B.com Part 2 – COST ACCOUNTING 2005 (Private)

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COST ACCOUNTING 2005 (Regular)

 

Time : 3 Hours                Max. Marks:100

 

Instructions: Attempt any FIVE questions. 1.(a) Show the components of total cost in relation to the selling price of a product, in form of a table. (15) 1.(b) Why cost accounting is needed? (05)   2. The following information has been taken from the accounting records of LATIF manufacturing Company: (20) Inventories (Jan. 1, 2004) Raw Material Rs.27,300 Goods in Process Rs.16,200 Finishes goods Rs,24.100   Inventories: (Mar.31, 2004)

Items

Raw Material

Goods In Process

Finished Goods

Material Rs.29,050 Rs.6,450 Rs.21,750
Labour 2,100 13,500
Overhead ? 10,800
Totals Rs.29,050 Rs. ? Rs.46,050

Data for the Three months ended on March 31, 2004 Cost of Good manufactured Rs.406,440 Factory Overhead Rs.89,200 The Company also paid transportation costs on Materials purchased of Rs.13,850, it received credit of Rs.8,150 for materials returned to suppliers.   REQUIRED: On the basis of the above information and the missing data, which can be derived from it, prepare a statement of cost of good manufactured for the three months ended on March 31st. 2004.   3. FACTORY LEDGER & GENERAL LEDGER: NOT INCLUDED IN THE NEW COURSE   4. The following data relate to Dada Bhai Manufacturing Company for its Operations for April 2004. (20) 1. Purchase of Raw Material on account for Rs.32,500 2. Raw Material account shows a debit balance of Rs.10,000 on April 30, 2004 3. Direct Labour cost incurred Rs.50,000 4. Factory overhead incurred Rs.40,000 5. The job were completed and Shipped to customers at a billed price of Rs.150000. 6. The factory overhead ls plied on the basis of Direct Labour cost. 7. Goods in. Process on April 30, 2004 were as: Raw Material ………… Rs.2,950 Direct Labour cost Rs.2,250   REQUIRED: 1. Give the necessary journal Entries for the above transaction 2. Compute the cost of goods In process on April 30,2004. 3. Prepare a condensed Income Statement.   5. MATERIAL INVENTORY SYSTEM:

 

NOT INCLUDED IN THE NEW COURSE   6. Annual Estimate Factory overhead of a company for an expected volume of 1,80,000 pounds of a product was as follows: (20) Fixed overhead Rs 36,000 Variable overhead 1,08,000 Out put was 10,000 pounds in June and actual overhead expenses were Rs.7,700   REQUIRED (a) The overhead rate per unit (b) Spending Variance (c) Idle Capacity Variance.   7. DEPARTMENTALIZATION OF OVERHEAD:NOT INCLUDED IN THE NEW COURSE   8. A manufacturing concern produced in Product in Three processes, the information of which is asunder: (20)

  Process I Process II Process III
Transferred to next process 2/3 60%
Transferred to warehouse for sale 1/3 40% 100%

In each process 4% of the total weight put in is lost and 6% is Scrap, Which from Process I realized Rs.3 per Lb. from process II Rs.5 Per Lb. and from Process III Rs.6 per Lb. The following particular rates are applied:   Raw Material used: Process I 1400 Lbs at Rs. 10/= per Lb Process II 160 Lbs at Rs. 16/= per Lb Process III 1260 Lbs at Rs. 7/= per Lb   Manufacturing Wages and Expenses: Process I ………….  Rs.5,152 Process II …………. Rs.3,140 Process III ………     Rs.2,895   REQUIRED: Prepare Process Accounts showing the Cost per Lb.

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