vu mcm301 Mid Term Subjective Solved Past Paper No.1
vu mcm301 Communication skills Solved Past Papers
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A system architecture or systems architecture is the conceptual design that defines the structure and/or
behavior of a system.
An architecture description is a formal description of a system, organized in a way that supports reasoning about the structural properties of the system
Designs it as an independent, selfcontained system
| Particulars | Units | Cost(Rs.) |
| Sales during the year | 8,000 | 80,000 |
| Opening Inventories | ||
| Work in process | ||
| Finished goods | 1,800 | 13,500 |
| Closing Inventories | ||
| Work in process | 100 | 4,500 |
| Finished goods | 2,000 | 15,000 |
| Manufacturing Cost | ||
| Direct Material | 30,000 | |
| Direct Labor | 20,000 | |
| Factory Overhead | 16,000 |
- Conversion Cost
- Total Factory Cost
- Cost of Goods Manufactured
- Cost of Good Sold statement
- FIFO
- LIFO
Under FIFO we assumed that stock purchased first is used out first so the closing stock consist of stock purchased last the rate shows approximately the latest of last purchases price.
Cost of the assetResidual Value Rs. 40,000
Expected Life 5 years
Under LIFO bases : stock purchase last is used first so the items present in the stock are the item old once and thus it represent older prices , lifo is not used in industry now and accounting standards prohibit using them.
