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Cost and Management Accounting 1 Assignment1

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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274 views5 pages

Cost and Management Accounting 1 Assignment1

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.

Uploaded by

Bhodza
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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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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