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Posted By: S.Yamini       Member Level: Diamond       Posted Date: 04 May 2008

2006 Indira Gandhi National Open University (IGNOU) B.Com Elements of Costing Question paper Course: B.Com   University: Indira Gandhi National Open University (IGNOU) Term-End Examination December, 2006 Elective Course: Commerce ECO10: Elements of Costing Time : 2 hours Maximum Marks : 50 (Weightage 70%) Note : Attempt any two questions from Section A and any two questions from Section B. SECTION A 1. Discuss any five methods of costing and name two industries to which each method is applicable. (10) 2. (a) What are the main advantages of a good system of material control ? (b) What is labour turnover ? How can labour turnover be minimised ? (5, 5) 3. Write short notes on any two of the following : (5, 5) (a) Perpetual Inventory System (b) Apportionment of Overheads (c) Contract Costing (d) Rowan Premium Plan SECTTON B 4. (a) Calculate (i) Minimum stock level and (ii) Maximum stock level, from the following information : Re-order level 2,400 units Re-order quantity 1,500 units Maximum consumption 400 units per week Re.onder period 4 to 6 weeks Minimum consumption 250 units per week Normal consumption 300 units per week (b) From the following information compute a machine hour rate for the month of June, 2005 : Cost of machine Rs. 32,000 Estimated Scrap Value Rs. 2,000 Reparrs over the life period Rs. 2,500 Standing charges for the month Rs. 400. Power consumed during the month @ Rs. 0.30 per unit Rs. 600. The machine consumes 10 units of power per hour. Effective working life 10,000 hours. (8, 7) 5. The following figures are extracted from the books of the firm. Prepare the departmental overhead summary Item Production Depts. Service Depts. A B C X Y Direct Wages(Rs.) 900 600 900 900 700 Light points 20 30 40 20 10 Floor space (sq.ft.) 400 500 600 400 100 HP of the machines 75 30 25 10 - Value of machinery (Rs.) 12,000 16,000 20,000 1,000 1,000 The expenses for the period were : Item Rs. Item Rs. Rent 2,000 Indirect wages 600 Power 600 Depreciation 4,000 Lighting 240 Other expenses 4,000 Apportion the expenses of service department Y according to direct wages and those of service department X in the ratio of 5 : 3 : 2 to the production departments. (15) 6. (a) From the following information, prepare Process Accounts : Process A Process B Other materials (Rs.) 12,000 6,000 Direct Labour (Rs.) 14,000 8,000 Direct Expenses (Rs.) 4,000 4,000 Output (units) 9,400 8,300 Normal wastage (rate) 5% 10% 10,000 units of raw materials @ Re. 1 per unit were introduced in process A. The scrap value of wastage (normal) in process A is Rs. 8 per 100 units and in process B is Rs. 10 per 100 units. (b) Explain LIFO method of pricing the issue of materials with an example. (10, 5) Return to question paper search

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