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Cost and Management Accounting NMIMS Assignment Solution April 2025

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Cost and management accounting NMIMS Assignment Solution Dec 2023.

Description

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.   (10 Marks)

 

Stock of Materials: Opening2,82,000.00
Stock of Materials: Closing3,00,000.00
Materials Purchased during the year12,48,000.00
Direct Wages3,57,600.00
Indirect Wages24,000.00
Salaries for Administrative Staff60,000.00
Freights: Inwards48,000.00
Freights: Outwards30,000.00
Cash Discount Allowed21,000.00
Bad Debts W/Off28,200.00
Repairs to Plant and Machinery63,600.00
Rent, Rates and Taxes of Factory18,000.00
Rent, Rates and Taxes of Office9,600.00
Travelling Expenses18,600.00
Salesmen’s salaries and commission50,400.00
Depreciation W/Off: Plant and Machinery42,600.00
Depreciation W/Off: Furniture3,600.00
Director’s fees36,000.00
Electricity Charges: Factory72,000.00
Fuel Charges: Boiler96,000.00
General Charges37,200.00
Manager’s Salary72,000.00

 

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.     (10 Marks)

 

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 1Year 2
Sales (Units)15001800
Production (Units)21001500
Cost:(Rs.)(Rs.)
Variable Manufacturing1050750
Fixed Manufacturing10501050
Variable Marketing and Administration15001800
Fixed Marketing and Administration600600