Cost & Management Accounting (Mgt-402) Assignment-1Fall Semester 2006
GOGO Manufacturing Company provides the following information on June 30,2006.
Particulars Amount (Rs)
Sales for the year 2,50,000Raw material inventory, July 1, 200510,000Finished goods inventory, July 1, 200510,000Purchases1,50,000Direct labor20,000Power, heat and light2,500Indirect material consumed2,500Administrative expenses4,000Depreciation of plant3,000Selling expenses5,000Indirect labor Costs2,000Other manufacturing expenses1,000Work in process, July 1, 200510,000Work in process, June 30, 200620,000Raw materials inventory, June 30, 200620,000Finished goods inventory, June 30, 200620,000
Factory over heads are 50% of Direct Labour Costs
Prepare cost of goods sold statement (Adjustment of over or underapplied FOH charge to entire production) & Income statement.
Calculate gross margin & markup ratio.
S.P Johns Corporation is a manufacturing concern. Following is the receipts& issues record for the month of January, 2006.Date Receipts Issues Jan 1 Opening Balance 100@ 40 Jan 8 200 units @ Rs. 45/unit Jan 11 150 unitsJan 13 Inventory lost 50 units Jan 1650 units @ Rs. 60/unit Jan 18100 units @ Rs. 70/unitJan 20150 units
:Find the value of ending inventory by preparing Material Ledgercard under Perpetual and Periodic inventory system based on theabove information using each of the following methods: