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Cost & Management Accounting
September 2021 Examination
1. Jaiman Snacks LLP is in the business of supplying roasted peanuts across India on a wholesale basis. They started a year back during lockdown and are generating good business across the country The LLP is managed by three friends who are commerce graduate. They implemented the financial accounting system for the business. Now, they are deciding to work towards the franchisee business model and take their business to the next level. However they feel that they should systemize their business strategies and Functioning first so as to achieve the desired results. This may help them in effectively plan the business operations, evaluate their finances more critically, and can employ adequate capital budgeting tools to evaluate the various decisions related to further expansion. They are exploring management accounting as a probable tool for all these short term and strategic decision making. Should they set up management accounting for the current business? Discuss the importance and advantages of Management accounting in the context of given scenario (10 Marks)
Ans 1.
Introduction:
To fulfill an organization’s objectives, the managerial accounting involves the discovery of, measurement of, analysis of, interpretation of, and presentation of financial information to managers. Management accounting differs from financial accounting in that it is intended to aid users within a company in making well-informed business decisions, as opposed to financial accounting. Several
2. Following information relates to process A account 10000 Units introduced at Rs 20000 Material consumed Rs 5000 Manufacturing expenses Rs 2000 Direct Labour charges Rs 6000 Units transferred to next process B- 9500 It is bound that wastage in this process is 3% There is no realizable value of scrap Prepare the process account reflecting the value at which output will be transferred to the next process. (10Marks)
Ans 2.
Introduction:
In manufacturing, process costing is a costing approach most commonly employed when units are continuously mass-produced in one or more processes. This can be seen in creating erasers, chemicals, and processed foods, to name a few examples. The procedure is responsible for the expense of the process (unlike job costing, where each job is costed separately). The approach taken is to compute the entire cost of the process throughout the manufacturing units involved in
3. Nirmal Soul pvt Ltd is a manufacturer of bath towels. The company has to supply his customer 750 units of his product per year.
Any type of shortage is not acceptable.
The inventory carrying cost is Rs 2.4 per unit per year
The set up cost per run is Rs 100
Compute
a. What should be the optimum order size and the optimum number of orders which should be executed (5 Marks)
Ans 3a.
Introduction:
To lower the overall yearly expenses of carrying and orders, the quantity of Economic Order (EOQ) is the maximum quantity of an item that can be ordered at any one time. The ideal lot size, also known as the adequate order quantity (EOQ), refers to how much you should purchase to keep your supply chain as cost-efficient as possible.
b. Calculate the total cost for the optimum order size (5 Marks)
Ans 3b.
Introduction:
The quantity of an economy order (EOQ) is the minimum quantity of a purchase order that will reduce inventory expenses, such as the cost of holding, shortage, and order-processing fees. Ford W. Harris developed this production planning model in 1913, and it has undergone several revisions since then.
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