NMIMS Assignment Question Answers 2023
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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.

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Stock of Materials: Opening

2,82,000.00

Stock of Materials: Closing

3,00,000.00

Materials Purchased during the year

12,48,000.00

Direct Wages

3,57,600.00

Indirect Wages

24,000.00

Salaries for Administrative Staff

60,000.00

Freights: Inwards

48,000.00

Freights: Outwards

30,000.00

Cash Discount Allowed

21,000.00

Bad Debts W/Off

28,200.00

Repairs to Plant and Machinery

63,600.00

Rent, Rates and Taxes of Factory

18,000.00

Rent, Rates and Taxes of Office

9,600.00

Travelling Expenses

18,600.00

Salesmen's salaries and commission

50,400.00

Depreciation W/Off: Plant and Machinery

42,600.00

Depreciation W/Off: Furniture

3,600.00

Director's fees

36,000.00

Electricity Charges: Factory

72,000.00

Fuel Charges: Boiler

96,000.00

General Charges

37,200.00

Manager's Salary

72,000.00

 

Q2. You are required to compute the labor turnover using different methods of labor turnover measurement from the following information provided for Manas Ltd. for the month of December 2022. Total workers in the beginning of the month were 3800, whereas at the end of the month were 4200. During the month, 50 workers left the firm on account of their own problems while 80 workers were discharged. 560 workers were engaged during the month in various departments. But out of them, only 60 were appointed.

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 1

Year 2

Sales (Units)

1500

1800

Production (Units)

2100

1500

Cost:

(Rs.)

(Rs.)

Variable Manufacturing

1050

750

Fixed Manufacturing

1050

1050

Variable Marketing and Administration

1500

1800

Fixed Marketing and Administration

600

600

 

Prepare Income Statement for each year based on:

 a. Absorption Costing

b. Variable Costing

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