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Posted By: Kishori Mohon Dutta Member Level: Silver Posted Date: 27 Jun 2008
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2007 Indira Gandhi National Open University (IGNOU) B.Com Bachelors Degree Programme Question paper
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Bachelors Degree Programme
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)
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