Tuesday, June 14, 2011

MGT402 Assignment No2 Solution 2011


Cost of Production report
Quantity Schedule:
Units Received in Dept or Process                            8000
                                                                                          ===========
Units Completed                                                              5500      
Units in Process                                                                                1500
Unit Lost (Normal Loss at the End)                           400
Units Lost (Abnormal Loss)                                          600
                                                                                _________________
                                                                                                8000
Cost to Be accumulated:
Cost Received                                                                   16400
Added in this Dept
Direct Material                                                                  2000
Direct Labor                                                                        3625
FOH                                                                                       5075
                                                                                -----------------------------
                                                                                                                27100
Cost of equivalent units produced:
100% of Completed units +%of unit in Process

Direct Material:          1500+1500+1000=8000
Direct Labor     :          1500+ (1500+400*60%) =7250
FOH                    :           1500+ (1500+400*60%) =7250

Calculation of Unit Cost
Cost Received From Dept                16400/8000      =             2.05

Material                                               2000/8000           =             .25
Labor                                                     3625/7250           =             .50
FOH                                                       5075/7250           =             .70
                                                                                                ______________
                                                                                                                3.5
Accounting Treatment
Proceeding Department            (1500 x 2.05)              3075
Material                                   (1500 x .25)  375
Labor                                       (900 x .5)     450
FOH                                         (900 x .7) 630              1455
Abnormal loss
Proceeding Department            (600 x 2.05) 1230
Material                                   (600 x .25) 150
Labor                                       (450 x .50) 225
FOH                                         (450 x .70) 315            690
         27100



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