Subject : Cost Accounting b)The total manufacturing cost for Rayshum Hosier House is 302,000 dollars, with the sales523,610 dollars, while the work in process at the start of the month is amounted 35,600 dollarswith the ending processing cost as 40,500 dollars. The Finished goods available in the warehouseearlier is 16,200 dollars while the finished goods at the end of month is 21,300 dollars. You arerequired to calculate the :Cost of Goods available for saleGross ProfitC) Following transaction relate to a material coded as M-120 .Prepare the material ledger cardusing Average costing system.• During Costing system which system seemed to be more appropriate as FIFO ,LFO ACMfrom the seller point of view without calculation. Give your general review.DateTransactionUnits with rateMarch 01Balance available600 units at the rate of 28dollarsMarch 03Received300 units at the rate of 32dollarsMarch 08Issued250 unitsMarch 21Received400 units at the rate of 22dollarsMarch 24Issued700 unitsMarch 27Issued50 units2

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b)The total manufacturing cost for Rayshum Hosier House is 302,000 dollars, with the sales 523,610 dollars, while the work in process at the start of the month is amounted 35,600 dollars with the ending processing cost as 40,500 dollars. The Finished goods available in the warehouse earlier is 16,200 dollars while the finished goods at the end of month is 21,300 dollars. You are required to calculate the : • Cost of Goods available for sale • Gross Profit

b)The total manufacturing cost for Rayshum Hosier House is 302,000 dollars, with the sales 523,610 dollars, while the work in process at the start of the month is amounted 35,600 dollars with the ending processing cost as 40,500 dollars. The Finished goods available in the warehouse earlier is 16,200 dollars while the finished goods at the end of month is 21,300 dollars. You are required to calculate the : • Cost of Goods available for sale • Gross Profit

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 13E: Wyandotte Company provided the following information for the last calendar year: During the year,...

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Concept explainers

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.

Question

Subject : Cost Accounting

b)The total manufacturing cost for Rayshum Hosier House is 302,000 dollars, with the sales
523,610 dollars, while the work in process at the start of the month is amounted 35,600 dollars
with the ending processing cost as 40,500 dollars. The Finished goods available in the warehouse
earlier is 16,200 dollars while the finished goods at the end of month is 21,300 dollars. You are
required to calculate the :
Cost of Goods available for sale
Gross Profit
C) Following transaction relate to a material coded as M-120 .Prepare the material ledger card
using Average costing system.
• During Costing system which system seemed to be more appropriate as FIFO ,LFO ACM
from the seller point of view without calculation. Give your general review.
Date
Transaction
Units with rate
March 01
Balance available
600 units at the rate of 28
dollars
March 03
Received
300 units at the rate of 32
dollars
March 08
Issued
250 units
March 21
Received
400 units at the rate of 22
dollars
March 24
Issued
700 units
March 27
Issued
50 units
2

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