Solution Paper 8 COST AND MANAGEMENT ACCOUNTING June Chapter 2 Material
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1 June [7] (a) Date Receipts Qty (Units) May Opening Balance Solution Paper 8 COST AND MANAGEMENT ACCOUNTING June Chapter 2 Material Rate FIFO Method Issue Qty. (Units) Rate Issue LIFO Method Qty (units) Rate To Production To Production To Production To Production To Production To Production From Supplier Returned to stores (Shortage) 5 25 (Shortage) To Production To Production (180) From Supplier To Production (304) To Production 24.5 (304) From supplier To Production To Production (Shortage) (Shortage) Returned Stores From Supplier
2 Particulars FIFO Method FIFO Method Units ` Units ` Total Issued to production Less: Returns Net Cost of Consumption Closing inventory value Opening inventory value Total Average inventory at cost , ,347 13,010 12,500 25,510 25,510/2 = 12, , ,270 13,094 12,500 25,594 25,584/2 = 12,797 Inventory Turnover Ratio = Material cost of the sales/ average inventory = 20347/12755= or 1.6 Working Notes: (i) Calculation of closing inventory value FIFO Method 20,270/12797=1.585 or 1.6 LIFO Method = ` 2, = 7, = = 2, ` 3, = ` 7, = 5, ` 13,094 (ii) Calculation of value issued to production FIFO Method 25 = ` 12, = 4, = = 3, ` 21,001 LIFO Method 25 = ` 7, = = 7, = 5, ` 20,924 Conclusion: Inventory turnover ratio (1.595) under FIFO method shows a more favourable situation. Chapter 4 Direct Expenses, Overheads & Treatment of Special Items June [2] (b) (ii) Bad Debts: One view is that Bad Debts should be excluded from cost accounts as they are financial losses. Another view is that they should be treated as part of selling and distribution overheads, especially when they arise in the normal course of trading. 2
3 Therefore, bad debts should be treated in cost accounting as any other selling and distribution expenses June [2] (b) (i) Fringe Benefits: These benefits are given in the form of overtime, extra-shift duty allowance, holiday pay, pension facilities etc. There are some non-cash fringe benefits also like canteen facility etc. Expenditure incurred on fringe benefits in respect of factory workers should be treated as factory overheads and apportioned among all the production and service departments on the basis of number of workers in each department. Fringe benefits of office and selling & distributing staff should be treated as administration overheads and selling and distribution overheads respectively and recovered accordingly. Chapter 6 Job, Batch and Contract June [4] (b) Answer: Please refer June [7] (b) June [6] (b) Statement of the cost of the job (i) Statement of the cost of the job when overheads are charged using Direct Material Cost Rate Particulars Amount ` Material Cost Labour Overheads Cost of Job (ii) Statement of the cost of the job when overheads are charged using Labour Hour Rate Particulars Amount ` Material Cost Labour Overheads Cost of Job (iii) Statement of the cost of the job when overheads are charged using Machine Hour Rate Particulars Amount ` Material Cost Labour 5000 Overheads 2880 Cost of Job
4 Chapter 7 Process Costing, Joint Products and By-Products June [3] (b) Joint products: - When two or more products are simultaneously produced from the same raw material having equal importance is termed as joint products. The processing of a particular raw material may result in the output of two or more products, e.g. in oil refining, fuel oil, petrol, diesel, kerosene, lubricating oil are joint products. By-products: - One or more products simultaneously produced with a greater value produced in the same process. Here the greater value product is known as main product and smaller value product is termed as by product. For difference refer [Dec] (2) June [5] (b) Process A A/C Particulars Units Amount To Materials To Wages To Manuf. Exp By Normal Loss By Abnormal Loss 8000 By Sale of scrap By Process B A/C Particulars Units Amount Working Note: Cost per unit = = 180 per unit Particulars Units Amount To Process A A/C To Materials To Wages To Manuf. Exp. To Abnormal Gain Process B A/C Particulars Units Amount By Normal Loss By Sale of scrap By Finished stock
5 June [8] (e) Chapter 8 Cost Accounting in Service Sector Industry Apportioning Costing Method Cost Unit (i) Textile Process Costing Per metre (or any unit of length) (ii) Canteen Operating Costing Per meal/per item (iii) Medicines Batch Costing Per batch (iv) Paper Unit Costing/Process Costing Per ream (or any unit of numbers) (v) Oil Refinery Process Costing Per tonne/per litre (or any unit of volume or weight) Chapter 10 Reconciliation of Cost and Financial Accounts June [6] (a) Reconciliation Statement Particulars Amount ` Net loss as per costing records (1,72,400) Add: Administrative overhead recovered in excess Depreciation over-recovered in costing ( ) Interest received not included in costing Bank interest credited in financial books Stores adjustment (credit) in financial books Interest charged in cost A/cs but not in financial A/cs Less: Works overhead under-recovered in costing Obsolescence charged (loss) in financial records Income tax provided in financial books Opening stock under-valued in cost A/cs (54,000-52,600) Closing stock over-valued in cost A/cs (52,000 49,600) Preliminary expenses written off in financial A/cs Provision for doubtful debts in financial A/cs Net loss as per Financial Accounts ( 2,08,045) 5
6 June [2] (a) Particulars Sales Chapter 11 Marginal Costing and Decision Making Year I ` 10,00,000 Year II SP increased by 20% ` 12,00,000 Year II Actual ` 16,80,000 Year II Before SP Increase 14, 00,000 (10,00, %*) Less: Marginal Cost of Sales 6,00,000 6,00,000 8,00,000 8,40,000 (at year I cost) (6,00, %) Contribution 4,00,000 6,00,000 8,80,000 5,60,000 Working Note- *Increase in Sales = ` 16, 80,000 ` 12, 00,000 = ` 4,80,000 ˆ Increase in Volume = 100 = 40% (i) Increase in contribution due to increase in Selling Price =16,80,000-14,00,000 = ` 2,80,000 Increase in Volume = 40% If only volume increased, Sales value should have been = ` 14,00,000 Variable cost should have been = ` 8,40,000 Contribution should have been = ` 5,60,000 (ii) Increase in Contribution due to volume increase = 5,60,000 4,00,000 = ` 1,60,000 Variable cost for the increased volume should have been = ` 8,40,000 It is actually = ` 8,00,000 (iii) Increase in Contribution due to Cost Reduction = ` 40, June [5] (a) Capacity utilized 80% Turnover at 80% capacity 32,000 units Turnover at 100% capacity 40,000 Units Fix cost ` 1,50,000, Fixed cost at more than 80% = ` 1,70,000 Selling price ` 25 per unit Contribution per unit ` 7.50 PVR = 100 = 30% 6
7 (i) BEP = = = 20,000 units Activity level in % = 100 = 50% (ii) (a) If fixed cost is ` 1,50,000 Let desire sales be X units Desire sales = X = X= ` 7,50,000 units Numbers of units = 1.50,000/25= 30,000 units As activity level is less than units, hence additional supervision cost will not be applicable. (b) If fixed cost is ` 1,70,00 X= X = ` 8,50,000 No. of units = 8,50,000/25 = 34,000 units No. of unit to be sold to earn a profit of ` 1,00,000 (iii) No. of units = 1,50, ,00,000/7.5 = 33,333 units Which exceeds 32,000 units. Hence fixed cost will be ` 1,70,000 No of units = = 36,000 units Activity level = 36,000/40, = 90% Chapter 12 Activity Based Costing June [8] (b) Please Refer Dec [8] (b) Chapter 13 Budgetary Control June [8] (c) Please refer June [8] (e) June [8] (a) Principal budget factors: Principal budget factor is also known as key factor or limiting 7
8 factor or governing factor. A principal budget factor is a factor which at a particular time, or over a period, will limit the activities of an undertaking. The factor may vary from business to business or even from year to year for the same business. It is defined as the factor, the extent of whose influence must first be assessed in order to exercise that the functional budget are reasonably capable of fulfillment. Importance of budget factor- The early identification of this factor is important in the budgetary planning process because it indicates which budget should be prepared first. Failure to identify the principal budget factor at an early stage could lead to delays later on when managers realize that the targets they have been working with are not feasible. Examples of key factors: (a) Sales: (i) Depression in demand, (ii) High price of product, (iii) Shortage of efficient salesman, (iv) Tough competition, (v) Strict credit terms, (vi) Poor customer service - failing in delivery promise, inadequate stock due to warehousing problems, failing in quick service etc. (vii) Poor advertising, (viii) (b) Poor quality product etc. Production: (i) Shortage of capacity or unbalanced capacity between processing departments. (ii) Lack of proper production planning, (iii) Power or gas or steam shortage, (iv) Lack of proper maintenance resulting in frequent break-down of machines, (v) Lack of proper supervision and/or technical staff. (vi) Bottleneck in key process etc. (c) Raw materials (i) shortage due to non availability, (ii) Shortage due to' import restriction, rationing through quotas. (d) Labour (i) Shortage of particular skill, (ii) High absenteeism, (iii) Absence of incentive scheme. 8
9 (e) Working capital (i) Inadequacy of funds, (ii) Liberal credit policy, (iii) Inefficient management of funds June [4] (a) Cash Budget Description May 2013 June 2013 July 2013 Opening Balance 40,000 92,428 (9,860) Receipts 4,01,700 4,50,280 4,25,880 Total Inflows 4,41,700 5,42,708 4,16,020 Payments of Suppliers 1,61,640 1,72,440 1,66,320 Labour Payments 86,040 86,400 79,920 Variable OH Paid 26,592 28,728 27,936 Fixed OH Paid 75,000 75,000 75,000 Capital Expenditure 1,90,000 Total Outflows 3,49,272 5,52,568 3,49,176 Closing Balance 92,428 (9,860) 66,844 Particulars April May June July August Budgeted Sales 4,00,000 4,50,000 5,20,000 4,20,000 4,80,000 60% of Sales Current 2,40,000 2,70,000 3,12,000 2,52,000 2,88,000 40% Sales prior month 1,80,000 2,08,000 1,68,000 1,92,000 Sales value of Production 4,20,000 4,78,000 4,80,000 4,44,000 Variable cost of pdn = 60% 2,52,000 2,86,800 2,88,000 2,66,400 Materials required for pdn 60% 1,51,200 1,72,080 1,72,800 1,59,840 50% materials purchased prior month 86,040 86,400 79,920 50% materials purchased this month 75,600 86,040 86,400 79,920 Material Purchases 1,61,640 1,72,440 1,66,320 79,920 Payment to suppliers 1,61,640 1,72,440 1,66,320 Labour paid = 30% of V.C. 75,600 86,040 86,400 79,920 Var. OH = 10% of variable cost 25,200 28,680 28,800 26,640 9
10 40% of var OH paid this month 10,080 11,472 11,520 10,656 60% var OH paid next month 15,120 17,208 17,280 15,984 Total Variable OH paid 26,592 28,728 27,936 Cash Fixed OH = 9 lacs/12 75,000 75,000 75,000 75,000 75,000 Chapter 14 Standard Costing June [8] (d) Normal Idle Time: It is inherent in any work situation and cannot be eliminated. Abnormal Idle time: Apart from normal idle time, there may be some factors which may give rise to abnormal idle time. In standard costing, standard labour time is fixed after taking into account the normal idle time. However, if the actual idle time is more than this normal level, it is considered as abnormal idle time and is therefore shown as variance which is always adverse. It indicates the loss caused due to abnormal idle time. Since we need to exclude the influence of the actual rate, we have idle time variance = Abnormal idle time standard rate June [3] (a) Fixed overhead cost variance = ` 1,400(A) given Fixed overhead Volume variance = ` 1,000(A) given Budgeted Over Head = ` 6,000 (given) Standard rate = Budgeted Overhead /budgeted hours = 6000/1200 = 5 Over head cost variance = Overhead expenditure variance + over head volume variance = Overhead Exp. Variance Overhead Exp. Variance = ` 400(A) Overhead Exp. Variance = Budgeted overhead Actual Overhead -400 = 6000 Actual Overhead Actual Over Head incurred = ` 6400 Actual Hours for Actual Production= 6400/8 = 800 hours Overhead capacity variance = (Actual hours Budgeted hours ) standard rate = ( ) 5 = ` 2000 (A) 10
11 Chapter 17 Transfer Pricing June [7] (b) Method of transfer pricing: 1. Cost based transfer pricing 2. Market Pricing 3. Bargained or Negotiated Pricing 1. Cost based transfer pricing- (a) (b) (c) Actual cost of production : In this method goods or services are transferred at their actual cost of production. Demerit- Inefficiency of transferor borne by receiving centre. Standard cost: Under this method all transfers are valued at their standard cost. Demerit- Standards may be unrealistic or out dated creating an unfair price for any of the divisions. Cost of Sales/Full cost : Under this method, in addition to actual cost of production, expenses like selling and distribution, administration, research and development cost etc are also allowed to be recovered from user division. Demerit- In this method, the supplying unit is not allowed to make any profit on transfers to other units. 2. Market pricing- Under this method, the transfer prices of goods/services transferred to other units/divisions is based on market prices. Demerits - Difficulty in obtaining just market prices. Sometime it is difficult to obtain at all any market price for those very products which are manufactured only for internal consumption. 3. Bargained or Negotiated Pricing- Under this method, all independent unit are allowed to fix the prices after negotiations or bargaining. Divisional managers have full freedom to go for outside purchases if prices quoted by other division are not acceptable to them. Demerit- If the negotiating range is not mutually beneficial to both the divisions, there is clash of interest and management intervention may become necessary. The more powerful division may have its way. Goal congruence may be sacrificed, adversely affecting the overall Company profits. 11
12 June [1] (a) Answer1. Column I (i) (ii) (iii) (iv) (v) Chapter 6 Objective Questions (b) (i.) False (ii.) False (iii.) False (iv.) False (v.) False (c) (i.) Profit (ii.) Reorder (iii.) Tonne-kilometer (iv.) Job Coasting (v.) Adverse (d) (i.) (a) Over Absorption = Absorbed OH - Actual OH = ( ) = ` 1250 (ii.) (d) Total loss = Normal Loss + Abnormal Loss = 10% of 500 (input) + = 150 kgs.= 650 kgs. Good Production = = 4350 kgs. Column II (B) (D) (A) (E) (C) (iii.) (c) Break Even Point = 60% Hence, Margin of Safety = = 40% Profit = 60,000 = Contribution on MOS. Hence, Total Contribution = 60,000 40% = ` 1,50,000 (iv.) (a) Production = Sales + Closing Stock Opening Stock Finished Goods = = 5,70,000 Units WIP: 60,000 50,000 = 10,000 Units Number of equivalent units produced = 5,80,000 Units (vi.) (d) Opportunity Cost = Cost of next best alternative. Contribution B: = ` 38,500 Contribution C: = ` 40,000 Opportunity Cost: ` 40,000 12
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