MGT402 Quiz Solution by Study With Hamza

MGT402 · Assignment No 1 · Word File Available : · MGT402 · (Spring 2023) · ورڈ فایل لینے کے لیے اس نمبر پر میسج کرے · Solution:

1. Material Ledger Card (FIFO Method) for the Month of January:

Perpetual System · Receipt · Issuance · Balance Mont · h · Qty · Rate · Amoun · t · Qt · y · Rat · e · Amoun · t · Qty · Rat e · Amoun t Jan 1

10549

Jan 4

2000 Rs31 630,00 2,00 630000

Jan 13

10.549 299.25 1050 330750

Jan 29

236.25

94500

2. Calculate the gross earnings of the workers for the month of January:

Wage Rate Per Hour : Rs. 104

Time allowed for the job: 240 hours

Time taken: 176 hours

Hasley Premium Plan

Gross earnings = (Time taken * Wage rate per hour) + (Premium rate * Time saved)

Premium rate = 30% (since Halsey Premium plan is observed)

Time saved = Time allowed - Time taken = 240 - 176 = 64 hours

Premium rate * Time saved = 0.3 * 64 = 19.2 hours

Gross earnings = (176 * 104) + (19.2 * 104) = 18,304 + 1,996.8 = Rs. 20,300.80

3. Cost of Goods Sold (COGS) Statement for the Month of January:

Closing Finished Goods Inventory = Rs. 15,000

Closing work in process = 5,000

Direct Material Cost:

Opening Inventory (50 m) * Cost per meter (Rs. 210.98) = Rs. 10,549

Purchases (2,000 m) * Cost per meter (Rs. 315) = Rs. 630,000

Total Material Cost = Opening Inventory + Purchases = Rs. 640,549

Direct Labor Cost = Gross Earnings = Rs. 18,304

Total Manufacturing Cost = Direct Material Cost + Direct Labor Cost + Factory Overhead Applied

= Rs. 640,549 + Rs. 18,304 + Rs. 45,000

= Rs. 703,853