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Title: NMIMS Cost Accounting Mid-Term paper
Description: Narsee Monjee Institute of Management Studies (NMIMS) Mid-Term question paper for cost accounting for 2023
Description: Narsee Monjee Institute of Management Studies (NMIMS) Mid-Term question paper for cost accounting for 2023
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Subject: Cost Accounting
Date :
Marks: 20 marks
Time :1 hour
MidTerm Examination
Instructions: Candidates should read carefully the instructions printed on the
and on the cover of the Answer Book,
which is
provided for their use
...
All the questions are
compulsory
...
All sub-sections of each
question must be attempted together
...
Working notes must form an
integral part of your answer
...
Use of both simple and scientific
calculator is allowed
...
Manufactures two types of shoes
...
PARTICULARS
Production during the year
Raw Materials Consumed
Add :Direct Wages
PRIME COST
Add:Factory Overheads
FACTORY COST
|Add:Administrative Overheads
COST OF PRODUCTION
Less :Closing stock of Finished Goods
(valued at cost of production)
COST OF GOODS SOLD
Add :Seling Overheads
COST OF SALES
Add :PROFIT
Type A
40,000 pairs
1,20,000 pairs
Rs
...
Total
Rs
...
40,000
4,50,000
15,10,000
9,00,000
29,40,000
151,000
4,90,000
24,50,000
38,09,000
3,00,000
4,08,000
27,50,000
42,17,000
8,25,000
35,75,000
11,18,400
53,35,400
13,59,000
1,08,000
14,67,000
2,93,400
SALES
Type B
17,60,400
9,60,000
4,80,000
15,60,000
9,00,000
24,60,000
6,40,000
31,00,000
13,50,000
44,50,000
6,41,000
During the year 202 1-22, the company was operating at 80% of the total shoe making
Considering the fall in demand of Type A Product and increase in the demand ofcapacity
...
The company now estimates that the company will work at 90% of the total capacity during
the year 2022-23
...
Due to improved quality of raw materials,the cost is likely to go up by 25% from the
previous year level
...
The labour cost is also likely to increase by 20% from the previous year level due to
inflation
...
The Factory overheads in the previous year include Fixed Factory overheads which
have been fully absorbed (@ Rs
...
The Balancing values
are towards variable overheads, which are expected to see an increase (@ 33 1/3% in
the following year
...
There is no change in the Administrative overheads in the following year
...
The company has estimated that 90% of the production of Product Bwill be sold
...
1/- per unit
...
The company tells you that the company wants to earn the same rate of profit on sales
for Product B as that in 2021-22,
...
To make the Estimated Cost sheet of Product B for the year 2022-23
...
and
i
...
5machine hours toproduce
...
i
(14 marks)
Question 2
a)
Name the methods of calculating labour turnover
...
The company has a plan to sell 7,500 units of such equipment
per month
...
Cost of ordering the silicon chips is Rs
...
above
The storage cost is Rs
...
a
...
Over and
per silicon
this
...
25
chíp p
...
Purchase cost of asilicon chip is Rs
...
You are required to calculate
a) Economic order quantity
) No
...
Ç) Time lag between two consecutive orders assuming 360 days in a year
Title: NMIMS Cost Accounting Mid-Term paper
Description: Narsee Monjee Institute of Management Studies (NMIMS) Mid-Term question paper for cost accounting for 2023
Description: Narsee Monjee Institute of Management Studies (NMIMS) Mid-Term question paper for cost accounting for 2023