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Cost & Management Accounting NMIMS Assignment answers available 2023
Q1. The following details have been extracted from Sam Ltd.’s books of accounts for the year ending March 31, 2023. The manager of the company is shared and divides his time
between the factory and the office in the ratio of 20:80. You are required to compute: (a) prime cost, (b) factory overhead, (c) factory cost, (d) over head and (e) cost of sale.
(10 Marks)
| Stock of Materials: Opening | 2,82,000.00 |
| Stock of Materials: Closing | 3,00,000.00 |
| Materials Purchased during the year | 12,48,000.00 |
| Direct Wages | 3,57,600.00 |
| Indirect Wages | 24,000.00 |
| Salaries for Administrative Staff | 60,000.00 |
| Freights: Inwards | 48,000.00 |
| Freights: Outwards | 30,000.00 |
| Cash Discount Allowed | 21,000.00 |
| Bad Debts W/Off | 28,200.00 |
| Repairs to Plant and Machinery | 63,600.00 |
| Rent, Rates and Taxes of Factory | 18,000.00 |
| Rent, Rates and Taxes of Office | 9,600.00 |
| Travelling Expenses | 18,600.00 |
| Salesmen’s salaries and commission | 50,400.00 |
| Depreciation W/Off: Plant and Machinery | 42,600.00 |
| Depreciation W/Off: Furniture | 3,600.00 |
| Director’s fees | 36,000.00 |
| Electricity Charges: Factory | 72,000.00 |
| Fuel Charges: Boiler | 96,000.00 |
| General Charges | 37,200.00 |
| Manager’s Salary | 72,000.00 |
while 80 workers were discharged. 560 workers were engaged during the month in various departments. But out of them, only 60 were appointed. (10 Marks)
Q3. A product sells at Rs. 3 per unit. The company uses a first-in-out actual costing system. A new fixed manufacturing overhead allocation rate is computed each year by dividing the actual fixed manufacturing overhead cost by the actual production. The following data is available for the first two years:
| Year 1 | Year 2 | |
| Sales (Units) | 1500 | 1800 |
| Production (Units) | 2100 | 1500 |
| Cost: | (Rs.) | (Rs.) |
| Variable Manufacturing | 1050 | 750 |
| Fixed Manufacturing | 1050 | 1050 |
| Variable Marketing and Administration | 1500 | 1800 |
| Fixed Marketing and Administration | 600 | 600 |
Prepare Income Statement for each year based on:
- Absorption Costing (5 Marks)
- 2 Variable Costing (5 Marks)
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