Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Cost Accounting Expert

problem 1: What do you mean by the term job costing? Illustrate the main features of this method? Give a Performa cost sheet under such a system.

problem 2: Describe the nature and use of batch costing. describe the concept of the economical batch with the help of appropriate ex.

problem 3: There are two techniques of charging the contract cost account for the use of pant. describe their two methods and state which method is preferable and describe why.

problem 4: What do you mean by cost plus contract? Describe this from the point of view of:

a) The manufacturer
b) The buyer

problem 5: Is it necessary to compute profit on incomplete contracts? If yes, under what circumstances would you propose calculation of profit on such contracts?

problem 6: Deluxe Ltd. undertake a contract for Rs. 5,00,000 on 1st July, 1996. On 30th June, 1997 when the accounts are closed, the given details about the contract were gathered:

Materials Purchased Rs. 1,00,000; Wages paid Rs. 45,000; General expenditures Rs. 10,000; Plant purchased Rs. 50,000; Materials on hand 30-6-1997 Rs. 25,000; Wages Accrued 30-6-1997 Rs. 5,000; Work certified Rs. 2,00,000; Cash received Rs. 1,50,000; Work uncertified Rs. 15,000; Depreciation of Plant Rs. 5,000.

The contract above an escalation clause which reads as shown below:

‘In the even of prices of materials and rates of wages rise by more than 5% the contract price would be raise accordingly By 25% of the rise in the cost of material and wages beyond 5% in each case’.

It was found that as the date of signing the agreement the prices of materials and wage rates raised by 25%. The value of the work certified does not take into account the effect of the above clause.

Make the contract amount.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M98475

Have any Question? 


Related Questions in Cost Accounting

Case questionsmarriott corporation the cost of capital

Case Questions Marriott Corporation: The Cost of Capital (Abridged) 1. What is the weighted average cost of capital for Marriott Corporation? a. What risk-free rate and risk premium did you use to calculate the cost of e ...

Scenario-you seemed to develop significant interest with

Scenario- You seemed to develop significant interest with your talk on the future of cost accounting. Your boss has heard about the excellent presentation and you are hopeful that your early retirement will take place. A ...

Question 1pringle company distributes a single product the

Question 1. Pringle Company distributes a single product. The company's sales and expenses for a recent month follow:   Total    Per Unit   Sales $ 300,000   $ 20        Variable expenses   210,000     14          Contri ...

Company expansion - internationallocate the financial

Company Expansion - International Locate the financial information for a company that has only domestic manufacturing operations. Assume management desires to expand into the global market with its current products. The ...

Case questions rio grande medical center cost allocation

CASE QUESTIONS RIO GRANDE MEDICAL CENTER Cost Allocation Concepts 1. Is it "fair" for the Dialysis Center to suffer in profitability, and hence for the department head to possibly lose his bonus, just because the Outpati ...

Assignment1 the following information is from the

Assignment 1. The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication: Compute the budgeted amounts for: a. Purchases of direct materials during the year. b. ...

Assignment- show the step by step solutions to the

Assignment- Show the step by step solutions to the following questions: I. A firm is able to sell 10,000 units at $ 12 per piece. The company fixed cost is $30,000. Variable cost is $6 per unit. 1. What is the contributi ...

Final project milestone three guidelinesoverview

Final Project Milestone Three Guidelines Overview: Classifying a company's costs allows for an in-depth analysis of the impact that changes in output have on revenues, costs, and net income or net loss. A cost-volume-pro ...

Module 3 - slpstrategic choicessimulationin module 3 you

Module 3 - SLP Strategic Choices SIMULATION In Module 3, you will use CVP analysis to inform the pricing of your 3 products. SCENARIO CONTINUATION: You've now completed SLP2, and it the date is (once again) January 1, 20 ...

Cost accountingquestion 1 which of the following statements

Cost Accounting Question 1. Which of the following statements regarding differential costs is (are) false? (A). The full cost fallacy occurs when a decision-maker fails to include fixed manufacturingoverhead in the produ ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro