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  • Cost and Management Accounting 1 Assignment1

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    Bhodza
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    1. This document contains information about cost and management accounting assignment 1. It includes: - Calculation of variable and fixed costs from cost data for two months. - Calculation of total cost when activity is 1020 units. 2. Details on inventory valuation using both LIFO and FIFO methods, including opening and closing balances for various months as inventory is purchased and sold. 3. A table showing inventory receipts, issues and closing balances for various months using the LIFO method.

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    Cost and Management Accounting

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    1. This document contains information about cost and management accounting assignment 1. It includes: - Calculation of variable and fixed costs from cost data for two months. - Calculation of total cost when activity is 1020 units. 2. Details on inventory valuation using both LIFO and FIFO methods, including opening and closing balances for various months as inventory is purchased and sold. 3. A table showing inventory receipts, issues and closing balances for various months using the LIFO method.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    167 views5 pages

    Cost and Management Accounting 1 Assignment1

    Uploaded by

    Bhodza
    1. This document contains information about cost and management accounting assignment 1. It includes: - Calculation of variable and fixed costs from cost data for two months. - Calculation of total cost when activity is 1020 units. 2. Details on inventory valuation using both LIFO and FIFO methods, including opening and closing balances for various months as inventory is purchased and sold. 3. A table showing inventory receipts, issues and closing balances for various months using the LIFO method.

    Copyright:

    © All Rights Reserved
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    of 5

    SUBJECT: COST AND MANAGEMENT ACCOUNTING 1

    Assignment 1

    1.
    a.
    Month

    Cost (N$)

    Units

    High

    December

    3 700

    1 000

    Low

    September

    (2 500)

    (600)

    1200

    400

    Variable Cost =

    $ 1200
    =$ 3.00
    400

    Fixxed Cost =$ 2500( 600 $ 3 )=$ 700

    b.

    c. When activity =1020


    Fixed cost
    Variable Cost(1020X$3)

    $700
    +$3060
    $3760

    2.

    Month

    Purchases(unit
    s)

    01 Jan

    800 @ N$10
    each
    1 000 @ N$12
    each
    3 000 @ N$15
    each

    04 April
    11 April
    13 April
    22 April

    LIFO
    Sales(units)
    Opening
    Balance
    $

    2000 @ N$15
    each

    Purchases(unit
    s)

    01 Jan

    800 @ N$10
    each

    8000

    12000

    20000

    20000

    45000

    65000

    65000

    2000@$15=300
    00
    30000

    35000

    3000@$15=450
    00
    500@$12=6000
    Total= 51000

    14000

    Stock
    Movement

    Closing
    Stock
    Balance
    $
    8000

    35000
    3 500

    Month

    Closing
    Stock
    Balance
    $
    8000

    8000

    2 000

    26 April

    Stock
    Movement

    65000

    FIFO
    Sales(units)
    Opening
    Balance
    $
    8000

    65000

    04 April
    11 April

    1 000 @ N$12
    each
    3 000 @ N$15
    each

    13 April

    22 April

    2 000

    2000 @ N$15
    each

    8000

    12000

    20000

    20000

    45000

    65000

    65000

    800@$10=8000
    1000@$12=120
    00
    200@$15=3000
    Total=23000
    30000

    42000

    3500@$15=525
    00

    12500

    Stock
    Movement

    Closing
    Stock
    Balance
    850

    780
    900
    600
    @$1.50=900
    600
    @$1.30=780
    200@$1.25=250
    100@$1.20=120
    Total=2050

    1630
    2530
    480

    42000

    26 April

    3 500

    65000

    Month

    Receipt (units)

    LIFO
    Issue(units)
    Opening
    Balance

    01 October
    Balance
    b/d
    08 October
    20 October
    13 April

    500 @ $1.20
    200 @ $1.25

    850

    600 @ N$1.30
    600 @ N$1.50

    850
    1630
    2530

    72000

    3.

    4.

    1500

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