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VU, Assignment MGT402 assignment 1 Idea solution Spring 2013

VU, Assignment MGT402 Assignment 1 Idea Solution Spring 2013

ANSWERS:

1COST OF GOODS SOLD STATEMENT

                                                LAHORE MANUFACTURING LTD.
                                              COST OF GOODS SOLD STATEMENT
                                               FOR YEAR ENDING 30 JUNE 2012
RUPESS
                 OPENING RAW MATERIAL

10000

ADD :     PURCHASES – RAW MATERIAL

226500

LESS:    CLOSING RAW MATERIAL

(8000)

             RAW MATERIAL CONSUMED

228500

ADD:    DIRECT LABOUR

126400

ADD:    FOH (APLLIED)

210000

             TOTAL FACTORY COST

564900

ADD:    OPENING W.I.P

35000

             COST OF GOODS TO BE MANUFACTURED

599900

LESS:    CLOSING W.I.P

(33000)

              COST OF GOODS MANUFACTURED

566900

ADD:    OPENING FINISHED GOODS

22000

              COST OF GOODS TO BE SOLD

588900

LESS:     CLOSING FINISHED GOODS (W1)

(39680)

              COST OF GOODS SOLD (AT NORMAL)

549220

LESS:     OVER APPLIED FOH

(39600)

              COST OF GOODS SOLD (ACTUAL)      509620

Income Statement:

LAHORE MANUFACTURING LTD.
  INCOME STATEMENT
                                                 FOR THE YEAR ENDED ON 30 JUNE 2012
PARTICULARS AMOUNT AMOUNT
           SALES 590000
LESS: COST OF GOODS SOLD (509620)
GROSS PROFIT   80380
LESS: OPERATIING EXPENSE
  • ELECTRICITY BILLS(25% OF 31200)
  7800
  • REPAIR & MAINTENANCE(60% OF 5000)
   3000
  • DEPRECIATION-OFFICE
   1000
  • RENT-OFFICE
   25000 (36800)
 OPERATING PROFIT 43580
LESS: SELLING EXPENSES 4400
LESS: MARKETING & ADVERTISING EXPENSE 27000
           NET PROFIT 12180
Ans 3
FOH SCHEDULE:APPLIED F.O.H                                                                  210000*ACTUAL F.O.H                                                                (170400)OVER/(UNDER) APPLIED F.O.H                                  39600 

 

VU, Assignment MGT402 Assignment 1 Idea Solution Spring 2013

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