Answered

Find the best solutions to your questions at Westonci.ca, the premier Q&A platform with a community of knowledgeable experts. Discover reliable solutions to your questions from a wide network of experts on our comprehensive Q&A platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

The following information has been taken from the job order cost system, used by SALEEM CORPORATION:

Job No.

Balance March 1

Production Cost in March

15

Rs. 150,000

---

16

170,000

---

17

50,000

Rs. 130,000

18

70,000

150,000

19

----

240,000

20

----

150,000

21

----

90,000

During March Job No. 17, 18 & 19 were completed, and job No. 15, 16 and 17 were sold on account at 40% above cost.

REQUIRED:

i) Cost of finished goods inventory – beginning

ii) Cost of goods in process inventory – beginning

iii) Cost of finished goods inventory – ending

iv) Cost of goods in process inventory – ending

v) Cost of goods manufactured

vi) Cost of Goods sold

vii) Sales

Sagot :

Tundexi

Answer:

i) Details                                                                 Amount Rs

Cost of Job No.15                                                  150,000

Cost of Job No.16                                                  170,000

Cost of finished goods inventory - beginning  320,000

ii) Details                                                                       Amount Rs

Cost of Job No.17                                                         50,000

Cost of Job No.18                                                         70,000

Cost of goods in process inventory - beginning      120,000

iii) Details                                                            Amount Rs

Cost of Job No.18                                              220,000 (70000+150000)

Cost of Job No.19                                               240,000

Cost of finished goods inventory - ending    460,000

iv)                                                                          Amount Rs

Cost of Job No.20                                                150,000

Cost of Job No.21                                                  90,000

Cost of goods in process inventory - ending   240,000

v)                                                                                          Amount Rs

Total Production Cost incurred in March                           760,000

(130000+150000+240000+150000+90000)

Add: Cost of goods in process inventory - beginning      120,000  

Less: Cost of goods in process inventory - ending          240,000

Cost of goods manufactured                                            640,000

vi)                                                                                     Amount Rs

Cost of goods manufactured                                         640,000  

Add: Cost of finished goods inventory - beginning      320,000  

Less: Cost of finished goods inventory - ending           460,000  

Cost of Goods sold                                                         500,000

vii) Sales = Cost of goods sold * 140%

Sales = 500000*140%

Sales = Rs. 700,000

Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.