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Thread: MGT402 ASsignment no 1 spring 11 April 2011 Solution

  1. #1
    Administrator Xpert's Avatar
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    May 2010

    Icon14 MGT402 ASsignment no 1 spring 11 April 2011 Solution

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    Mr. Hassan deals in chair manufacturing. He got an order to manufacture 3000 chairs of a specific design for a school lab. It requires a cutter costing Rs.50, 000 to design the chair that is useless after completing this order. Wood used for this order is of Rs.200, 000, nails costing Rs.60, 000, furniture polish costing Rs.90, 000 and miscellaneous factory overhead charges Rs.25,000. Labor charges are Rs.50 per chair. He has appointed a supervisor at Rs.10,000 per month only for the completion of this order. (Time required to complete the order is 2 months).

    Calculate the following for the whole order:
    Prime cost
    Total factory cost
    Read the instructions mentioned in announcement carefully before attempting it.
    Use the following format to answer:
    Prime cost: _____________________
    Total factory cost: ________________

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    Administrator Vuhelper's Avatar
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    Apr 2011

    Icon20 mgt402 solve assignment no 1 spring 2011

    full solution in attachment

    Assignment of MGT402
    Question No.1
    Direct Labor cost =290,000
    Applied FOH 30% of the Direct Labor Cost
    Applied FOH=87000
    Actual FOH =89760
    Under Applied FOH =2760.
    Adjustment to Entire Production =131.02
    WIP =97.11
    Finished Goods =2531.87
    Cost of Goods Sold =2760
    Actual FOH = ?
    Indirect Labor =46,000.00
    Light & Power =4,260.00
    Deprecation =4700.00
    Machinery Repairs =5800.00
    MISC. FOH =29,000.00
    Total Actual FOH = 89760
    Working -2
    Cost of Goods Sold
    Material Used =440,000.00
    Direct Labor =290,000.00
    Prime Cost =730,000.00
    Indirect labor =46,000.00
    Light & Power = 460.00
    Depreciation =4700.00
    Machinery Repairs =5,800.00
    MISC. FOH =29,000.00
    Total Factory Cost =819,760.00
    WIP Opening =41200.00
    WIP CLOSINF =42500.00
    Cost of Goods manufactured =818,460.00
    Finished Goods opening Balance =34,300.00
    Finished Goods Closing Balance =31,500.00
    Cost of Goods Sold =821,260.00
    Working -3
    WIP =42,500/895260x2760=131.02
    Finished Goods=31,500/895260x2760=97.11
    Cost of Goods Sold =821260/895260x2760=2531.87
    Question No2
    EOQ= SQR 2xRUxOC/ X CC%
    EOQ=SQR 2x120, 000X 1,500.00 / 60X.06
    EOQ=SQR 360,000,000 /3.60
    EOQ=SQR 100,000,000
    EOQ=10000 Units
    There will be no Effect on EOQ if we reduced ordering cost & Carrying cost by 2%
    Attached Files Attached Files

  3. #3
    Junior Member
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    Nov 2012
    mgt 402 assignment 1 fall 2012 solution plz

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