INTER CA MAY COSTING Topic: Standard Costing, Budgetary Control, Integral and Non Integral, Materials, Marginal Costing.
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1 INTER CA MAY 218 COSTING Topic: Standard Costing, Budgetary Control, Integral and Non Integral, Materials, Marginal Costing. Note: All questions are compulsory. Test Code M33 Branch: MULTIPLE Date: (5 Marks) Question 1 (8 marks) (i) & (ii) 2 marks each, others 1 mark each 1 Page
2 Question 2 (8 marks) (a) (a) Statement Showing Cost Elements Equivalent Units of Performance and the Actual Cost per Equivalent Unit (1 Mark) Detail of Returns Returns in Process at Start Returns Started in March (a) Detail Details of Input Units 2 Returns Completed in March 825 Returns in Process at the end of Equivalent Units Outpu Labour Overheads t Units 9 Units 9 % 1 Units 9 % ,25 1,25 1, 1, Costs: (1 mark) (`) (`) From previous month 12, 5, During the month 1,78, 9, Total Cost 1,9, 95, Cost per Equivalent Unit Actual cost of returns in process on March 31: (1 mark) Numbers Labour 125 Overhead returns 125 returns (b) Standard Cost per Return: (1 mark) Labour 5 Hrs ` 4 per hour = ` 2 Overhead 5 Hrs ` 2 per hour =` 1 ` 3 Budgeted volume for March =` 98, / 1 = 98 Returns Stage of Completion Rate per Return (`) Total (`) , ,5 28,5 2 Page
3 Actual labour rate (c) Computation of Variances: (1 mark) =` 178 / 4 =`44.5 Statement Showing Output (March only) Element Wise Labour Overhead Actual performance in March in terms of equivalent units as Calculated above 1, 1, Less: Returns in process at the beginning of March in terms of equivalent units i.e. 25% Variance Analysis: a. Labour Rate Variance (1 mark) = Actual Time (Standard Rate Actual Rate) = Standard Rate Actual Time Actual Rate Actual Time = ` 4 4, hrs. ` 1,78, =`18,(A) b. Labour Efficiency Variance(1 mark) = Standard Rate (Standard Time Actual Time) = Standard Rate Standard Time Standard Rate Actual Time = ` 4 (95 units 5 hrs.) ` 4 4, hrs. = ` 3,(F) c. Overhead Expenditure or Budgeted Variance(1 mark) = Budgeted Overhead Actual Overhead = ` 98, ` 9, = ` 8,(F) d. Overhead Volume Variance(1 mark) = Recovered/Absorbed Overhead Budgeted Overhead = 95 Units 5 hrs. `2 ` 98, =` 3,(A) Question 3 (8 Marks) 3 Page
4 (3 marks) Question 4 (6 Marks) (2 marks for each point) a. Working Notes: Particulars 215 (`) 216 (`) Fixed Cost 72,, (` 6 1,2, units) 79,2, (11% of ` 72,,) 4 Page
5 Variable Cost (125% of ` 18) Calculation of Break-even Point (in units): Since, shelf life of the product is one year only, hence, opening stock is to be sold first. Total Contribution required to recover total fixed cost in 216 and to reach break-even volume. Less: Contribution from opening stock {2, units (` 3 ` 18)} (`) 79,2, 24,, Balance Contribution to be recovered 55,2, Units to be produced to get balance contribution = ` 55,2, = 73,6 packets. (3 marks) ` 3 ` 225 Break-even volume in units for 216(2 marks) Packets From 216 production 73,6 Add: Opening stock from 215 2, 93,6 Question 5 (5 Marks) Re-order quantity (ROQ) Annual consumption of raw material (A) = 72, units Cost of placing an order (O) = Rs.2,25 Carrying cost per unit per annum(c x i) = Rs. 3x 12%=Rs. 36 Economic Order Quantity (EOQ)/ROQ 2 = 2 72,. 2,25 =. 36 = 3, (ii) Re-order level (ROL) =Maximum consumption x Maximum lead time =4 units x 2 days =8, units (iii) Minimum Level =ROL (Average consumption x Average lead time) = 8, units (3 units x 14 days) = 3,8 units 5 Page
6 (iv) Maximum Level =ROL +ROQ (Minimum consumption x Minimum lead time) = 8,units +3,units (2 units x 8 days) =9,4 units (v)danger level = Average Consumption x Emergency Delivery Time =3 units x 5 days = 1,5 units Or, =Minimum Consumption x emergency Delivery Time Question 6 (8 Marks) Dr. =2 units x 5 days = 1, units. Creditors A/c (1 mark) To Bank A/c 5,8, By Balance b/d 25, To Balance c/d 4, By Stores ledger control A/c 5,95, (Materials purchased)(bal. figure) 6,2, 6,2, Stores Ledger Control A/c (2 mark) Dr. To Balance b/d 4, By WIP control A/c (Balancing figure) 5,7, To Creditors A/c (Materials purchased) 5,95, By Balance c/d 65, 6,35, 6,35, Work-in-Process Control A/c (2 marks) Dr. To Balance b/d To Stores ledger control A/c To Wages control A/c (8% of` 4,,) 5, By Finished goods control A/c (Balancing 5,7, By Balance c/d: 3,2, - Material 35, - Labour 2, (` 5* 4 hours) - Factory Oh (` 2** 4 hours) To Factory Overhead 1,28, control A/c 1,68, * Direct Labour Hour Rate =` 3,2,/ 6,4 hours =` 5 ** Factory Overhead Rate =` 2,8,/ 1,4, =` 2 Wages Control A/c (1 mark) 8, 1,5, 63, 1,68, 6 Page
7 Dr. To Bank A/c 4,, By WIP control A/c (8% of` 4,,) By Factory OH Control A/c (2% of` 4,,) 4,, 3,2, 8, 4,, Dr. Factory Overhead Control A/c (2 mark) To Wages control A/c 8, By WIP control A/c 1,28, (` 2 6,4 hours) To Bank A/c (Indirect expenses) Question 7 (3 Marks) At 2, units Production Overhead I: Fixed Cost 6, By Balance c/d 12, 1,4, 1,4, (2, unit x 5) 1, Selling price Material and labour (A) 1 Production Overhead II (Variable Overhead) (B) 2 Contribution per unit (A) (B) 8 Break-even point = Fixed cost Contribution per unit (1/8)=125 units At 1,5 unit Production Overhead I: Fixed Cost (15 unit x 6) 9, Selling price Material and labour (A) 1 Production Overhead II (Variable Overhead) (B) 2 Contribution per unit (A) (B) 8 Break-even point = Fixed cost Contribution per unit (9/8)=1125 units Question 7 (4 Marks) (i) We know that: Break Even Sales (BES) x P/V Ratio = Fixed Cost 7 Page
8 Break Even Sales (BES) x 4% = ` 6,, Break Even Sales (BES) = ` 15,, (1 mark) (ii) Total Sales = Break Even Sales + Margin of Safety S = ` 15,, +.355S S.355S = ` 15,, S = ` 23,25,581(1 mark) (iii) Contribution to Sales Ratio = 4% Therefore, Variable cost to Sales Ratio = 6% Variable cost = 6% of sales or 6% of 23,25,581 Variable cost = 13,95,349(1/2 mark) (iv) Current Profit = Sales (Variable Cost + Fixed Cost) or 23,25,581 (13,95, ,,) = 3,3,232(1/2 mark) ( v) If sales value is increased by 7 ½ % New Sales value = ` 23,25,581 x 1.75 = 25,, New Margin of Safety = New Sales value BES or 25,, 15 = 1(1 mark) ************ 8 Page
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