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.
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