Cost and Management Accountancy – Explain LIFO method of pricing the issue of materials with an example.
Cost and Management Accountancy – Explain LIFO method of pricing the issue of materials with an example.
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Cost and Management Accountancy
Marks – 80
Attempt any 5 questions. All questions carry equal marks
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Discuss any five methods of costing and name two industries to which each method is applicable.
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(a) What are the main advantages of a good system of material control ?
(b) What is labour turnover? How can labour turnover be minimized?
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Write short notes on any two of the following :
(a) Perpetual Inventory System
(b) Apportionment of Overheads
(c) Contract Costing
(d) Rowan Premium Plan
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(a) Calculate (i) Minimum stock level and (ii) Maximum stock level, from the following information :
Re-order level 2,400 units
Re-order quantity 1,500 units
Maximum consumption 400 units per week
Re-order period 4 to 6 weeks
Minimum consumption 250 units per week
Normal consumption 300 units per week
(b) From the following information compute a machine hour rate for the month of June, 2005 :
Cost of machine Rs. 32,000
Estimated Scrap Value Rs. 2,000
Repairs over the life period Rs. 2,500
Standing charges for the month Rs. 400.
Power consumed during the month @ Rs. 0.30 per unit Rs. 600. The machine consumes 10 units of power per hour. Effective working life 10,000 hours.
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The following figures are extracted from the books of the firm. Prepare the departmental overhead summary
Item |
Production Depts. |
Service Depts. |
|||
A |
B |
C |
X |
Y |
|
Direct Wages(Rs.) |
900 |
600 |
900 |
900 |
700 |
Light points |
20 |
30 |
40 |
20 |
10 |
Floor space (sq.ft.) |
400 |
500 |
600 |
400 |
100 |
HP of the machines |
75 |
30 |
25 |
10 |
– |
Value of machinery (Rs.) |
12,000 |
16,000 |
20,000 |
1,000 |
1,000 |
The expenses for the period were :
Item |
Rs. |
Item |
Rs. |
Rent |
2,000 |
Indirect wages |
600 |
Power |
600 |
Depreciation |
4,000 |
Lighting |
240 |
Other expenses |
4,000 |
Apportion the expenses of service department Y according to direct wages and those of service department X in the ratio of 5 : 3 : 2 to the production departments.
Cost and Management Accountancy – Explain LIFO method of pricing the issue of materials with an example
-
(a) From the following information, prepare Process Accounts :
|
|
Process A |
Process B |
Other materials (Rs.) |
12,000 |
6,000 |
Direct Labour (Rs.) |
14,000 |
8,000 |
Direct Expenses (Rs.) |
4,000 |
4,000 |
Output (units) |
9,400 |
8,300 |
Normal wastage (rate) |
5% |
10% |
10,000 units of raw materials @ Re. 1 per unit were introduced in process A. The scrap value of wastage (normal) in process A is Rs. 8 per 100 units and in process B is Rs. 10 per 100 units.
(b) Explain LIFO method of pricing the issue of materials with an example.
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Explain the objectives and functions of cost accounting.
-
Discuss the accounting treatment of idle time and overtime.
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Briefly explain the importance of cost control techniques.
-
What is cost reduction? What are its objectives?
