NMIMS – Cost & Management Accounting
NMIMS MBA Cost & Management Accounting Solved Assignment
Q1. The following is the summary of the receipts and issues of material in a factory during December 2007. Prepare Store Ledger according to First In First Out Method. This NMIMS MBA Cost & Management Accounting Solved Assignment will guide you through the necessary steps.
December 2007
- Opening balance 500 units @ Rs.25 per unit
- Issue 70 units
- Issue 100 units
- 8. Issue 80 units
- 13. Received from supplier 200 units @ Rs.24.50 per unit
- 14. Returned to store 15 units @ Rs.24 per unit
- 16. Issue 180 units.
- 20. Received from supplier 240 units @ Rs.24.75 per unit
- 24. Issue 304 units.
- 25. Received from supplier 320 units @ Rs.24.50 per unit
- 26. Issue 112 units
- 27. Returned to store 12 units @ Rs.24.50 per unit
- 28. Received from supplier 100 units @ Rs.25 per unit
It was revealed that on 15th there was a shortage of five units and another on 27th of 8 units. (10 Marks)
Q2. The anticipated material expense for project D-2 totals Rs. 5,000, with an expected direct labor cost of Rs. 1,000. In the machine shop, it necessitates 20 hours of machining by Machine No. 8 and 6 hours by Machine No. 11. The machine hour rates for Machine No. 8 and Machine No. 11 stand at Rs. 10 and Rs. 15 respectively. Last fiscal year, direct wages summed up to Rs. 80,000, while factory overheads (excluding those associated with Machine No. 8 and 11) amounted to Rs. 48,000. Similarly, the collective factory cost of all projects last year equaled Rs. 2,50,000, with office expenses reaching Rs. 37,500. To incorporate a 20% profit margin on the selling price, a quotation statement needs to be prepared. (10 Marks)
Q3. A) How can you install a system of costing in a biscuit producing factory? What are the possible difficulties in installing such system? (5 Marks)
B) Financial Accounting procedures are generally designed to ascertain the periodic profit or loss, but there are important limitations and deficiencies in the system.” Discuss. (5 Marks)
NMIMS Dec 2024 EMBA 1st Sem Solved Assignments