Cost and Managerial Accounting Paper 1

Opening work in process inventory can be calculated as under

Which of the following statement measures the financial position of the entity on particular time?

Which of the following is a characteristic of process cost accounting system?

Fixed cost per unit decreases when ______________

Cost of production report is a ______________

The difference between total revenues and total variable costs is known as ______________

For which one of the following industry would you recommend a Process Costing system?

How many units would the company have to sell to attain target profits of Rs. 600,000?

Jan 1; finished goods inventory of Manuel Company was Rs.3, 00,000. During the year Manuel’s cost of goods sold was Rs. 19,00,000, sales were Rs. 2,000,000 with a 20% gross profit. Calculate cost assigned to the December 31; finished goods inventory.

The Process of cost apportionment is carried out so that ______________