AIOU PAST PAPER CODE 462 SPRING 2016
Aiou old paper or past paper for your course code 462 cost accounting. Cost Accounting code 462 is very important and interesting subject in which a cost accountant works to calculate Per Unit Cost of any Product or Service. Following tags can be used for searching this past paper for this code 462, aiou old paper code 462, aiou past paper code 462, aiou old paper code 462 spring 2015, aiou past paper code 462 spring 2015.
Q.3: WITA Industries has developed the following data to assist in controlling one of its inventory items. Economic order quantity 1,100 Kg. Average daily use 100 kg Minimum daily use 80 kg. Maximum daily use 120 kg. Lead time 7 days. Required: a) Order Point b) Maximum inventory level. c) Minimum inventory level.
Q.4: Normal operating capacity of a company’s power plant is estimated to be 4,750,000 kilowatt-hours per month. At this level of activity, fixed overhead is estimate to be Rs. 171,000 and variable overhead, Rs. 209,000. During November, the power plant produced 5,000,000 kilowatt-hours. Actual overhead for the month total Rs; 393,000.
a) Over or under-applied overhead. (Carry all computations to three decimal places)
b) Spending and idle capacity variances.
Q.5: “Opportunity cost is a concept used for evaluating alternative uses of resources”. Discuss the concept.
Q.6: What do you understand by “flexible budget”? Explain its importance.
Q.7: Khurram Shahzad Co. has a C/M ratio of 36%. Break-even sales are Rs. 160,000. The company earned a profit of Rs.28,800 during the year.
Required: a) Fixed expenses b) Sales for the year c) Variable expenses for the year d) Margin of Safety Ratio
a) State whether the statements are true and false
i. The variable product cost varies directly with levels of production.
ii. Selling, general and administrative costs are part of manufacturing overheads.
iii. Commission paid to sell product are reported as part of cost of goods sold.
iv. Fixed cost is also known as period cost.
V. No adjustment is required for normal loss in first department of cost of production report.
b) Fill in the blanks with most suitable word/words.
i):- Manufacturing cost includes direct material, direct labour and…………………..
ii):- Direct costing is also known as…………………..costing.
iii):- Contribution margin means sales minus……………………….cost.
iv):- Net profit plus operating expenses equals…………………….
v):- Unfavorable capacity variance occurs when applied factory Overheads……………………..are than the budgeted allowance.