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Cost and Management Accounting Short Questions

Cost and Management Accounting Short Questions

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Cost & Management Accounting (Mgt-402) Assignment-1Fall Semester 2006
Question:
GOGO Manufacturing Company provides the following information on June 30,2006.
Particulars Amount (Rs)
Sales for the year 2,50,000Raw material inventory, July 1, 200510,000Finished goods inventory, July 1, 200510,000Purchases1,50,000Direct labor20,000Power, heat and light2,500Indirect material consumed2,500Administrative expenses4,000Depreciation of plant3,000Selling expenses5,000Indirect labor Costs2,000Other manufacturing expenses1,000Work in process, July 1, 200510,000Work in process, June 30, 200620,000Raw materials inventory, June 30, 200620,000Finished goods inventory, June 30, 200620,000
Factory over heads are 50% of Direct Labour Costs
Required:
1.
Prepare cost of goods sold statement (Adjustment of over or underapplied FOH charge to entire production) & Income statement.
(10)
2.
Calculate gross margin & markup ratio.
(5)
 
Q1.
S.P Johns Corporation is a manufacturing concern. Following is the receipts& issues record for the month of January, 2006.Date Receipts Issues Jan 1 Opening Balance 100@ 40 Jan 8 200 units @ Rs. 45/unit Jan 11 150 unitsJan 13 Inventory lost 50 units Jan 1650 units @ Rs. 60/unit Jan 18100 units @ Rs. 70/unitJan 20150 units
Required
:Find the value of ending inventory by preparing Material Ledgercard under Perpetual and Periodic inventory system based on theabove information using each of the following methods:
 
Cost & Management Accounting (Mgt-402) Assignment-1Fall Semester 2006
FIFO Method.
Marks
 
(05)
Weighted Average cost Method.
Marks
 
(05)Q2.
The Hedge Corporation manufactures only one product: planks. The singleraw material used in making planks is the dint. For each plank manufactured 12dints are required. Assume that company manufactured 150,000 planks per year,that demand for planks is perfectly stead throughout the year, that it cost Rs. 200each time dints are ordered, and that carrying cost is Rs. 8 per dint per year.a) Determine the economic order quantity of dints.
Marks (2)
b) What is the total inventory cost for Hedge (total carrying cost plus totalordering cost)?
Marks (3)Q3.
Wage rate per hour Rs. 1.50Time allowed for the job 16 hoursTime taken12 hours.
Required
: Find out effective “rate of earnings under Rowan & Halsey-Weirpremium plan”
Marks (2.5 x 2)
 Question:
 The information relating Kareem Corporation is as follow regardingFOH:Estimated CostFixed FOH cost Rs. 80,000Variable FOH cost 1,00,000Activity Level 20,000 Direct Labor hoursActual CostFixed FOH cost Rs. 80,000Variable FOH cost 1,20,000Activity Level 25,000 Direct Labor hours
Calculate:
1.Over & under applied FOH.2.Budgeted Variance.3.Volume variance.Show all necessary workings.
 
Cost & Management Accounting (Mgt-402) Assignment-1Fall Semester 2006
Question
 JV Company began its operations on January 1, 19A and produces one productthat sells for Rs 7. Normal capacity is 100,000 units per year, with 100,000 unitsproduced and 80,000 units sold in 19A. Manufacturing costs and marketing andadministrative expenses were as follows: 
Fixed Costs
 
Variable Costs
Materials ---------- Rs 1.50 per unit producedDirect labor ---------- 1.00 per unit producedFactory overhead Rs 150,000 0.50 per unit producedMarketing & admin expenses 80,000 0.50 per unit sold
Required:1)
Determine the 19A operating income, using direct / marginal costing andabsorption costing.
Following data relates to the AB Public High School which is currentlyrunning in loss. Costs incurred during the first month operations are asfollow:
CostNature of CostAmount (Rs)
Electricity bill80% Variable24,500Telephone bill70% Variable5,330Gas bill90% Variable1,200Teaching staff salary100% Fixed55,000Non teaching staffsalary10% Variable12,500Rent of school building100% Fixed50,000Maintenance offurniture100% Variable2,000Stationary70% Variable3,220

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