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    SEM.3 - Cost Acc-1 - MC - ENG

    Uploaded by

    CA Rachit Sheth
    The document contains 5 questions regarding cost accounting concepts. Question 1 asks to explain cost classifications and their advantages and limitations. Question 2 provides data on inventory levels and asks questions about reorder levels, maximum/minimum levels, and average stock. Question 3 provides inventory transaction data and asks to prepare inventory records using FIFO and LIFO methods. Question 4 provides payroll data and asks to calculate total wages, labor cost per day, and total salary for the month. Question 5 provides departmental cost data and asks to allocate overhead expenses between departments and calculate the overhead rate for each production department.

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    SEM.3 - Cost Acc-1 - MC - ENG

    Uploaded by

    CA Rachit Sheth
    70 views2 pages
    The document contains 5 questions regarding cost accounting concepts. Question 1 asks to explain cost classifications and their advantages and limitations. Question 2 provides data on inventory levels and asks questions about reorder levels, maximum/minimum levels, and average stock. Question 3 provides inventory transaction data and asks to prepare inventory records using FIFO and LIFO methods. Question 4 provides payroll data and asks to calculate total wages, labor cost per day, and total salary for the month. Question 5 provides departmental cost data and asks to allocate overhead expenses between departments and calculate the overhead rate for each production department.

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    SEM.3 _Cost Acc-1_MC_ENG

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    The document contains 5 questions regarding cost accounting concepts. Question 1 asks to explain cost classifications and their advantages and limitations. Question 2 provides data on inventory levels and asks questions about reorder levels, maximum/minimum levels, and average stock. Question 3 provides inventory transaction data and asks to prepare inventory records using FIFO and LIFO methods. Question 4 provides payroll data and asks to calculate total wages, labor cost per day, and total salary for the month. Question 5 provides departmental cost data and asks to allocate overhead expenses between departments and calculate the overhead rate for each production department.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    70 views2 pages

    SEM.3 - Cost Acc-1 - MC - ENG

    Uploaded by

    CA Rachit Sheth
    The document contains 5 questions regarding cost accounting concepts. Question 1 asks to explain cost classifications and their advantages and limitations. Question 2 provides data on inventory levels and asks questions about reorder levels, maximum/minimum levels, and average stock. Question 3 provides inventory transaction data and asks to prepare inventory records using FIFO and LIFO methods. Question 4 provides payroll data and asks to calculate total wages, labor cost per day, and total salary for the month. Question 5 provides departmental cost data and asks to allocate overhead expenses between departments and calculate the overhead rate for each production department.

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    Ahmedabad Arts and Commerce College, Vasna,

    Ahmedabad
    Subject : Cost Accounting – 1 Class – S.Y B.Com ( Sem – 3 )
    Assignment – Year : 2022-23

    Q 1 Explain the Cost Classifications with advantages and limitations of cost accounting
    Q 2 From the following data of Shree Krishna Ltd. Find out
    1) Reorder level
    2) Maximum level
    3) Minimum level
    4) Average stock level
    5) Danger point
    6) Safety stock
    Maximum time lag for immediate purchase is half week. Reorder quantity 1,200 units.

    Particular Maximum Average Minimum


    1. Reorder period 5 ? 3
    ( Weeks)
    2. Usage ( units ? 70 60
    per week )

    Q 3 Vasundhara Ltd. has on 1st March, 2011 opening stock of 600 kgs of material “P” at Re. 1 per kg. The following
    transactions of receipts and issues where made:

    Date Particular Qty (Kgs) Rs.


    2011
    March 4 Purchase 800 960
    " 14 Issue 400 -
    " 22 Purchase 600 540
    " 26 Issue 395 -
    " 26 On verification shortage of 5 kgs was found

    March 8 Issue 500 -


    “ 18 Purchase 200 220
    “ 24 Issue 150 -
    “ 27 Issue 300 -
    “ 28 Return back from production to stores ( 100 -
    out of 08th April, ’07 )

    Prepare stock register for Material ‘P’ as per FIFO and LIFO method
    Q 4 From the payroll of Desai Ltd. following data of the workers for January, 2011 is available. On the basis
    of the data, prepare a statement showing total wages for the month and the labour cost per day of 8 hours.
    Contribution to the provident fund and the Employees State Insurance (E.S.I.) is calculated on Basic salary
    plus Dearness Allowance. Find out the total salary for one month also.
    1) Monthly salary basic Rs. 3,000
    2) Dearness Allowance p.m. Rs. 3,000 (fixed)
    3) Perquisite to each worker Rs. 80
    4) Leave salary 10% of the basic pay.
    5) Employer's contribution to provident fund 8 1/3%
    6) Employer’s contribution to E.S.I. 2%
    7) Number of working days in a month 25
    8) Daily working hours 8

    Q.5 In Arpit Co., the following particulars have been extracted for the quarter ended 31st March, 2007 :

    Particula Production Department Service Department


    r A B C X Y
    Direct Rs.15,000 Rs.22,500 Rs. 30,000 Rs. 7,500 Rs. 15,000
    Wages
    Direct Rs.7,500 Rs. 15,000 Rs. 15,000 Rs. 11,250 Rs. 11,250
    Material
    No. of 750 1,125 1,125 375 375
    Employee
    Electricity 3,000 2,250 1,500 750 750
    (kwh)
    Value of Rs. 30,000 Rs. 20,000 Rs. 15,000 Rs. 5,000 Rs. 5000
    assets
    Light Point 5 8 2 3 2
    Area (sq. 75 125 25 25 25
    mtrs.)

    The expenses for the period were :

    Power Rs. 550 Stores overhead Rs. 400


    Lighting . Rs 100 Staff Welfare Rs. 1,500
    Depreciation Rs. 15000 Repairs Rs. 3,000
    General Rs.6000 Rent and taxes Rs. 275
    overheads

    Apportion the expenses of department Y according to direct wages and those of department X in the
    ratio of 5:3:2 to the production departments.
    Compute the departmental overhead rate of each of the production department

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