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Internal
Assignment Applicable for December 2017 Examination
Cost
and Management Accounting
1. Ashish had joined the labour control
and payment system of Navneet Ltd. He was asked by his manager to prepare a
report on the various activities involved in the cost accounting for the
labour. Provide various inputs that he has to keep in mind while preparing the
report.
2. ABC Ltd uses the LIFO method for
recording inventory. The details of the company are as follows:
Jul-14 Particulars
1 Opening
balance 400 liters @ ₹28.00 per litre
4 Purchased
300 liters @ ₹27 per litre
7 Issued
200 litres
10 Issued
300 litres
22 Purchased
490 liters @ ₹25.00 per litre
25 Issued
300 litres
Prepare a stores ledger account using the
LIFO method and explain the relevance of this method.
3. To make 15 Kg. of a product, the
standard materials required are as follows:
Materials Amount Price
A 10
kg @ 8
B 3
Kg. @ 10
C 2
Kg. @ 12
During the month of July, 1,500 Kg. of
the product was produced. The actual materials consumed were as follows:
Materials Amount Price
A 900
kg @ 7
B 400
Kg. @ 8
C 200
Kg. @ 10
Calculate and interpret whether the
variance is favourable or unfavourable:
a. Material Cost Variance ( 5 Marks)
b. Material Price Variance
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