%) Equivalent production units 230,000 222,000

2. Unit cost: Calculation Of Per Unit Cost

= Total Cost / Equivalent Units Produced Rs. Rs. Direct Material Cost (W-1) 496,000 / 230,000 = 2.15652 Direct Labor 1,198,800 / 222,000 = 5.4 Factory Overhead Cost 421,800 / 222,000 = 1.9 9.45652 / unit

3. Cost of Units transferred to Finish goods inventory Rs. Rs.

From Opening WIP Inventory Cost already incurred for Opening Work in process: 100% Material & 40% Conv. Cost 84,000 Cost incurred in the current period to complete WIP

Direct Labor 20,000 * 60%) * 5.4 64,800 FOH Cost (20,000 * 60%) * 1.9 22,800 171,600

From Current period Production Cost of Finished goods completed & transferred from the current production (200,000 * 9.45652) 1,891,304

2,062,904

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