Exam Details
| Subject | Elements of Costing | |
| Paper | ||
| Exam / Course | Bachelor Degree in Commerce | |
| Department | School of Management Studies (SOMS) | |
| Organization | indira gandhi national open university | |
| Position | ||
| Exam Date | December, 2016 | |
| City, State | new delhi, |
Question Paper
1. Explain the various steps that are usually taken in connection with the purchase of materials in a manufacturing concern.
State the factors to be considered before installation of a system of costing.
Explain any two methods of costing with suitable examples.
3. Write short notes on any two of the following:
Bin card
Inventory turnover Ratio
Machine Hour Rate
Apportionment of factory overheads
4. The profit disclosed by cost accounts was RS 17,000. The following details are ascertained on comparison of cost and financial accounts
Over recovery of overhead in cost accounts RS 2,000
Loss charged in financial accounts only RS 6,000
Depreciation charged in cost books RS 2,400
Depreciation charged in in financial books RS 1,600
Loss due to theft of stock recorded in cost accounts RS 400
Interest on Investments received RS 8,000
Income tax paid RS 1,000
Bank Interest received not recorded in cost books RS 1,000
Stock adjustment(Credited in financial books) RS 400
Works overhead under-recovered in costing books RS 4,000
Prepare a reconciliation statement and find out the profit as per financial accounts.
5. A worker under Halsey Method of remuneration has a day rate of RS 72 per week of 48 hours plus a cost of living bonus of RS 0.60 per hour worked. He is given an 8 hour task to perform which he accomplished in 6 hours. He is allowed 30% of the time saved as premium bonus. What would be his total hourly rate of earnings, and what difference would it make if he was paid under Rowan Method.
From the following information, prepare a Stores Ledger Ale as per FIFO method of pricing of issue of material
<img src='./qimages/9576-6a.jpg'>
The weekly physical stock taking on Apri17, 2014 showed a shortage of 100 units.
From the following information, calculate Economic Order Quantity
Annual demand 12,000 units
Ordering cost RS 90 per order
Inventory carrying cost per annum RS 15 per unit
State the factors to be considered before installation of a system of costing.
Explain any two methods of costing with suitable examples.
3. Write short notes on any two of the following:
Bin card
Inventory turnover Ratio
Machine Hour Rate
Apportionment of factory overheads
4. The profit disclosed by cost accounts was RS 17,000. The following details are ascertained on comparison of cost and financial accounts
Over recovery of overhead in cost accounts RS 2,000
Loss charged in financial accounts only RS 6,000
Depreciation charged in cost books RS 2,400
Depreciation charged in in financial books RS 1,600
Loss due to theft of stock recorded in cost accounts RS 400
Interest on Investments received RS 8,000
Income tax paid RS 1,000
Bank Interest received not recorded in cost books RS 1,000
Stock adjustment(Credited in financial books) RS 400
Works overhead under-recovered in costing books RS 4,000
Prepare a reconciliation statement and find out the profit as per financial accounts.
5. A worker under Halsey Method of remuneration has a day rate of RS 72 per week of 48 hours plus a cost of living bonus of RS 0.60 per hour worked. He is given an 8 hour task to perform which he accomplished in 6 hours. He is allowed 30% of the time saved as premium bonus. What would be his total hourly rate of earnings, and what difference would it make if he was paid under Rowan Method.
From the following information, prepare a Stores Ledger Ale as per FIFO method of pricing of issue of material
<img src='./qimages/9576-6a.jpg'>
The weekly physical stock taking on Apri17, 2014 showed a shortage of 100 units.
From the following information, calculate Economic Order Quantity
Annual demand 12,000 units
Ordering cost RS 90 per order
Inventory carrying cost per annum RS 15 per unit
Other Question Papers
Departments
- Centre for Corporate Education, Training & Consultancy (CCETC)
- Centre for Corporate Education, Training & Consultancy (CCETC)
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Subjects
- Accountancy-I
- Accountancy-II
- Business Environment
- Business Organisation
- Company Law
- Economic Theory
- Elements of Auditing
- Elements of Costing
- Elements of Income Tax
- Elements of Statistics
- Management Theory
- Mercantile Law
- Money, Banking & Financial Institutions