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COST ACCOUNTING 9TH EDITION

Chapter 7

Page 48

COST ACCOUNTING 9TH EDITION


CHAPTER 7 EXERCISES
Exercises 1

Item
Pepto
Lenco
Bilco
Total

Weight
450
600
750
1800

Total freigh charges $

Cost
1125
1350
1575
4050

Freight Allocated
on
Weight
Cost
40.5
45
54
54
67.5
63
162
162

162

Exercises 2

Date
01-Jan
06-Jan
10-Jan
15-Jan
25-Jan
27-Jan

Date
01-Jan
06-Jan

10-Jan

Store Ledger Card Under Average Costing Method


Received
Issued
Qty Rate
Amount Qty
Rate Amount Qty
500
1.2
600
500
200
1.25
250
700
400
1.3
520
1100
560 1.245
697.5
540
500
1.4
700
1040
400
1.32
527.9
640
960
1225
640
Store Ledger Card Under FIFO Costing Method
Received
Issued
Qty Rate
Amount Qty
Rate Amount Qty
500
1.2
600
500
200
1.25
250
500
200
400

1.3

520

15-Jan

500
60

500
200
400

1.2
1.25
1.3

600
250
520

140
400

1.25
1.3

175
875

500

140
400
500

1.25
1.3
1.4

175
175
700

27-Jan

140
1.25
175
140
260
1.3
338
500
960
1188
640
Store Ledger Card Under LIFO Costing Method
Received
Issued
Qty Rate
Amount Qty
Rate Amount Qty
500
1.2
600
500
200
1.25
250
500
200

1.3
1.4

182
700
882

01-Jan
06-Jan

10-Jan

400

Chapter 7

1.3

700

600
75

Balance
Rate
Amount
1.2
600
1.2
600
1.25
250

25-Jan

Date

1.4

1.2
1.25

Balance
Rate
Amount
1.2
600
1.2143
850
1.2455
1370
1.2455 672.55
1.3198 1372.5
1.3198 844.64
844.64

520

500
200
400

Balance
Rate
Amount
1.2
600
1.2
600
1.25
250
1.2
1.25
1.3

600
250
520

Page 49

COST ACCOUNTING 9TH EDITION


15-Jan

25-Jan

400
160
500

1.4

1.3
1.25

520
200

700

27-Jan

400

1.4

960

560

1280

500
40

1.2
1.25

600
50

500
40
500

1.2
1.25
1.4

600
50
700

500
40
100
640

1.2
1.25
1.4

600
50
140
790

Exercises 3

Date
01-Oct
03-Oct
04-Oct
08-Oct
09-Oct
11-Oct
13-Oct
21-Oct
23-Oct
27-Oct
29-Oct

Date
01-Oct
03-Oct
04-Oct

08-Oct

Store Ledger Card Under Average Costing Method


Received
Issued
Balance
Qty
Rate Amount Qty
Rate Amount Qty
Rate
Amount
700
5
3500
700
5
3500
400
5
2000
300
5
1500
300
5.2
1560
600
5.1
3060
300
5.2
1560
900 5.1333
4620
500 5.133 2566.67
400 5.1333 2053.33
300 5.133
1540
100 5.1333 513.333
1000
5.1
5100
1100
5.103 5613.33
400
5.5
2200
1500 5.2089 7813.33
600 5.209 3125.33
900 5.2089
4688
800 5.209 4167.11
100 5.2089 520.889
300
5.6
1680
400 5.5022 2200.89
2600
13399.1
400
2200.89
Store Ledger Card Under FIFO Costing Method
Received
Issued
Balance
Qty
Rate Amount Qty
Rate Amount Qty
Rate
Amount
700
5
3500
700
5
3500
400
5
2000
300
5
1500
300
5.2
1560
300
5
1500
300
5.2
1560
300

5.2

1560

300
300
300

5
5.2
5.2

1500
1560
1560

09-Oct

300
200

5
5.2

1500
1040

100
300

5.2
5.2

520
1560

11-Oct

100
200

5.2
5.2

520
1040

100

5.2

520

13-Oct

1000

5.1

5100

100
1000

5.2
5.1

520
5100

21-Oct

400

5.5

2200

100
1000
400

5.2
5.1
5.5

520
5100
2200

500

5.1

2550

23-Oct

Chapter 7

100

5.2

520

Page 50

COST ACCOUNTING 9TH EDITION


27-Oct

29-Oct

300

5.6

500

5.1

2550

400

5.5

2200

500
300

5.1
5.5

2550
1650

100

5.5

550

100
300
400

5.5
5.6

550
1680
2230

1680
2600

Date
01-Oct
03-Oct
04-Oct

08-Oct

13370

Store Ledger Card Under LIFO Costing Method


Received
Issued
Balance
Qty
Rate Amount Qty
Rate Amount Qty
Rate
Amount
700
5
3500
700
5
3500
400
5
2000
300
5
1500
300
5.2
1560
300
5
1500
300
5.2
1560
300

5.2

1560

300
300
300

5
5.2
5.2

1500
1560
1560

09-Oct

300
200

5.2
5.2

1560
1040

300
100

5.2
5.2

1560
520

11-Oct

100
200

5.2
5.2

520
1040

100

5.2

520

13-Oct

1000

5.1

5100

100
1000

5.2
5.1

520
5100

21-Oct

400

5.5

2200

100
1000
400

5.2
5.1
5.5

520
5100
2200

23-Oct

400
200

5.5
5.1

2200
1020

100
800

5.2
5.1

520
4080

27-Oct

800

5.1

4080

100

5.2

520

5.2
5.6

13460

100
300
400

520
1680
2200

29-Oct

300

5.6

1680
2600

Exercise 7.13
Normal
1

W.I.P

60900
D.M
Payroll
FOH

FOH

24000
18000
18900
2750

WIP
3

Spoiled goods
WIP

Chapter 7

2
2750

2500

3
2500

Abnormal
W.I.P
60000
D.M
Payroll
FOH
Spoiled
goods
2500
WIP
Finished
Goods
58400
WIP

24000
18000
18000

2500

58400

Page 51

COST ACCOUNTING 9TH EDITION


4

Finished Goods
WIP

55650
55650
55650
5500

Per Unit Cost=

Per Unit
Cost=

10.12

58400
5500

10.62

Exercise 7.14
Normal
1

W.I.P

50000
D.M
Payroll
FOH

FOH

1650
WIP

3
4

1
20000
16000
14000
2
1650

Spoiled goods
WIP
Finished Goods
WIP

2100

3
2100

Abnormal
48000

W.I.P
D.M
Payroll
FOH
Spoiled
goods
WIP
Finished
Goods
WIP

20000
16000
12000
2100
2100
45900
45900

46250
46250
46250
3700

Per Unit Cost=

Per Unit
Cost=

12.50

45900
3700

12.41

Problem7.7
Normal
1

W.I.P

Abnormal
96000

D.M
Payroll
FOH
2

FOH

4800

Spoiled goods

Finished Goods

D.M
Payroll
FOH
Spoiled goods
WIP
Finished Goods
WIP

4800
2400

WIP

3
2400

90400
40000
32000
18400
240
240
90160
90160

88800
WIP

Per Unit Cost=

Chapter 7

W.I.P

40000
32000
24000

WIP
3

88800
88800
7400

12.00

Per Unit Cost=

90160
7400

12.18

Page 52

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