MGT402 Current Final Term Papers Spring 2020 & Solved MCQs, Short Notes, Solved Past Papers, Solved Online Quizzes, E-Books, FAQs, Short Questions Answers & More

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MGT402 Current Final Term Papers Spring 2020 & Solved MCQs, Short Notes, Solved Past Papers, Solved Online Quizzes, E-Books, FAQs, Short Questions Answers & More

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MGT402 Current Papers Final term Spring 2020

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MGT402 current paper | 14-09-2020 

 

	Particulars	Units
	Beginning WIP inventory (100% material and 40% of labor)	7,500
	Units started in this period	64,000
	Ending WIP inventory (100% material and 60% of labor)	5,000
	Direct materials are added at the beginning of the process and direct labor is added uniformly throughout the process.
	Required: Calculate the equivalent units for direct materials and direct Labor under weighted average method?
	Briefly define and explain the concept of ‘flexible budget’.
	What is the treatment of fixed cost in Absorption costing and Marginal costing system?
	What are the objectives of budget? Name only (any six).
	SMC Limited operates at 100% normal capacity. Currently company manufactures 40,000 units of a product. Data regarding company's sales and cost is as follows;
		Rs.
	Sales (40,000 units at Rs. 10 each)	400,000
	Prime cost (Rs. 3 per unit)	120,000
	Variable production overhead (Rs. 2 per unit)	80,000
	Fixed production overhead	50,000
	Factory profit	150,000
	Company’s marketing officer reports that an overseas client has offered to pay Rs. 9 per unit for additional 15,000 units, but to fulfill the additional order fixed cost would increase by Rs. 20,000.
	Required: Calculate profit/loss for additional business.
	N Company has calculated its margin of safety as 25% on budgeted sales. Budgeted sales are 12,000 units per month and budgeted contribution margin is Rs. 40 per unit.
	Required:
	Calculate the margin of safety.
	Calculate the Break even sales (units).
	Calculate the budgeted fixed cost.
	The Superior Company produces paint. During February, 50,000 gallons were started. Company had 30,000 gallons (100% complete as to material and 30% as to conversion) in beginning inventory and 20,000 gallons (100% complete as to material, 20% complete as to conversion) in ending inventory. Company has transferred out 60,000 gallons during the month.
	Required: What would be the equivalent units for material costs and conversion cost during February by using FIFO costing method?
	Calculate “Gross profit” under Absorption costing & Marginal costing, if following information is given as:
	Direct material		Rs. 8,000
	Direct labor			Rs. 6,000
	Variable overheads		Rs. 3,500
	Fixed overheads		Rs. 2,500
	Sales				100 units @ Rs. 250 per unit
	XYZ Company has been manufacturing machinery against a customer’s order, but the customer has become bankrupt and now no money can be obtained from the customer.
	Costs incurred to date on the manufacturing of machine are Rs. 60,000 and advance payment of Rs. 10,000 was received from customer at the start. Now the marketing department has found another company willing to buy the machinery after completion for Rs. 30,000.
	CFO (Chief Financial Officer) of XL Limited is interested to know the Budgeted Gross profit and Budgeted Operating profit for the upcoming financial year. Data pertaining to budgeted income and expenses is given as below;
	Particulars	Amount (Rs.)
	Sales	65,000
	Prime cost	2,000
	FOH	1,500
	Opening finished goods inventory	700
	Closing finished goods inventory	600
	Operating and administrative expenses	3,200
	Income tax	2,200
	Required: Calculate Budgeted Gross Profit and Budgeted Profit from Operation with the help of above information.
	Note: Show complete working.