Mgt401 Assignment No. 2 Announced
Friday, May 27, 2011 Posted In MGT Edit ThisSpring Semester 2011
“Financial Accounting II (MGT-401)”
Assignment No. 02 Total Marks: 15
“Inventory Valuation”
Following are the inventory changes of material X of company ABC during the month
of April 2011.
April 1 Balance brought forward of 1500 Kg @ Rs 6
April 5 Purchased material 2000 kg @ Rs 6.5
April 10 Material issued 1000 kg
April 13 Purchased further material of 1000 kg @ Rs 6.3
April 20 Returned to supplier 500 kg purchased on April 5th
April 24 Material Issued 1500 kg
April 30 300 kg material returned to store room from production department
Based on the above information, you are required to prepare the material ledger card under:
1. First in First Out (FIFO) (7. 5 Marks)
2. Last in First Out (LIFO) (7. 5 Marks)
Note:
You are required to prepare your assignment according to the given prescribed format
for both methods.
Material Ledger Card
FIFO
Material – X
Date Received Issued Balance
Quantity Rate
Per
unit
Amount Quantity Rate
Per
unit
Amount Quantity Rate
Per
unit
Amount
(Kg) (Rs.) (Rs.) (Kg) (Rs.) (Rs.) (Kg) (Rs.) (Rs.)
Material Ledger Card
LIFO
Material – X
Important Tips
1. This Assignment can be best attempted from the knowledge acquired after
watching video lecture no. 1 to lecture no 24 and reading handouts as well as
recommended text book).
2. Video lectures can be downloaded for free from www.youtube.com/vu.
Assignment Schedule
Opening Date and Time 27th May , 2011 At 12:01 A.M. (Mid-Night)
Due Date and Time 2nd June , 2011 At 11:59 P.M. (Mid-Night)
Note: Only in the case of Assignment, 24 Hrs extra / grace period after the above mentioned
due date is usually available to overcome uploading difficulties which may be faced by the
students on last date. This extra time should only be used to meet the emergencies and above
mentioned due dates should always be treated as final to avoid any inconvenience.
Important Instructions:
Please read the following instructions carefully before attempting the assignment solution.
Deadline:
• Make sure that you upload the solution file before the due date. No
assignment will be accepted through e-mail once the solution has been
uploaded by the instructor.
Formatting guidelines:
Date Received Issued Balance
Quantity Rate
Per
unit
Amount Quantity Rate
Per
unit
Amount Quantity Rate
Per
unit
Amount
(Kg) (Rs.) (Rs.) (Kg) (Rs.) (Rs.) (Kg) (Rs.) (Rs.)
Assignment Schedule
Opening Date and Time 27th May , 2011 At 12:01 A.M. (Mid-Night)
Due Date and Time 2nd June , 2011 At 11:59 P.M. (Mid-Night)
Note: Only in the case of Assignment, 24 Hrs extra / grace period after the above mentioned due date is usually available to overcome uploading difficulties which may be faced by the
students on last date. This extra time should only be used to meet the emergencies and above
mentioned due dates should always be treated as final to avoid any inconvenience.
