1. Immediate location of materials
2. Speedy receipt and issue of materials.
3. Full identification of all materials at all times.
4. Keeping concept and up to date records of receipts, issues and stock balances of materials.
5. Protection of materials against pilferage and deterioration.
6. Protection of materials against fire and theft.
7. Economical use of storage space.
Wilfykil answered the question on April 17, 2019 at 06:12
- Discuss Purchasing procedure as an aspect of material control(Solved)
Discuss Purchasing procedure as an aspect of material control
Date posted: April 17, 2019. Answers (1)
- What does material Control mean in cost accounting?(Solved)
What does material Control mean in cost accounting?
Date posted: April 17, 2019. Answers (1)
- The production manager of Kemu ltd Company, is concerned abut the apparent fluctuation in efficiency and wants to determine how labour costs (in Sh.) are...(Solved)
The production manager of Kemu ltd Company, is concerned abut the apparent fluctuation in efficiency and wants to determine how labour costs (in Sh.) are related to volume. The following data presents results of the 12 most recent weeks.
Required:
Estimate the cost function using:
a) The high low method
b) Regression analysis
Assume that the Company intends to produce 45 units, 34 units next period
Estimate the labour cost to be incurred.
c) Assume that the company (in illustration 2.1) intends to spend Sh.400 on labour cost next period. Compute the number of units that the company may produce.
Date posted: April 17, 2019. Answers (1)
- Based on performance, you have been provided with the following information regarding ABC Ltd for the year ended 31 December 2004 :(Solved)
Based on performance, you have been provided with the following information regarding ABC Ltd for the year ended 31 December 2004 :
Required:
Develop a total cost function based on the above data using the high-low method.
Date posted: April 17, 2019. Answers (1)
- What are the advantages and disadvantages of cost estimation?(Solved)
What are the advantages and disadvantages of cost estimation?
Date posted: April 17, 2019. Answers (1)
- Discuss the three types of overheads(Solved)
Discuss the three types of overheads
Date posted: April 17, 2019. Answers (1)
- Kemu ltd manufacturing company provides to you the following information for the month of October 2014.(Solved)
Kemu ltd manufacturing company provides to you the following information for the month of October 2014.
REQUIRED
1. Prepare a production cost statement
2. Prepare a profit statement.
Date posted: April 17, 2019. Answers (1)
- Give the importance of cost classification(Solved)
Give the importance of cost classification
Date posted: April 17, 2019. Answers (1)
- What is the role of Cost Accounting in business management?(Solved)
What is the role of Cost Accounting in business management?
Date posted: April 17, 2019. Answers (1)
- What is the role of a cost accounting department in an organization?(Solved)
What is the role of a cost accounting department in an organization?
Date posted: April 17, 2019. Answers (1)
- The following information for the year ended December 31, 2005 is obtained from the books and records of a factory.(Solved)
The following information for the year ended December 31, 2005 is obtained from the books and records of a factory.
Factory overhead is 80% of wages and administration overhead 25% of factory cost. The value of the jobs during 2005 was Kshs. 410,000
Prepare:
(i) Consolidated completed jobs account showing the profit made or loss incurred on the jobs.
(ii) Consolidated work – in – progress account.
Date posted: April 16, 2019. Answers (1)
- As newly appointed cost accounting, you find that the selling price of job No. 5 has been calculated on the following basis:(Solved)
As newly appointed cost accounting, you find that the selling price of job No. 5 has been calculated on the following basis:
You are required to:
Wage rate: A = Shs. 4 per hour, B = Shs. 6 per hour, C = Shs. 4 per hour.
(a) Draw up a job cost sheet
(b) Calculate and enter the revised costs using the previous year’s figures as a basis (c) Add to the total job cost 10% for profit and give the final selling price.
Date posted: April 16, 2019. Answers (1)
- The following information is available for job No. 202, which is being produced at the request of a customer.(Solved)
The following information is available for job No. 202, which is being produced at the request of a customer.
Required:
(i) (a) Calculate the total cost and selling price of job No.202
(ii) Assume that shortly after the job is completed the original customer goes bankrupt and the job is not delivered. The only other possible customer is prepared to pay Kshs. 9,000. Briefly indicate, with reasons whether you would accept the offer of Kshs. 9,000.
Date posted: April 16, 2019. Answers (1)
- The information given below has been taken from the cost records of a factory in respect of job no. 707.(Solved)
The information given below has been taken from the cost records of a factory in respect of job no. 707.
Fixed expenses estimated at Kshs. 20,000 for 10,000 working hours. Calculate the cost of the job No. 707 and the price for the job to give a profit of 25% on the selling price.
Date posted: April 16, 2019. Answers (1)
- Give the disadvantages of job order costing(Solved)
Give the disadvantages of job order costing
Date posted: April 16, 2019. Answers (1)
- Give the advantages of a job order costing system(Solved)
Give the advantages of a job order costing system
Date posted: April 16, 2019. Answers (1)
- What are the objectives of Job order costing?(Solved)
What are the objectives of Job order costing?
Date posted: April 16, 2019. Answers (1)
- Define the term Job costing(Solved)
Define the term Job costing
Date posted: April 16, 2019. Answers (1)
- What are the features of Job order costing?(Solved)
What are the features of Job order costing?
Date posted: April 16, 2019. Answers (1)
- The following figures are extracted from the Trial Balance of AB. Co. on 31st Sep, 2005.(Solved)
The following figures are extracted from the Trial Balance of AB. Co. on 31st Sep, 2005.
REQUIRED
Prepare
i) A statement of cost showing various elements of cost.
ii) A statement of profit.
Date posted: April 16, 2019. Answers (1)