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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

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


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.    

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