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Ma2 Module 1 Cga

2666 words - 11 pages

MA1 2014-2015



PART 5 Slide 67: Exercise 1-2 pages 24-25
1. 2. 3. 4. 5. 6. 7. 8. 9. work in process Six Sigma business process corporate governance enterprise risk management just-in-time business risks Non-value added activity value chain

10. enterprise system 11. code of professional ethics 12. lean thinking model 13. customer value proposition 14. Sarbanes Oxley Act 15. corporate social responsibility


MA1 2014-2015



PART 5 Slides 68 – 70: Past CGA Exam question For the year ended March 31, 1993, you are given the following data: Direct materials used Manufacturing overhead Total ...view middle of the document...

’s cost of goods sold for the year ended November 30, 1991 was $517,500. The ending work-in-process inventory was 90% of beginning work-in-process inventory. Factory overhead applied was 50% of direct labour cost. Additional information for the 1991 fiscal year of Zewing Co. follows: Beginning inventories – December 1, 1990: Direct materials Work-in-process Finished goods Purchases of direct materials during 1991 Ending inventories – November 30, 1991: Direct materials Work-in-process Finished goods Required: 12 (a)

$ 30,000 60,000 153,000 165,000 39,000 ? 157,500

Prepare the cost of goods manufactured statement for Zewing Co. for the year ended November 30, 1991 in good form. What were the prime costs incurred during 1991? Show your calculations. How much conversion costs were charged to work-in-process during 1991? Show your calculations.

3 3

(b) (c)

Solution (a)

Zewing Company Cost of Goods Manufactured For the Year Ended November 30, 1991

Direct Materials Inventory, beginning Purchases Available for use Inventory, ending Direct materials used Direct labour Manufacturing overhead (50% x DL) Total manufacturing costs incurred Work in Process, beginning Manufacturing costs to account for Work in Process, end (90% x 60,000) Cost of Goods Manufactured

Finished goods Beg.Inv 153,000 COGM 517,500COGS End.Inv 157,500

$ 30,000 165,000 195,000 ( 39,000)

$ 156,000 240,000 120,000 516,000 60,000 576,000 54,000 $ 522,000

(b) Prime costs = direct materials used + direct labour = 156,000 + 240,000 = 396,000 (c) Conversion costs = direct labour + manufacturing overhead = 240,000 + 120,000 = 360,000 -3-

MA1 2014-2015



PART 6 Slides 75 – 79: Problem 2 – 17 Pages 58 - 59 Part 1 MEDCO, INC. Schedule of Cost of Goods Manufactured For the Year Ended December 31 1 Direct materials : Direct materials inventory, January 1 $ 10,000 Add: Purchases of direct materials 90,000 Direct materials available for use 100,000 Deduct: Direct materials inventory, December 31 17,000 Direct materials used in production Direct labour Manufacturing overhead: Depreciation, factory 42,000 Insurance, factory 5,000 Maintenance, factory 30,000 Utilities, factory 27,000 Supplies, factory 1,000 Indirect labour 65,000 Total overhead costs Total manufacturing costs Add: Work in process inventory, January 1 Deduct: Work in process inventory, December 31 Cost of goods manufactured

$ 83,000 60,000

170,000 313,000 7,000 320,000 30,000 $ 290,000

Part 2

MEDCO, INC. Income Statement For the Year Ended December 31 $ 450,000 $ 10,000 290,000 300,000 40,000

Sales Less cost of goods sold: Finished goods inventory, January 1 Add: Cost of goods manufactured Goods available for sale Deduct: Finished goods inventory, December 31 Gross margin Less operating expenses: Selling expenses Administrative expenses Net income

260,000 190,000

80,000 70,000

150,000 $ 40,000


The term ‘raw materials’ could also be...

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