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Cost Accounting Assignment

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Added on: 2023-02-04 08:01:53
Order Code: EQB5 04_02_2023
Question Task Id: 0
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1. Answer the following in brief

a) Define costing. 

b) What do you mean by controllable costs? Give example. 

c) What is a purchase requisition ? To whom it is submitted? 

d) What are the objectives of Cost Accounting? 

e) Name any four techniques of inventory control. 

f) Define the term material control. 

g) What is variable overheads? Give two examples. 

h) Name the methods of labour turnover. 

i) How do you calculate bonus under 

  1. Halsey plan? 
  2. Rowan plan? 

j) Give the meaning of Cost Apportionment.

k) Define Overheads. 

l) What is meant by purely financial expenses? Give examples.

2. Briefly state the differences between Cost Accounting and Financial Accounting. 

3. From the following particulars prepare a statement of Cost and Profit. 

Following information is available with respect to a particular type of labour. 

a) Monthly salary 

  1. Basic pay 2,000 
  2. DA 75% of Basic Pay 

b) House Rent Allowance 400 per

c) Leave salary earned 3500 

d) CCA 200 per month. 

f) Employer's contribution to PF 5% of Basic + DA 

g) Employer's contribution to ESI 22% of Basic + DA 

h) Pro-rata expenses on amenities * 25 per month. 

i) Number of working hours in a month 200 Hours. 

Calculate the Cost of Labour per day of 8 Hours. 

5. Compute machine hour rate from the following data: 

Estimated productive working hours 2000 hours p.a. 

The machine occupies 1/4 of the total area of the shop. The supervisor is expected to devote of his time for supervising this machine. 

6. a) ABC Company Ltd. gives the following details about the material X. Monthly Teller consumption 200 units, Average cost per order 40. Average price per unit* 20, Holding cost 24% per year. 

Determine EOQ. 

b) From the following particulars calculate:

  1. Reorder Level 
  2. Minimum Level 

Maximum consumption 150 units per day 

Minimum consumption 50 units per day 

Reorder period 25-30 days. 

7. In respect of a factory the following figures have been obtained for the year 

A work order has been executed and the following expenses have been incurred. 

Materials      R.8,000 

Wages          R. 5,000 

Assuming that in 2005, the rate of factory overheads has increased by 20%. Distribution overheads have gone down by 10% and selling and administration overheads have each gone up by 122%. At what price should the product be sold so as to earn the same rate of profit on the selling price as in 2004. 

Factory overheads is based on direct wages while all other overheads based on factory cost. 

8. The profit as per cost accounts is 1,15,000 the following points are found out on comparison between cost accounts and financial accounts. 

c) Directors fee paid 1,500 Reserve for bad debts 600 interest paid 1000. Transfer fees received 800, Dividend received 400 are exclusively taken in financial accounts but ignored in cost accounts. 

d) Rent charged in costing but not in FA 5000. 

e) Goodwill* 5000 and preliminary expenses Rs. 2000 have been written off during the year.

f) Overheads incurred Rs. 50,600 but overheads absorbed amounted to 48,100. 

Find out the profit as per financial accounts by preparing Reconciliation Statement. 

9. The following purchases have been extracted in respect of material 'ExE'. Prepare Stores Ledger Account under LIFO Method of pricing of material issues. 

10. India Company Ltd. has three production departments and two service departments. The following figures for a certain period has been made available. 

The following information is also available : 

The expenses of Service Departments are to be charged as follows

You are required to calculate the overhead absorption rate per hour in respect of three Production Departments by preparing primary and secondary distribution summary. 

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  • Uploaded By : Katthy Wills
  • Posted on : February 04th, 2023
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