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    Fall 2022 - MGT402 - 1 - BC220203446

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    Khadija Iqbal
    The document is a material ledger card tracking inventory using the FIFO costing method. It shows receipts of materials on February 1st and 4th, issues on May 13th, and a balance as of May 29th. It then calculates cost of goods sold for the period by taking the cost of materials used, adding direct labor and factory overhead, and subtracting finished goods inventory. The total cost of goods sold for the period is $96,500.

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    Fall 2022 - MGT402 - 1 - BC220203446

    Uploaded by

    Khadija Iqbal
    7 views2 pages
    The document is a material ledger card tracking inventory using the FIFO costing method. It shows receipts of materials on February 1st and 4th, issues on May 13th, and a balance as of May 29th. It then calculates cost of goods sold for the period by taking the cost of materials used, adding direct labor and factory overhead, and subtracting finished goods inventory. The total cost of goods sold for the period is $96,500.

    Original Description:

    COST AND ACCOUNTING

    Original Title

    Fall 2022_MGT402_1_BC220203446 (2)

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    The document is a material ledger card tracking inventory using the FIFO costing method. It shows receipts of materials on February 1st and 4th, issues on May 13th, and a balance as of May 29th. It then calculates cost of goods sold for the period by taking the cost of materials used, adding direct labor and factory overhead, and subtracting finished goods inventory. The total cost of goods sold for the period is $96,500.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    7 views2 pages

    Fall 2022 - MGT402 - 1 - BC220203446

    Uploaded by

    Khadija Iqbal
    The document is a material ledger card tracking inventory using the FIFO costing method. It shows receipts of materials on February 1st and 4th, issues on May 13th, and a balance as of May 29th. It then calculates cost of goods sold for the period by taking the cost of materials used, adding direct labor and factory overhead, and subtracting finished goods inventory. The total cost of goods sold for the period is $96,500.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    Umer Iqbal

    (BC220203446)

    MGT 402
    Assignment

    Material ledger card (FIFO)

    Date Units Receiving total unit Issued total unit Balance total
    unit rice unit unit
    rice price
    1-feb- 1000 10 10,000
    2022
    4-feb- 2000 15 30,000 2000 15 30,000
    2022
    13- 1,000 10 10,000
    may-
    2022
    13- 500 15 7,500 1500 15 22,500
    may-
    2022
    29 2 2022 800 15 12,000 700 15
    10,500

    Cost of Goods Sold

    Opening inventory 10,000


    Add: new purchases 30,000
    Cost of material available for use 40,000
    Less closing inventory 10,500
    Cost of material used 29,500
    Add: direct labor 50,000
    Add: FOH 35,000
    Total factory cost 114,500
    Add: opening WP --
    Cost of mastering available for manufacturing 114,500
    Less: closing WP 5,000
    COST OF GOODS MANUFACTURED 109,500
    Add opening finished goods ---
    Cost of goods available for sales 109,500
    Less closing finished goods 13,000
    Cost of goods sold 96,500

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