vu bio302 Mid Term Subjective Solved Past Paper No.1

vu bio302 Molecular Biology Solved Past Papers

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Question 1: Write down the components of financial statements w.r.t IASB's framework.

Answer:

The framework deals with:

The objective of financial statements.

The objective of the financial statements is to provide information about the financial position, performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions.

Question 2: 50, 000 units were received from preceding department, 9,000 units were still in process at the end of month (complete all material, 75% Labour & FOH). 500 lost units were 60% complete as to material and conversion costs. This loss is considered as abnormal and is to be charged to factory overhead.
Required: You are required to calculate equivalent units of material, labour and factory overhead.
Units received from preceding dept. = 50,000
Material = 40500 + 9000 + 300
Labor + FOH= 40500 + 6750 + 300

Answer:

Be the first to post an answer to earn 100 credits.

Question 3: Ali Company estimates its factory overhead for the next period at Rs. 64,000. It is estimated that 30,000 units will be produced at material cost of Rs. 65,000. Production will require 25,000 direct labor hours at an estimated cost of Rs. 130,000. The machine will run about 18,000 hours.
Required: the predetermined factory overhead rate based on:
Units of production
Direct labor hours
Machine hours
Direct labour cost
Material cost

Answer:

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Question 4: Barley Ltd produces a certain food item in a manufacturing process. On 1st November there was no opening stock in process. During November, 700 units of material were put in to process, with a cost of Rs, 20,000. Direct labor cost in November was Rs.15; 000.production overhead is absorbed at the rate of 300% of direct labor costs. Closing stock on 30th November consisted of 200 units which were 100% completed as to materials and 80% completed as to labor and over head.
Required: Calculate the quantity of units completed and transfer-out

Answer:

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Question 5:

Corporation submits the following data for September 1998:

Direct labor cost Rs. 30,000

Cost of goods sold Rs. 111,000 (Before adjusting for over or under applied overhead)

Factory overhead is applied at the rate of 150% of direct labor cost. Over or under applied factory overhead is charged to the cost of goods sold account. Inventory accounts showed these beginning and ending balances as follows:

Balance	September 1	September 30
Finished goods	Rs. 15,000	Rs. 17,500
Work in process	9,600	13,000
Materials	7,000	7,000

Other data:
Factory overhead (actual) Rs. 48,200
Marketing expense 14,100
General and Administrative expenses 22,900
Sales for the month 1,82,000

Answer:

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Question 6: Define the following term with examples

1- Sunk cost
2- Implicit cost
3- Explicit cost
4- Opportunity cost
5- Historic cost

Answer:

Sunk cost

Sunk cost refers to the cost that has been spent in the past and that cannot be retrieved on product or service in the current period. This cost should not be taken into account while making the decisions by management.
Example
Stationary bought in bulk last month. In this case the cost has been incurred and will not be important to management decisions being made for the future.

Implicit cost

Implicit cost is the cost imposed on a firm for foregoing an alternative but where the actual payment for the alternative taken is not involved
Example:

Use of company's capital for investment
Use of the owner's time
Use of the owner's land for investment

Explicit cost

This is subject to actual payment or will be paid in the future.
Example:

Actual payment made to buy land for expansion of the company instead of using the owner's land.
Payment made for wage, rent or material etc.

Opportunity cost

Opportunity cost is the cost of sacrificing a benefit by choosing some other alternative. This is the cost of foregoing an alternative in favour of some other alternative.
Example

If the owner of a company further invests money in his business instead of keeping it in the bank in a savings account then the opportunity cost in this case will be the yearly interest that the bank would have paid to him had he chosen the alternative of keeping the money in the savings account. The investment made in the business should give him more return than the opportunity cost if it is to be deemed a better investment.