Job,Product,Stock Costing
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Q1. 'Floor Area in Square Metres' would be the most likely method of sharing which cost between different departments..? *
10 points
Q2. The number of employees in Departments 1,2,3 are  24, 72, 6 respectively. How much of the total canteen cost (€4,080) will be apportioned to each department? *
10 points
Q3. Opening Stock was 4,000 units, Cash Purchases of Stock were 2,200 units, Credit Purchases of Stock were 800 units, total Sales were 3,100 units. What is the Closing Stock? *
10 points
Q4. 400 units of stock were purchased on 1/1 for €8 per unit. On 1/4 a further 600 units were purchased for €9 per unit. Finally, on 1/8, 700 units of stock were purchased for €10 per unit. If 200 units of stock were sold during the year, what is the value of the 1,500 units of closing stock on 31/12  (using the 'FIFO' method). *
10 points
Q5. The total cost of production is €125,000. If profit is set at 20% of the selling price, how much will we be selling this product for? *
10 points
Q6. Department (a) works for 6,000 Labour Hours and 30,000 Machine Hours. If the Total Overhead for the department is €180,000, what is the most appropriate Overhead Absorption rate? *
10 points
Q7. An overhead has been 'Under-Absorbed' if... *
10 points
Q8. 'FIFO' stands for... *
10 points
Q9. Management Accounting... *
10 points
Q10. A 'Step-Fixed' cost is... *
10 points
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