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Assignment1 CostAccounting

The document provides details of an assignment for a Cost Accounting class, including 3 questions to solve related to key cost accounting concepts. Students must calculate the cost assigned to finished goods inventory, compute total manufacturing cost, cost of goods manufactured, and cost of goods sold. They must also prepare a cost of goods manufactured schedule, compute cost of goods sold, and prepare an income statement using the information provided. The assignment aims to demonstrate students' understanding of basic cost concepts and must be submitted with the student's name, registration number, and class in handwritten form on A4 paper. It will be subject to a plagiarism check with requirements of less than 19% overall similarity and below 5% from any single source.

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Syed Adnan Hussain Shah
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166 views2 pages

Assignment1 CostAccounting

The document provides details of an assignment for a Cost Accounting class, including 3 questions to solve related to key cost accounting concepts. Students must calculate the cost assigned to finished goods inventory, compute total manufacturing cost, cost of goods manufactured, and cost of goods sold. They must also prepare a cost of goods manufactured schedule, compute cost of goods sold, and prepare an income statement using the information provided. The assignment aims to demonstrate students' understanding of basic cost concepts and must be submitted with the student's name, registration number, and class in handwritten form on A4 paper. It will be subject to a plagiarism check with requirements of less than 19% overall similarity and below 5% from any single source.

Uploaded by

Syed Adnan Hussain Shah
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
Download as pdf or txt
Download as pdf or txt
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SZABIST

Karachi
Assignment # 1
Cost Accounting (AF 2302)
BSAF-3A
Ms. Riffat Mughal

Submission Date: February 13, 2019 Total Marks: 2.5


Objective of the Assignment: To provide key cost concepts and terms use in cost accounting.
Learning Outcomes: Students must demonstrate understanding of the basic cost concepts and must be
able to solve the questions.

Assignment Details: Please submit hand written assignment of Cost Accounting. You should
solve all the three questions in A4 paper. Please also provide your name, registration number, and
class in the assignment.

Q1 On January 1, the finished goods inventory of the Manuel Company was $300,000. During the
year Manuel’s cost of goods manufactured was $1,900,000, sales were $2,000,000 with a 20%
gross profit.
Required: Calculate the cost assigned to the December 31 finished good inventory.

Q2 December 31, 2018, trial balance of the Balkwell Company showed:


Description $
Sales 4,000,500
Purchases (Net) 5,400,000
Direct Labor 3,204,000
Sales Salaries 200,000
Sales Returns and Allowances 25.200
Transportation in 32,000
Factory Overhead 1,885,600
Advertising Expense 155,000
Delivery Expense 65,000

Description December 31, 2017 December 31, 2018


$ $
Finished Goods 620,000 467,400
Work in Process 129,800 136,800
Materials 176,000 196,000
Required: Compute total manufacturing cost, cost of goods manufactured and cost of goods sold

Q3. The following information has been taken from the accounting records of Klear-Seal Company
for last year:
Selling expenses $140,000
Raw materials inventory, January $190,000
Raw materials inventory, December $160,000
SZABIST
Karachi
Utilities, factory $36,000
Direct labour cost $150,000
Depreciation, factory $162,000
Purchases of raw materials $750,000
Sales $2,500,000
Insurance, factory $40,000
Supplies, factory $15,000
Administrative expenses $270,000
Indirect labour $300,000
Maintenance, factory $87,000
WIP inventory, January 1 $180,000
WIP inventory, December 31 $100,000
Finished Goods Inventory (FGI), January 1 $260,000
Finished Goods Inventory (FGI), December 31 $210,000
Required:
1. Prepare a Cost of Goods manufactured schedule
2. Compute the cost of goods sold
3. Prepare an Income statement, using information from 1 and 2.

Plagiarism Policy. The assignment shall be put to plagiarism check. The maximum similarity is below
19% for the whole assignment and less than 5% from a signal source. The plagiarism report shall be attached
with the assignment at the time of submission.

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