Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Cost Accounting Expert

problem 1) Answer all the problems:

(i) Define the term economic order quantity?

(ii) What do you understand by allocation and apportionment of overhead?

(iii) In which industries is operating coating used.

(iv) What are the various methods of computing profit on an incomplete contract?

(v) What is idle time variance? How is it computed?

problem 2) What is the meaning of Cost Accounting? Describe briefly the object and advantages of cost accounting.

problem 3) What do you mean by Process Costing? Describe Normal Wastage, Abnormal Wastage and Abnormal Gain and state how they must be dealt with in process cost accounting.

problem 4) During the month of June, 2012 the following receipt and issue of materials were made. Record transaction in the Store Ledger Account on the basis of First in First out (FIFO) method and Last in First out method. Charging wastage as factory overhead and shortage at inflated price.

01.06.2012    Opening balance 200 kgs, @ Rs. 20 per kg.
03.06.2012    Receipt 250 kgs. @ Rs. 12 per kg.
05.06.2012    Issue 250 kgs.
07.06.2012    Receipt 200 kgs. @Rs. 16 per kg.
15.06.2012    Wastage (as per stock verification report) 5 kgs.
20.06.2012    Receipt 250 kgs. @Rs. 20 per kg.
25.06.2012    Issue 425 kgs.
26.06.2012    Shortage 20 kgs.
30.06.2012    Receipt 50 kgs. @ Rs. 24 per kg.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M94409

Have any Question? 


Related Questions in Cost Accounting

Question 1 high-low methodtucson tractor inc has

Question 1 High-low method Tucson Tractor Inc. has accumulated the following data over a six month period   Indirect Labor Hours Indirect Labor Costs January......................... 400 $ 6,000 February................. ...

Discuss cost management as a professionname three

Discuss cost management as a profession Name three professional cost management organizations and explain their roles. Where in the corporate, not for profit, areas would cost accountants work and what types of work woul ...

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 ...

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 ...

Problem 1 master budgetomega inc has developed the

Problem 1: Master Budget Omega, Inc. has developed the following sales forecast for the first six months of the coming year Month Sales (in units) January 30,000 February 50,000 March 70,000 April 80,000 May 60,000 June ...

Cost accounting- little debbie brownieshere is a copy of

Cost Accounting- Little Debbie Brownies Here is a copy of the assignment. My snack of choice is the Little Debbie Fudge Brownies Comprehensive Product Costing Select your favorite drink or snack item manufactured by a pu ...

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. ...

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 ...

Assignment discussion-cost accumulation systemwhen

Assignment: Discussion-Cost Accumulation System When companies accumulate costs, they generally use either a job-order or a process costing system. The type of system used often varies based on the type of product or ser ...

Cost behaviordetermining cost behavior please respond to

Cost Behavior Determining Cost Behavior: Please respond to one of the following: Option 1 Choose a company that interests you. It could be your current employer, a past employer, or even a future employer. Compare and co ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen