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Cost & Management Accounting
December 2022 Examination
Q1.
The data shown below relate to an industrial organization that manufactures
household appliances.
Standard
quantity required of materials item 0009
1 kg.
Standard
price per kg. ₹ 10
Product
in a month appliances 100 kgs.
Actual
quantity of materials used 98 kgs.
Actual
price paid ₹ 11/kg
The
following calculations for variances have been made:
Material
usage variance = 2 kgs. @ ₹ 11 = ₹ 22
Material
price variance = 100 kgs. × ₹ 1 = ₹ 100
Do
you agree with these calculations? If not, provide a correct calculation for
the
Variances.
(10 Marks)
Answer:
INTRODUCTION:
When we talk about price, it refers to all the costs that the
producer of any product needs to sustain while creating the good. Standard
price nevertheless refers to the expense which is pre determined or the one
which is decided by the manufacturer even before the item has been introduced
in the market. It is to be
Q2.
ABC Ltd. started a factory in Kolkata on 1st April, 2021. Following details are
Furnished
about its activity during the year ended 31st March 2022.
Raw
Material consumed – 40,000 units @ ₹7 per unit.
Direct
Wages:
Skilled
worker – ₹9 per unit.
Unskilled
worker – ₹6 per unit.
Royalty
(on raw material consumed) @ ₹3 per unit.
Works
overheads @ ₹8 per machine hour.
Machine
Hours Worked 25,000.
Office
Overheads at 1/3rd of works cost.
Sales
Commission @ ₹4 per unit.
Units
produced 40,000
Stock
of units at the end 4,000 units, to be valued at cost of production per unit.
Sale
price is ₹60 per unit.
Prepare
Cost sheet showing the various elements of cost. (10 Marks)
Answer:
INTRODUCTION:
Price
is a financial concept that suggests the expenses sustained by the manufacturer
while producing any item. It needs to be established at the expense of the factors
of production like land, resources, entrepreneurship, and labor. In return, the
manufacturer earns a lot from the customers by selling those items on the
market.
3.a.
What are the implications of Economic Order Quantity in proper inventory management?
(5 Marks)
INTRODUCTION:
In
a company, what comes to be essentially essential is the record of the
occasions and the critical things occurring in them. It is not only about the
management of the personnel in the business but also regarding the gratification
of the demand of the customers. It is the customer's demand that motivates the
producer to
3.
b X Ltd. estimates its carrying cost at 15% and its ordering cost at ₹9 per
order. The estimated annual requirement is 48,000 units at a price of ₹4 per
unit.
a)
What is the most economical number of units to order?
b)
How many orders should be placed in a year?
c)
How often should an order be placed? (5 Marks)
Answer:
INTRODUCTION:
Economic order quantity, commonly referred to
as EOQ, refers to the data that the firms preserve to represent their ideal
size, order dimension, the amount of production they are holding, and the
demand they need to fulfill. This data assists the producer in identifying just
how much it has to generate, for whom it needs to produce,
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