Costing

32. Calculate the labour turnover rate according to replacement 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 Ofthese, 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 replacement 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 Ofthese, 10 workers were recruited in the vacancies of those leaving and while the rest were engaged for an expansion scheme

35. “Which of the following would explain an adverse variable production overhead efficiency variance? 1 Employees were of a lower skill level than specified in the standard 2 Unexpected idle time resulted from a series of machine breakdown 3 Poor Quality material was difficult to process”

(1), (2) and (3)
(1) and (2)
(2) and (3)
(1) and (3)

Detailed Solution“Which of the following would explain an adverse variable production overhead efficiency variance? 1 Employees were of a lower skill level than specified in the standard 2 Unexpected idle time resulted from a series of machine breakdown 3 Poor Quality material was difficult to process”

36. “A ltd is a manufacturing company that has no production resource limitations for the foreseeable future. The Managing Director has asked the company mangers to coordinate the preparation of their budgets for the next financial year. In what order should the following budgets be prepared? (1) Sales budget (2) Cash budget (3) Production budget (4) Purchase budget (5) Finished goods inventory budget”

(2), (3), (4), (5), (1)
(1), (5), (3), (4), (2)
(1), (4), (5), (3), (2)
(4), (5), (3), (1), (2)

Detailed Solution“A ltd is a manufacturing company that has no production resource limitations for the foreseeable future. The Managing Director has asked the company mangers to coordinate the preparation of their budgets for the next financial year. In what order should the following budgets be prepared? (1) Sales budget (2) Cash budget (3) Production budget (4) Purchase budget (5) Finished goods inventory budget”

39. The value of opening stock as on 1stJanuary 2003 was Rs. 7,000 stock of Rs. 23,000 in January were purchased. COGS was Rs. 21,000. What was the value of closing stock as on 31st January, 2003?

Rs. 7,000
Rs. 5,000
Rs. 2,000
Rs. 9,000

Detailed SolutionThe value of opening stock as on 1stJanuary 2003 was Rs. 7,000 stock of Rs. 23,000 in January were purchased. COGS was Rs. 21,000. What was the value of closing stock as on 31st January, 2003?

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