MGT402 Cost & Management Accounting
MID TERM Paper
Fall Spring 2012
MID TERM Paper
Dated May 11,2012
Time 1 hour
Attempt by On JuGnOo blaky.angel05@gmail.com Fri, May 11, 2012 at 12:14 PM,
26 mcqs
2 marks 3
2 marks 5
Consider the following data: (3)
| Particulars | Rs. |
| Raw material inventory beginning | 14,000 |
| Purchases of Raw materials | 120,000 |
| Raw material inventory Ending | 10,000 |
| Direct labor | 200,000 |
| Manufacturing Overhead (actual) | 402,000 |
| Manufacturing Overhead (applied) | 404,000 |
What is the amount of under or over applied manufacturing overhead cost?
XYZ Company's Overhead Budget for the month together with data relating to cost centers is as follow: (5)
| Overhead Cost | Rs. |
| Power | 3,200.00 |
| Rent Of Godown | 125 |
| Depreciation Of plant | 7,500.00 |
Machine Groups
| Q | R | S | T | TOTAL | |
| Kilowatt Hours | 27,500.00 | 2,525.00 | 4,500.00 | 6,500.00 | 41,025.00 |
| Small tools and supplies | 291 | 350 | 55 | 142 | 838.00 |
| Floor Space(Sq Ft) | 1,100.00 | 1,105.00 | 650 | 550 | 3,405.00 |
| Capital Cost Of plant | 2,450.00 | 16,000.00 | 7,500.00 | 13,000.00 | 38,950.00 |
Required: Apportion each of the cost given to the four groups of machine on suitable bases.
Red Corporation instituted a new process in October, during which it started 10,000 units in department A. of the units started, 1,000 units, a normal number were lost during the process, 7,000 were transferred to next department B and 2,000 remained in work in process inventory at the end of the month, 100% completed as to material and 50% as conversion. Material and conversion cost of Rs. 27,000 and Rs. 40,000 were charged to department in October.
Required: Total cost transferred to department B
West Point Company uses predetermined overhead rates to apply manufacturing overhead to jobs. The predetermined overhead rate is based on machine hours in Department A and direct labor cost in Department B and at the beginning of the year, the company made the following estimates:
| Particulars | Dept A (Rs.) | Dept B(Rs.) |
| Direct labor cost | 45,000 | 45,000 |
| Manufacturing overhead | 36,000 | 80,000 |
| Direct labor hours | 18,000 | 16,000 |
| Machine hours | 6,000 | 1,500 |
What predetermined overhead rates would be used in Department - A and Department - B, respectively? (5)
Entries (3)
| Direct Labor | 25,000 |
| Indirect Labor | 20,000 |
| Sales Salaries | 5,000 |
| Administrative Salaries | 10,000 |
| Total | 60,000 |
| Deductions |
|
| Income tax | 3,000 |
| Group insurance | 2,000 |
Required: Pass journal entry to record Payroll expense.
g mcqs buht easy and past papers main thy and normal and abnrml loss diffrnce and effecncy ratio ka aik question tah nmurcl ka and foh ka aik qustn tha numrcl ka--
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