Cost & Management Accounting NMIMS Assignment answers available 2023

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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: Opening2,82,000.00
Stock of Materials: Closing3,00,000.00
Materials Purchased during the year12,48,000.00
Direct Wages3,57,600.00
Indirect Wages24,000.00
Salaries for Administrative Staff60,000.00
Freights: Inwards48,000.00
Freights: Outwards30,000.00
Cash Discount Allowed21,000.00
Bad Debts W/Off28,200.00
Repairs to Plant and Machinery63,600.00
Rent, Rates and Taxes of Factory18,000.00
Rent, Rates and Taxes of Office9,600.00
Travelling Expenses18,600.00
Salesmen’s salaries and commission50,400.00
Depreciation W/Off: Plant and Machinery42,600.00
Depreciation W/Off: Furniture3,600.00
Director’s fees36,000.00
Electricity Charges: Factory72,000.00
Fuel Charges: Boiler96,000.00
General Charges37,200.00
Manager’s Salary72,000.00

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 1Year 2
Sales (Units)15001800
Production (Units)21001500
Cost:(Rs.)(Rs.)
Variable Manufacturing1050750
Fixed Manufacturing10501050
Variable Marketing and Administration15001800
Fixed Marketing and Administration600600

Prepare Income Statement for each year based on:

  1. Absorption Costing (5 Marks)
  • 2 Variable Costing (5 Marks)

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