11. The value of opening stock as on 1stJanuary 2003 was Rs. 7,000 stock of Rs. 23,000 in January were purchased. COGS was Rs. 21,000. What was the value of closing stock as on 31st January, 2003?
12. Three types of standards are . . . . . . . .
13. Equivalent units represent the production of a process in terms of . . . . . . . . units.
14. Administration expenses are mostly . . . . . . . .
15. For conducting . . . . . . . . workers are studied at their jobs and all their movements and motions are noted.
16. When the debt turnover ratio is 4, what is the average collection period?
17. In transport costing . . . . . . . . charges vary more or less in direct proportion to kilometers run.
18. Raw material purchased:
1st January, 600 units @ Rs. 12 per unit
12th January, 500 units @ Rs. 14 per unit
21st January, 300 units @ Rs. 13 per unit
Raw material issued for manufacture:
3rd January 300 units
5th January 124 units
15th January 250 units
16th January 300 units
Raw material returned to stores from manufacturing department on 14th January, 50 units. The material is issued on First-in-First out method.
The value of material remaining in store on 21st January will be:
1st January, 600 units @ Rs. 12 per unit
12th January, 500 units @ Rs. 14 per unit
21st January, 300 units @ Rs. 13 per unit
Raw material issued for manufacture:
3rd January 300 units
5th January 124 units
15th January 250 units
16th January 300 units
Raw material returned to stores from manufacturing department on 14th January, 50 units. The material is issued on First-in-First out method.
The value of material remaining in store on 21st January will be:
19. Which one of the following is not correct with reference to standard costing?
20. Match the following.
List-I
List-II
a. Labour cost variance
1. Actual hours paid (Standard rate - Actual rate)
b. Labour rate variance
2. Standard cost - Actual cost
c. Efficiency variance
3. Idle hours × Standard rate per hour
d. Idle time variance
4. Standard rate (Standard hours - Actual hours worked)
| List-I | List-II |
| a. Labour cost variance | 1. Actual hours paid (Standard rate - Actual rate) |
| b. Labour rate variance | 2. Standard cost - Actual cost |
| c. Efficiency variance | 3. Idle hours × Standard rate per hour |
| d. Idle time variance | 4. Standard rate (Standard hours - Actual hours worked) |
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