Assignment No. 01 Marks: 15
View more random threads:
- ENG301 Assignment 3 Solution 1 July 2010
- STA301 Statistics and Probability Assignment No. 1 Solution...
- CS610 Assignment Idea Solution 23 July 2010
- mcm311 assignment no 2 solution 13/01/2011
- Cost & Management Accounting (MGT402) fall 2010 solution no...
- CS710 Mobile and Pervasive Computing Assignment No. 2 Fall...
- cs101 Assignment No. 1 Solution 21 may spring 2015 semester
- CS401 Computer Architecture and Assembly Language ...
- CS619 Final Software Project Real Time Financial Data...
- CS410 Visual Programming Assignment No. 1 Semester Fall 3rd...
On March 01, 2008, FC Corporation had 250 gallons of material in store at Rs. 5.00 per gallon.
Following were the receipt and issues during March:
March 03: Purchased 1,200 gallons @ Rs. 10 per gallon.
March 07: Issued 650 gallons to job #2325
March 13: 150 gallons were returned to store room.
March 29: Returned to supplier 80 gallons which was purchased on March 3.
During that period, factory worked for 1,000 direct labour hours. Direct labour was Rs. 9,325 and factory overhead applied rate is Rs. 6.00 per direct labour hour. Actual factory over head for that period was Rs. 7,500.
Following are the year end inventories:
Work in process Rs. 2,450
Finished goods Rs. 4,530
There were no beginning inventories for Work in process and finished goods.
1. Prepare Material Ledger Card under FIFO costing method. (10 Marks)
2. Prepare Cost of Goods Sold Statement under FIFO. (5 Marks)
Note: Cost of Goods Sold for the period is adjusted for under or over applied factory overhead.
There are currently 1 users browsing this thread. (0 members and 1 guests)