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"Which of the following statements is/are correct?<br>1. A materials requisition note is used to record the issue of direct material to a specific job.<br>2. A typical job cost will contain actual costs for material, labour and production overheads, and non –production overheads are often added as a percentage of total production cost.<br>3. The job costing method can be applied in costing batches"

Correct Answer: (1) and (3) only
The following statements that are correct are: A materials requisition note is used to record the issue of direct material to a specific job and The job costing method can be applied in costing batches.

A coaching institute has students in 3 batches – X, Y and Z. In a certain examination, the average marks obtained by these batches are 72, 60 and 50 respectively. The average marks of batches X and Y taken together is 69. If the ratio of the number of students in batches Y and Z is 6 : 7. What is the average score of all the three batches put together?

Which of the following statements are true?
1. Marginal costing is not an independent system of costing.
2. In marginal costing, all fundamentals of cost are divided into fixed and variable components.
3. In marginal costing, fixed costs are treated as product cost.
4. Marginal costing is not a technique of cost analysis.

If budgeted direct labour hours are 4550 and direct labour cost rate is $600 per labour hour then, total direct labour cost would be

Which of the following mathematical expression is/are not correct? i) Prime cost = Direct material cost + Direct labour cost + Direct expenses ii) Factory cost = Prime cost + Factory expenses iii) Office cost = Factory cost – Administrative expenses

If the labour cost 20% of the cost of production and raw material cost 10% of the cost of production and the price on which article is sold is 20% above the cost of production. If the price of labour is increased by 40% and the price of raw material increased by 20% and rest other expenditure of cost remain constant. The industrythus decide to increase the selling price by 10%. Find the new profit percent ?

Which of the following statements are not true in relation to employment of contract labour in any establishment?
1. Supreme Court can abolish contract labour system in any establishment.
2. High Court can abolish contract labour and prohibit the principal employer from engaging contract labour where the government has not abolished the same.
3. An appropriate government and not the court can prohibit the employment of contract labour as per the provisions of law.
4. Neither the court nor the appropriate government can abolish the contract labour in any establishment.

A company calculates the prices of jobs by adding overheads to the prime cost and adding 30% to total costs as a profit margin. Job number Y256 was sold for Rs1690 and incurred overheads of Rs 694. What was the prime cost of the job?

"During September, 300 labour hours were worked for a total cost of Rs. 4800 The variable overhead expenditure variance was Rs. 600 (A) Overheads are assumed to be related to direct labour hours of active working.
What was the standard cost per labour hour?"

Find the office cost (in Rs.) of 250 bolts and nuts if the factory cost is Rs.200 and total labour cost is Rs.200. Consider office overheads as 30% of the total labour cost.

If prime cost is Rs. 20,000; factory overheads are 25% of prime cost and office overheads are 80% of factory overheads then the office cost would be