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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

Respuesta :

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

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