# CS Executive Programme Module - I December Paper - 2 : Cost and Management Accounting

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1 ISBN : Solved Scanner Appendix CS Executive Programme Module - I December Paper - 2 : Cost and Management Accounting Chapter - 1 : Introduction to Cost and Management Accounting Dec [3] (a) Explain the cost concepts : Opportunity cost, sunk cost, differential cost and conversion cost. Chapter - 2 : Material Cost Dec [1] Comment on the following statements: (a) During inflation, last-in-first-out (LIFO) method results in more appropriate valuation of closing stock. (b) Perpetual inventory is a method of maintaining records, whereas continuous stock taking involves physical checking of those records with actual stock. (5 marks each) Dec [3A] (Or) (iii) A manufacturer uses 75,000 units of a particular material per year. The material cost is 1.50 per unit and the carrying cost is estimated at 25% per annum of average inventory cost. The cost of placing an order is 18. You are required to determine the economic order quantity (EOQ), frequency of orders per annum and time between two consecutive orders. Chapter - 3 : Labour Cost Dec [3] (c) Bimal, a worker, has produced 180 units in a week s time. The guaranteed time wages for a forty hour week is 72 with an expected output of 140 units. As a part of the incentive scheme, the expected output is further reduced to 120 units per week. Ascertain the earnings per hour of Bimal under Halsey and Rowan bonus schemes. Chapter - 4 : Direct Expenses and Overheads Dec [2] (a) Distinguish between the following: (i) Cost allocation and cost apportionment.

2 Solved Scanner CS Executive Programme Module - I December Dec [2] (b) Compute machine hour rate of a machine in a shop consisting of three similar machines occupying equal floor space. Following details are supplied for the machine of which standard working hours per year are fixed at 3,000 hours. Normal idle time is estimated at 25% of the standard time: Rent and rates of the shop (per annum) General electricity for the shop (per month) Repairs and maintenance expenses for the machine (per annum) Rate of power charges for 100 units (the machine consumes 10 units per hour) Foreman s salary for supervising all the three machines (per month) Indirect labour cost for the machine (per hour) 5, ,000 4 The machine costs 1,70,000 and scrap value is estimated at 12,500 after estimated useful life of 10 years. The foreman devotes equal attention to all the machines in the shop Dec [3A] (Or) (iv) A manufacturing company has three production departments and two service departments. Given below are the production overheads incurred in respect of each department: Production Department P 1,80,000 Q 1,70,000 R 1,50,000 Service Department X 2,34,000 Y 3,00,000 Service department overheads are proposed to be charged to production departments on the following basis: Service Department X Service Department Y P 40% Q 40% R 30% X Y 10% You are required to prepare an overhead distribution summary. Apportion the overheads of the service departments using simultaneous equation method. Chapter - 5 : Activity Based Costing (ABC) Dec [3] (b) Activity based costing has been devised to overcome the inadequacies of traditional methods of overhead absorption. Explain.

3 Solved Scanner CS Executive Programme Module - I December Chapter - 7 : Cost Records-II (Reconciliation of Cost and Financial Accounts) Dec [3] (d) Prepare a reconciliation statement from the following figures and ascertain the profits as per financial books: Loss as per cost accounts Under-valuation of closing stock in cost accounts Preliminary expenses written-off in financial books Profit on sale of furniture recorded in financial books only Interest on bank loan Factory overheads over-absorbed 50,000 25,000 10,000 6,000 6,075 11, Dec [3A] (Or) (i) Reconciliation of cost and financial books is warranted only in the case of non-integrated accounting. Explain. Chapter - 8 : Costing Systems - I (Unit and Output Costing, Job Costing & Batch Costing) Dec [2A] (Or) (i) From the following particulars prepare a statement in such form as you consider most suitable for showing clearly all elements of cost: Opening stock of raw materials Purchase of raw materials Raw materials returned to suppliers Closing stock of raw materials Wages paid to productive workers Wages paid to non-productive workers Salaries paid to office staff Carriage on raw materials purchased Carriage on goods sold Fuel, gas, water, etc. Repairs to plant Depreciation on machinery Office expenses Direct chargeable expenses Advertising Abnormal loss of raw material Sales 30,000 75,000 3,000 20,000 18,500 2,500 5, ,000 3,500 1,000 1,500 2,600 1,200 1,600 1,500 1,40,000

4 Solved Scanner CS Executive Programme Module - I December Chapter - 9 : Costing System-II (Contract and Process Costing) Dec [2] (a) Distinguish between the following: (ii) Joint products and by-products Dec [2A] (Or) (ii) Future Construction Ltd. was awarded with a contract worth 10,00,000. Following expenses were incurred by the company for the year ended 31 st March, 2012: Plant issued to contract Material Wages Hire charges Electricity Administration overheads 1,00,000 2,00,000 2,50,000 50,000 1,00,000 60,000 Of the plant issued of the contract, a part with the original cost of 40,000 was sold for 50,000 on 1 st April, Plant is subject to 10% per annum. Material worth 20,000 were in stock as on 31 st March, As on 31 st March, 2012, the company received 7,20,000 by way of cash being 80% of the work certified. Cost of uncertified work as on 31 st March, 2012 was 30,000. The company is expecting to complete the contract by 30 th June, 2012, for which the following additional expenditure are expected to be incurred: Material (in addition to material in hand) Wages Administration overheads 40,000 30,000 5,000 Contingency: 5% of total cost excluding contingency. You are required to prepare contract account for the year ended 31 st March, Dec [3A] (Or) (ii) Write a note on escalation clause Dec [5] (b) In a factory, a product is produced through two distinct processes; Process-A and Process-B. On completion, the product is transferred to finished stock account. During the month of June, 2013, the following information was obtained: Particulars Process-A Process-B Units introduced 3,000 Units transferred to next process 2,800 Units transferred to finished stock 2,750 Cost of units introduced () 21,000 Materials () 3,000

5 Solved Scanner CS Executive Programme Module - I December Labour cost () 10,600 5,500 Overheads () 3,350 3,820 The normal loss in each process was 5% which was sold at 5 per unit. There was no stock of raw material or work-in-progress in the beginning or at the end of the month. You are required to prepare the process accounts and finished stock account. Chapter - 10 : Costing System - III (Service Costing/Operating Costing) Dec [4] (a) A truck starts with a load of 20 tonnes of goods from station A. It unloads 6 tonnes at station B and rest of the goods at station C. It reaches back directly to station A after getting reloaded with 16 tonnes of goods at station C. The distance from A to B and B to C stations are 100 Kms. and 130 Kms. respectively. Compute the absolute tonne-kms for the truck service. Chapter - 11 : Marginal Costing Dec [1] Comment on the following statements: (c) The technique of marginal costing can be a valuable aid to management. (5 marks) Dec [4] (c) Sunrise Ltd. sold goods for 3,00,000 in a year. In that year, the variable cost was 60% of sales and profit was 80,000. Selling price per unit was 100. Find out for the year (i) P/V ratio; (ii) fixed cost; (iii) break-even sales in rupee terms; and (iv) break-even sales if selling price was reduced by 10% and fixed costs were increased by 10,000. Chapter - 12 : Standard Costing and Variance Analysis Dec [4] (d) From the following information of a company, determine (i) Labour cost variance; (ii) Labour efficiency variance; and (iii) Labour rate variance: Standard labour cost per unit of production is 15. Time allotted per unit is 3 hours. 300 Units are produced in 750 hours during the month of July, Actual payment of wages for the month is 4, Dec [5] (a) A fertilizer manufacturing company manufactures and markets a chemical fertilizer by blending three raw materials N, P and K. The standard loss permitted for the process is 10%. During the year 2012, the company produced 9,500 units of the fertilizer using a total material of 9,800 Kgs. Standard and actual mix of material was as under:

6 Solved Scanner CS Executive Programme Module - I December Material Standard Actual Mix (%) Price/Kg. Mix(%) Price/Kg. () () N P K From the above information, compute (i) Material cost variance; (ii) Material price variance; (iii) Material usage variance; (iv) Material mix variance; and (v) Material yield variance. Chapter - 13 : Budget, Budgeting and Budgetary Control Dec [1] Comment on the following statements: (d) A cash budget is a plan of the receipts and payments of cash for the budget period, drawn up so that the balance can be forecast at regular intervals. (5 marks) Dec [4] (b) A factory is currently running at 50% capacity and produces 5,000 units at a cost of 180 per unit as per the details given below: Material 100 Labour 30 (12 fixed) Factory overheads 30 (12 fixed) Administration overheads 20 ( 10 fixed) The current selling price is 200 per unit. At 60% working capacity, material cost per unit increases by 2% and selling price per unit falls by 2%. Estimate the profit of the factory at 60% capacity. Chapter - 15 : Analysis & Interpretation of Financial Statements - I Dec [6] (b) From the given information of a company for the year ended 31 st March, 2012, prepare profit and loss account and balance sheet: Current ratio 2.5 :1 Quick ratio 1:1 Fixed assets to proprietor s funds 0.6 Gross profit ratio 40% Trade payables turnover 30 times Trade receivables turnover 20 times Stock turnover ratio 5 times Net profit to net worth 1:10

7 Solved Scanner CS Executive Programme Module - I December Share capital 5,00,000 Net working capital 2,40,000 Opening stock is 10,000 less when compared to closing stock. There were no debentures or long-term loans. (12 marks) Chapter - 16 : Analysis & Interpretation of Financial Statements - II (Cash Flow Statement) Dec [6] (a) Calculate the cash flow from operating activities on the basis of the following information using indirect method: ( in lakhs) Sales Interest earned Total income Material consumed Other expenses Loss on sale of asset Depreciation Interest and finance charges Profit before tax (-) Provision for income tax 0.00 Profit after tax (-) Balance sheet extracts as on: 31 st December, st December, 2011 ( in lakhs) ( in lakhs) Inventories Trade receivables Trade payables Provision for tax

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