Sub : IPCC COSTING Marks : 20

IPCC WEEKEND TEST

Date : 7.08.2011 Time : 1 Hr

1. The Stock ledger account material X in a manufacturing concern reveals the following data for the quarter Sept, 30, 20X1 Receipts Issues Quantity Units Price Rs. Quantity Units Value Rs. July 1 Balance b/d 1,600 2.00 July 9 3,000 2.20 July 13 1,200 2,556 August 5 900 1,917 August 17 3,600 2.40 August 24 1,800 4,122 Sept. 11 2,500 2.50 Sept. 27 2,100 4,977 Sept. 29 700 1,659 Physical verification on Sept. 30 revealed an actual stock of 3,800 units. You are required to : (a) Indicate the method of pricing employed in the above. (b) Complete the above account by making entries you would consider necessary including adjustments, if any, and giving explanations for such adjustments. 5 Marks 2. From the following particulars, calculate the best quantity to be ordered: Ordering quantity (in k.g) Price per kg. Rs. Less than 500 10.00 500 and less than 1,600 9.60 1,600 and less than 4,000 9.40 4,000 and less than 8,000 9.20 8,000 and above 9.00 The annual requirement of the material is 8,000 kg. stock holding (carrying) cost is 20% of material cost per annum. Ordering (Re-Ordering) costs per order is Rs. 10. 5 Marks 3. Difference between Bin card and Stores Ledger? 4. Write about the following a. Purchase procedure b. EOQ c. Levels of stock. 5 Marks 5 Marks