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CA IPCC : Revision Test Paper (with Answers) - COST ACCOUNTING & FINANCIAL MANAGEMENT Nov 2013

34 pages, 22 questions, 0 questions with responses, 0 total responses,

CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi

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PAPER 3 : COST ACCOUNTING AND FINANCIAL MANAGEMENT PART I : COST ACCOUNTING QUESTIONS Material 1. RTC Limited uses chemical-X in one of its finished products. The chemical-X is purchased from a vendor outside India. RTC Limited purchases 36,000 ltr of chemical-X per year at the rate of ` 900 per ltr plus import duty @10% on such purchases. The chemical-X is used evenly throughout the year in the production process on a 360-day-per-year basis. The company incurs ` 1,75,000 on one year agreement for material supply with the vendor and it estimates that ` 35,000 will be incurred to place a single purchase order. The chemical-X is needed to be kept in a very carefully controlled temperature and humidity conditions. RTC Ltd. incurs 1.5% and 0.2676% of the value of inventory as storage cost and as insurance cost respectively. Delivery from the vendor generally takes 12 days, but it can take as much as 16 days. The days of delivery time and percentage of their occurrence are shown in the following tabulation: Delivery time (days) : 12 13 14 15 16 Percentage of occurrence : 70 10 10 5 5 Required: (i) Compute the economic order quantity (EOQ). (ii) Assume the company is willing to assume a 10% risk of being out of stock. What would be the safety stock? The re-order point? (iii) Assume 5% stock-out risk. What would be the total cost of ordering and carrying inventory for one year? Labour 2. A Company is undecided as to what kind of wage scheme should be introduced. The following particulars have been compiled in respect of three workers. Which are under consideration of the management. I Actual hours worked Hourly rate of wages (in `) Productions in units Product A Product B The Institute of Chartered Accountants of India II 380 40 100 50 III 540 60 210 360 - 600 1,350

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