Costing MCQs

"Calculate the value of closing stock from the following according to FIFO method: 1st January, 20XX: Opening balance: 50 units @ Rs 4 Receipts: 5th January, 20XX: 100 units @ Rs 5 12th January, 20XX: 200 units @ Rs 4.50 Issues: 2nd January, 20XX: 30 units 18th January, 20XX: 150 units"

"Calculate the value of closing stock from the following according to LIFO method: 1st January, 20XX: Opening balance: 50 units @ Rs 4 Receipts: 5th January, 20XX: 100 units @ Rs 5 12th January, 20XX: 200 units @ Rs 4.50 Issues: 2nd January, 20XX: 30 units 18th January, 20XX: 150 units"

"Calculate the value of closing stock from the following according to Weighted Average method: 1st January, 20XX: Opening balance: 50 units @ Rs 4 Receipts: 5th January, 20XX: 100 units @ Rs 5 12th January, 20XX: 200 units @ Rs 450 Issues: 2nd January, 20XX: 30 units 18th January, 20XX: 150 units"

Cost of abnormal wastage is:

"Calculate re-order level from the following: Safety stock: 1000 units Consumption per week: 500 units It takes 12 weeks to reach material from the date of ordering"

"From the following information, calculate the extra cost of material by following EOQ: Annual consumption = 45000 units Ordering cost per order = Rs 10 Carrying cost per unit per annum = Rs 10 Purchase price per unit = Rs 50 Re-order quantity at present = 45000 units There is discount of 10% per unit in case of purchase of 45000 units in bulk"

Which of the following is an abnormal cause of Idle time:

If overtime is resorted to at the desire of the customer, then the overtime premium:

Labour turnover means: