Costing

3. When the completion stage of the contract is more than half, the profit to be credited to Profit and Loss account will be equal to . . . . . . . .

$${rac{1}{3}^{{ ext{rd}}}}{ ext{of Notional Profit}} imes rac{{{ ext{Cash received}}}}{{{ ext{Work certified}}}}$$
$${rac{1}{2}^{{ ext{nd}}}}{ ext{of Notional Profit}} imes rac{{{ ext{Cash received}}}}{{{ ext{Work certified}}}}$$
$${rac{2}{3}^{{ ext{rd}}}}{ ext{of Notional Profit}} imes rac{{{ ext{Cash received}}}}{{{ ext{Work certified}}}}$$
$${ ext{Full Notional Profit}}$$

Detailed SolutionWhen the completion stage of the contract is more than half, the profit to be credited to Profit and Loss account will be equal to . . . . . . . .

5. “What is the company’s breakeven point: Selling price – Rs 6 per unit Variable production cost – Rs 1.20 per unit Variable selling cost – Rs 0.40 per unit Fixed production cost – Rs 4 per unit Fixed selling cost – Rs 0.80 per unit Budgeted production and sales for the year are 10,000 units. “

8,000 units
8,333 units
10,000 units
10,909 units

Detailed Solution“What is the company’s breakeven point: Selling price – Rs 6 per unit Variable production cost – Rs 1.20 per unit Variable selling cost – Rs 0.40 per unit Fixed production cost – Rs 4 per unit Fixed selling cost – Rs 0.80 per unit Budgeted production and sales for the year are 10,000 units. “

8. Calculate the labour turnover rate according to Separation method from the following: No of workers on the payroll: – At the beginning of the month: 500 – At the end of the month: 600 During the month, 5 workers left, 20 workers were discharged and 75 workers were recruited Of these, 10 workers were recruited in the vacancies of those leaving and while the rest were engaged for an expansion scheme

4.55%
1.82%
6%
3%

Detailed SolutionCalculate the labour turnover rate according to Separation method from the following: No of workers on the payroll: – At the beginning of the month: 500 – At the end of the month: 600 During the month, 5 workers left, 20 workers were discharged and 75 workers were recruited Of these, 10 workers were recruited in the vacancies of those leaving and while the rest were engaged for an expansion scheme

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