|Course Code :||ECO-10|
|Course Title :||Elements of Costing|
|Medium :||English Medium|
|Session :||July 2019 and January 2020 (2019-20)|
|Max Marks :||100|
|Last Date of Submission :||15th March, 2020 (for July 2019 session)
15th September, 2020 (for January 2020 session)
|Solution Type :||Softcopy (PDF File)|
TUTOR MARKED ASSIGNMENT
|Course Code||: ECO-10|
|Course Title||: Elements of Costing|
|Assignment Code||: ECO-10/TMA/2019-20|
|Coverage||: All Blocks|
Maximum marks: 100
Attempt all sections.
1. What are the different methods of costing? State the industries to which they can be applied.
2. (a) The following data are available in respect of material ZM – 3 :
Supply period 2 to 4 months
Maximum 300 units per month
Minimum 50 units per month
Normal 150 units per month
Annual 1800 units
Storage costs are 25% of stock value. Ordering costs are Rs. 200 per order. Price per unit of material Rs. 32 Compute:
(i) Reorder level
(ii) Minimum Stock level (iii)Maximum Stock level
(b) Explain the principles of apportionment of factory overheads with example.
3. Explain the terms minimum level, maximum level and ordering level of stock. What are the factors that govern the fixation of these level.
4. M/S Buildcon Ltd. Undertook a contract construct a multi – storey building on 1-5-2018. The contractee agreed to pay 80% of the work certified and retain 20% till the completion of contact. The details of the expenditure and other details during the period 2018– 19 are given below. The contract price was Rs. 50,00,000.
Raw Materials used 9,00,000
Labour paid 7,50,000
Administration Cost 2,43,000
Wages payable 30,000
Work Certified 29,00,000
Work Uncertified 2,00,000
Cash received 80% of Work certified
You are required to prepare Contract Account, Contractee’s Account for the last year 2018-19 and the Balance Sheet (Asset Side) as would appear in Contractors’s books as on 31-3-2019
5. Write short notes on the following:
(b) Economic Order Quantity
(c) Process Costing
(d) Office and Administration Over