BRITS TUTORS LINKS: 02/02/19

Saturday, February 2, 2019

ACC 212 (COST ACCOUNTING 1) - ASSIGNMENT 4 FOR PART TIME

ASSIGNMENT 4

(a) Write short note on the following methods of stock valuation:

i. First In First Out (FIFO) ii. Last In First Out (LIFO) iii. Weighted Average Method

(b) The following information relates to Feyinkogbon Manufacturing Limited from July 1 to 31^st December, 2018.

Date	Quantity	Cost (N)
Receipts: July 5 August 1 September 3 October 4 December	200 400 600 400 500	720,000 1,520,000 2,400,000 1,400,000 1,400,000
Sales: August 2 October 12 December 12	500 600 400	2,500,000 2,700,000 1,500,000

Required: Calculate the cost of the product issued during the period and the value on hard on 31^st December, 2018 using

i. First In First Out (FIFO) .

ii. Last In First Out (FIFO)

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Train your brain click below link:

https://britstutors.blogspot.com/2018/10/train-your-brain.html

Course Outline:
https://britstutors.blogspot.com/2018/11/acc-212-cost-accounting-1-course-outline.html
Assignment 1:
https://britstutors.blogspot.com/2019/01/acc-212-cost-accounting-1-assignment-1.html
Assignment 2 and 3
https://britstutors.blogspot.com/2019/01/acc-212-cost-accounting-1-assignment-2.html

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08038454008

ACC 415-MANAGEMENT ACCOUNTING 1 ASSIGNMENT FOR PART TIME

ASSIGNMENT 3

Aiyegbaogbon Limited has a cash balance of N200,000 at the beginning of January

2017.

The sales and purchases for the first 5 months are given below:

Month Sales Purchases

Jan. 200,000 50,000

Feb. 300,000 80,000

Mar. 450,000 120,000

Apr. 600,000 170,000

May 750,000 200,000

(b) 70% of sales are realised in the month following sales and the remainder in the

following 2 months.

(d) Overhead expenses of N40,000 is incurred on monthly basis.

(e) The company plans to purchase a new generator costing N70,000 in April 2017

(f) Wages of N50, 000 are incurred on monthly basis.

Required:

Prepare cash budget for January to April 2017.

ASSIGNMENT 4

. The opening balance of Aiyefele Limited on 1 January was expected to be N360, 000. The

Budgeted sales and purchases were as follows:

Sales Purchases

N N

November 960,000 -

December 1,080,000 720,000

January 900,000 660,000

February 900,000 540,000

March 960,000 660,000

Notes:

i. Analysis of record shows that debtors settle according to the following pattern: 60% within the month of sales, 25% in the month following and remaining 15% the next month.

ii. All purchases are on credit and past experience shows that 90% are settled in the month of purchase and the balance settled the month after.

iii. Wages of N180, 000 and overheads of N240, 000 (including N60, 000 depreciation) are settled monthly.

iv. Taxation of N96, 000 has to be settled in February and the company will receive insurance claim of N300, 000 in March.

You are required to prepare a cash budget for January, February and March.

NOITCE: DO IT ON A SEPARATE SHEET OF PAPER