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Discuss marginal costing. Give the classification of cost. Write short note on Material Price Variance. Distinguish betweenFixed cost and variable cost. What is Transfer Price? Briefly state the objectives of Transfer Pricing System. From the following data, find out the profit as per financial records : Profit as per cost records 70,500 Closing stock under-valued in cost records 10,300 Administration overheads under recovered in cost records 5,600 Bad debts and preliminary expenses written-off in financial accounts only 7,845 Depreciation overcharged in cost records 3,645 7. Briefly explain cash budget. 8. What are the steps of target costing? 1. From the following transactions, prepare separately the stores ledger accounts using the following pricing methods: (i) FIFO and ii) LIFO January 1 Opening balance 100 units @ Rs. 5 each January 5 Received 500 units @ Rs. 6 each January 30 Issued 300 units February 5 Issued 200 units February 6 Received 500 units @ Rs. 5 each March 10 Issued 300 units March 12 Issued 250 units Sectiond From the following particulars, prepare a Cost sheet. Stock of Raw Materials on 1.4.2010 Stock of Raw Materials on 30.4.2010 Purchase of Raw Materials Productive Wages Drawing Office Salaries Counting House Salaries Freight on purchase Materials Rent, Rates, Taxes & insurance (Factory) Rent, Rates, Taxes & Insurance (Office) Carriage Outwards Repairs of Plant & Machinery Travelling Expenses Gas and Water Charges (Factory) Gas and Water Charges (Office) General Charges Manager's Salary (1/4 th time devoted to Factory and1/4 th time devoted to Office) Depreciation on Plant & Machinery Depreciation on Furniture Directors' Fees Advertisement 24,000 31,000 1,10,000 75,000 7800 8500 6000 9000 6000 9500 4500 12000 3,500 1,200 7,500 24,000 6,500 1,000 9,000 15,000