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All Current Mid Term Papers Fall 2013

From (20 Dec , 2013 to 1 Jan 2014 )
 


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Share Your Current Mid Term Papers (Questions/Pattern) from 20 December 2013 to 01 January 2014 to help each other.

Thanks

MY today's mgt402 Subjective papers. 5 Questions

Q1: (3 Marks)

During the month of August 2009, 25,675 units were completed and transferred to next department. 1,000 units were lost during the process and 5,000 units were still in process (100% material, 60% labour & FOH).

 

Required:

Prepare Quantity schedule with the help of given data for Department 1.

Ans of Q1:

BWIP + Unites Started = EWIP + Completed + Losses

0 + 31675 = 5000 + 25675 + 1000

 

Material

Conversion Cost

Unites Completed

25675

25675

Ending Work In Progress

5000

(5000*.6) = 3000

Loss

1000

1000

 

 

 

 

 

 

 

 

 

 

 

 

Q5:(5 marks)

Sufyan & Sons’ Overhead Budget for the month together with data relating to cost centers is as follow:  

Overhead Cost                        Rs.

Electricity Consumption             2,600.00

Rent Of factory                       142

Depreciation Of machinery         6,500.00

                                                                                          Machine Groups

Bases for Apportionment.           Q         R          S          T          TOTAL

Kilowatt Hours        2,505.00       2,203.00       44,500.00    5,500.00       54,708.00

Floor Space(Sq Ft) 998.00          890.00          560     650     3,098.00

Capital Cost Of plant         2,350.00       1,550.00       6,500.00       12,000.00    22,400.00

 

Required: Apportion each of the cost given to the four groups of machine on suitable bases.

Q2:(3 Marks)

Blanket rate is used as a single rate throughout the production activity which is not always feasible for evaluating the performance of each department separately. You are required to suggest the rate that is used in this situation. Elaborate the concept.

Ans of Q2:

Blanket overhead application is based on one type of activity for example, direct labor hours. All type of overheads are allocated based on the same rate. This leads to an unreasonable application of overheads on production unites. Specially when more than one product is being used. Alternative approach is to accumulating different cost in different cost pools and allocating them using appropriate cost drivers as the basis.

Example:

Number of runs made by a driver from store to production dep. Could be an appropriate base to allocate material handling cost.

Q4:(5 Marks)

Patacake Ltd. produces a certain food item in a manufacturing process. On 1st November, there was no opening stock in process. During November, 500 units of material were put in to process, with a cost of Rs. 9,000. Units completed and transferred-out were 400 units. Direct labor cost in November was Rs. 3,840. Production overhead is absorbed at 200% of direct labor costs. Closing stock on 30th November consisted of 100 units which were 100% completed as to materials and 80% completed as to labor and overhead.

Required:

Prepare the Quantity Schedule.

Calculate the Equivalent production units for material, labor and FOH for the month of November.

Ans of Q4:

Quantity Schedule:

BWIP + Unites Started = EWIP + Unites completed

0 + 500 = 100 + 400

Cost Schedule:

                                Material                     D.Labour                         FOH

This Period          9000                           3840                               7680

Equivalent Unites of Production:

                                           Material                      D. Labor                         FOH

Unites completed               400                           400                            400

EWIP                              100                            80                                80

Total                                      500                                 480                                    480    

Q3: (Marks 3)

Cost of material consumed under FIFO method is Rs. 4,200. Conversion cost is Rs. 15,000. 1,200 units of the product were manufactured out of which 900 units were sold at Rs. 25 each. There were no beginning and ending inventories of work in process and finished goods.

Required: Calculate Net profit under FIFO method. (Show necessary working)

 

(Ans of Q3)

Conversion Cost = 15000

Material = 4200

Total Factory cost = 19200

 

Unites manufactured = 1200

 

Per Unit Cost = 19200 / 1200

 

Per unit cost = 16

Contribution = 25 – 16 = 9 * 900

Net Profit  = 8100

 

Muhammad Faiz Rasool  thanks for sharing 

Attention Students: You don’t need to go any other site for current papers pattern & questions. Because all sharing data related to current mid tem papers of our members are going from here to other sites. You can judge this at other sites yourself. So don’t waste your precious time with different links. Just keep visiting http://vustudents.ning.com/ for all latest updates.

Share Your Current Mid Term Papers (Questions/Pattern) from 20 December 2013 to 01 January 2014 to help each other.

Thanks 

Plzz share ur current paper =/

share share share

Today my mgt402 midterm papers 2013

Totalyquestions 27..jis mai se 22 mcqs thy r 5 subjective.

1 important bt ye h k mcqs about new thy..jst 6,7 mcqs old papers mai se thy..faheem r saqib wali file se aye h..r subjective totally numerical thy..

1.cgs find krna tha

2.cost of goods manufactured statemnt nikalni the.subjctive bht tough thy..

thnx for sharing.... 

geyz plz share more current paper

share with Care...

waqas ahmed thanks for sharing ur paper. 

 

Attention Students: You don’t need to go any other site for current papers pattern & questions. Because all sharing data related to current mid tem papers of our members are going from here to other sites. You can judge this at other sites yourself. So don’t waste your precious time with different links. Just keep visiting http://vustudents.ning.com/ for all latest updates.

 waqas ahmed ALLAH KHEIR KRY GA

 

MY ANSWERS ARE

Q1 5 mark

It is impossible for a person who is working in assembly line or associated with manufacturing unit, to increase his output without the assistance of entire group of workers so for this reasons companies have introduced the group bonus scheme.

 

Following are common characteristics of Group Bonus Scheme

 

1. A standard time is set for the completion of job

2.If the time taken by worker is more than the time allowed  the workers in the group receive time wages

3.If the time take by worker is less than the time allowed then group receives a bonus on time saved.

 

Q2  3mark

in order to arrive at cost per unit of output, total of each cost element is divided by the number of units produced. For this purpose where at end of costing period, there are some partially competed units in process and these units must be stated in terms of equivalent completed units. Then these equivalent completed units are added to units completed units to arrive at equivalent production. Then total cost is divided by this equivalent production number to calculate the unit cost.

 

Q3. 3MARK

OAR is calculated by following formula

OAR   = Estimated FOH cost / Base

Following can be the bases to calculate OAR

 

Direct labor hours

Machine hours

Prime cost

No. of units produced

Direct labor cost

 

selection of capacity level depends on the nature of business, and if it depends on the machine hours then machine hours will be taken as a base as capacity level, it is also known as overhead absorption rate (OAR)

 

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