Cost and management accounting December 2023

Description

Assignment Sample Solution: Cost and management accounting December 2023

NMIM$ Global Access

School for Continuing Education (NGA-SCE)

Course:  Cost and management accounting December 2023

Internal Assignment Applicable for December 2023 Examination

Q1. The following details have been extracted from Sam Ltd.’s books of accounts for the year ending March 31, 2023. The manager of the company is shared and divides his time between the factory and the office in the ratio of 20:80. You are required to compute: (a) prime cost, (b) factory overhead, (c) factory cost, (d) over head and (e) cost of sale.
(10 Marks)
Stock of Materials: Opening 2,82,000.00
Stock of Materials: Closing 3,00,000.00
Materials Purchased during the year 12,48,000.00
Direct Wages 3,57,600.00
Indirect Wages 24,000.00
Salaries for Administrative Staff 60,000.00
Freights: Inwards 48,000.00
Freights: Outwards 30,000.00
Cash Discount Allowed 21,000.00
Bad Debts W/Off 28,200.00
Repairs to Plant and Machinery 63,600.00
Rent, Rates and Taxes of Factory 18,000.00
Rent, Rates and Taxes of Office 9,600.00
Travelling Expenses 18,600.00
Salesmen’s salaries and commission 50,400.00
Depreciation W/Off: Plant and Machinery 42,600.00
Depreciation W/Off: Furniture 3,600.00
Director’s fees 36,000.00
Electricity Charges: Factory 72,000.00
Fuel Charges: Boiler 96,000.00
General Charges 37,200.00
Manager’s Salary 72,000.00
Q2. You are required to compute the labor turnover using different methods of labor turnover measurement from the following information provided for Manas Ltd. for the
month of December 2022.
Total workers in the beginning of the month were 3800, whereas at the end of the month were 4200. During the month, 50 workers left the firm on account of their own problems while 80 workers were discharged. 560 workers were engaged during the month in various departments. But out of them, only 60 were appointed. (10 Marks)
Q3. A product sells at Rs. 3 per unit. The company uses a first-in-out actual costing system. A new fixed manufacturing overhead allocation rate is computed each year by dividing the actual fixed manufacturing overhead cost by the actual production. The
following data is available for the first two years:
Year 1 Year 2
Sales (Units) 1500 1800
Production (Units) 2100 1500
Cost: (Rs.) (Rs.)
Variable Manufacturing 1050 750
Fixed Manufacturing 1050 1050
Variable Marketing and Administration 1500 1800
Fixed Marketing and Administration 600 600
Prepare Income Statement for each year based on:
a. Absorption Costing (5 Marks)
b. Variable Costing (5 Marks)

 

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