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Cost

The document is an assignment on cost accounting, divided into three sections. Section A includes definitions and calculations related to job costing, contract costing, process costing, and abnormal loss. Sections B and C provide specific problems requiring calculations of profits, costs, and preparation of accounts based on given data.

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11 views3 pages

Cost

The document is an assignment on cost accounting, divided into three sections. Section A includes definitions and calculations related to job costing, contract costing, process costing, and abnormal loss. Sections B and C provide specific problems requiring calculations of profits, costs, and preparation of accounts based on given data.

Uploaded by

srinimaha1442005
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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COST ACCOUNTING ASSIGNMENT - I

Section-A

1. Define Job costing.


2. What do you mean by Contract costing?
3. How cost per unit is to be calculated in process costing?
4. Define Process costing.
5. What is mean by Abnormal Loss?

Section-B

6. The following information is available for the job ledger in respect of job
no.606.
Material Rs.3,400
Wages 80 hours Rs.2.50
Variable overheads incurred for all jobs is Rs.6,000 for 4,000 labour
hours. Calculate the profit earned on Job No.606 if it is billed for
Rs.4220.

7. The following figures relate to two jobs of a manufacturing business


which are completed in the week ending 6th June 2014. Compute the total
cost by preparing a cost sheet with this information.

Job No.1 Job No.2


(Rs.) (Rs.)
Direct Materials 2,000 3,200
Direct Labour 1,600 2,400
Chargeable Expenses 400 600

Charge Works overheads at 50% on direct labour and office overheads at


10% on works cost. What shall be the job price if 10% profit is
determined on the supply price?
8. Find the cost per unit of Process X from the following.

Material: 250 units @ 50 per unit


Other Expenses Rs.5,500
Normal Loss:10% of input
Scrap Value: Rs. 5 per unit
Output: 180 units

9. From the following information, prepare process account.

Input of raw material 2000 units @ Rs.6 per unit


Direct material Rs. 10,400
Direct wages Rs.10,000
Production overheads Rs.6,000
Actual Output to Process II 1900 units
Normal loss 5%
Value of scrap per unit Rs.4

Section-C

10. A building contractor took a contract for t construction of a certain


building on 1.1.2017 The contract price was agreed The contractor had at
Rs 16,00,000 made the follow expenditures during the year.

Rs.

Direct material purchased 40,000

Materials issued from stores 60,000

Direct Labour 60,000

Plant 1,60,000
Direct expenses 40,000

From the following further information, prepar contract A/c for the year.
Also show the amount work in progress which will be shown in balance
sheet of the contractor.

Rs.

Value of Plant on 31.12.2013 1,20,000

Stock of Materials at site 20,000

Materials returned to stores 4,000

Work certified by architect 3,00,000

Cash received from the contractee 2,80,000

Cost of work not yet certified 16,000

11. A Liquid medicine passes through three processors. During the month of
January 2016, 600 gross bottles were produced. From the following
details. Prepare process accounts.

Particulars Process X Process Y Process Z

(Rs.) (Rs.) (Rs.)

Materials 4,000 2,000 1,500

Labour 3,000 2,500 2,300

Direct Expenses 600 200 500

Cost of bottles - 2,030 -

Cost of Corks - - 325

Indirect expenses were Rs. 1,600. In Process Y, the by products were sold for
Rs.240. In Process Z the residue was sold for Rs.125.50.

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