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(16) A Limited Company owns and works deposits of
clay and coal. The clay is used in the manufacture of clay
ware and earthenware, and the coal required for firing
kilns is obtained from the Company's Colliery. Surplus
coal is disposed of in trading.

It is important that the results of Colliery and Clayware
Departments be distinguished.

Discuss the principles governing the fixing of the price
of coal used in the Clayware Department.

(17) A Factory, employing about 2,000 hands, is engaged
upon operations involving multiple costs. It is desired to
analyse the total paid for wages as it affects (1) main costing
units, (2) specific processes concerning the individual units.

Describe in general terms the system you would
recommend to be adopted for this purpose.

Society of Incorporated Accountants
and Auditors

(18) A client who has four different manufacturing
departments, A, B, C and D, containing 12, 10, 8 and 6
machines respectively, asks for your advice in assisting him
to arrive at a basis of costing. The machines, though
uniform in each department, differ in size and capacity.

From his last year's Trading Account you extract the
following information



EXAMINATION QUESTIONS



187



Productive Wages
Material Used
Expenses



20,000
15,000
15,000

50,000



The expenses consist of the following items

Rent and Rates . 2,500

Power . . . 1,500

Light and Heat . 250

Repairs and Renewals 750

Insurance . . 500

Interest on Capital . 2,500

Depreciation . . 2,000

Salaries . . . 2,000

Non-Productive Wages 1,000

General Expenses . * 1,500

Discounts . . 500

Your investigation shows that the first seven items of
expense, amounting to 10,000, should be charged direct
to the departments in the following proportions : A, 50
per cent ; B, 25 per cent ; C, 12J per cent ; D, 12J per
cent. The remaining four items, amounting to 5,000,
should be treated as indirect expenses, and should be
charged to the departments as follows : A, 35 per cent ;
B, 35 per cent ; C, 15 per cent ; D, 15 per cent.

The wages of the departments were : A, 7,000 ; B,
6,000 ; C, 4,000 ; D, 3,000 ; and the materials used
in the departments were : A, 5,000 ; B, 5,000 ; C,
4,000; D, 1,000.

Find the total cost of production of each department
and the hourly rate of expense of each machine, reckoning
44 hours per week and 50 working weeks to the year.

(19) Make a suggestion for dealing with the depreciation
cf a plant, which, costing 1,000, has an efficient life of
ten years, and then has a scrap value of 200, and give
arguments for and against the adoption of the various
methods.

(20) What are the principal methods of estimating and
distributing overhead expenses in costing accounts ? To
what special type of industry would each system be most
appropriate ?

13 (1765) 12 pp.



188



MANUAL OF COST ACCOUNTS



(21) Devise stock keeping systems for the following
concerns

(a) A pianoforte dealer ;

(b) A general draper ;

(c) A brass founder ; and

(d) A general merchant.

What do you know of continuous methods of calculating
stock ?

(22) Give draft of statistical information which should
be kept by a large stores with, say, 100 departments ; and
for what reasons would you refer to such statistics for
audit purposes ?

(23) On what basis should

1 . Contracts in progress ;

2. Unfinished goods in course of manufacture ;
be brought into the Balance Sheet ?

(24) What are Cost Accounts ? Illustrate your answer
by a pro forma account.

(25) You are instructed by a firm of aircraft manu-
facturers to institute a complete system of Cost Accounts.

Explain fully the procedure.

(26) From the following figures of the Progressive
Manufacturing Company you are requested to prepare a
Trading Account and to draft a scheme for ascertaining
the cost of production

Stock of Materials, 1st January
Stock of Materials, 1st January



Materials Purchased
Productive Wages .
Management Salaries
Office Salaries
Power

Repairs to Machinery
Carriage Inwards
Carnage Outwards .
Rents, Rates, Gas, Water

Factory

Office

Discounts Allowed
Bad Debt
General Expenses
Depreciation of Machinery
Sales



nuary


1917




nuary


191S




, Insi

r


ranee





i

33,000
37,000
66,400
10,000
600
400
2,000
550
525
300

800
200
300
150
500
600
85,000



EXAMINATION QUESTIONS 189

The machinery consisted of twelve machines, all of the
same type and capacity, and the working hours were
52 per week for 50 weeks in the year.

(27) You are instructed to report on the accounts of
a large bakery establishment for the purpose of ascer-
taining the cost of production of bread. With a view
to the comparison of results you are instructed to base
your calculations on the cost of production of a quartern
(4 Ib.) loaf. You find that your clients do not make
quartern loaves but only 1 Ib. and 2 Ib. loaves in the
proportions of 3 to 2, and that the actual weight of dough
required to make a 1 Ib. loaf is l-251b., and a 4 Ib. loaf
4-50 Ib. What recommendations do you make in order to
render your report of value for statistical comparison ?
In your answer you may assume that the total weight of
the dough produced is 1,521, 000 Ib.

(28) Draw up a pro forma trading account suitable for
any one of the following businesses, namely : (a) woollen
manufacturer, (b) printer, (c) steel manufacturer, mar-
shalling the items in such a manner as to adapt them for
the purpose of ascertaining : (i) prime cost, (ii) factory
oncost or overhead charges, (iii) administrative charges,
and (iv) selling expenses.

(29) In many cases it is difficult to locate accurately
cost of production to definite articles or products, as for
example : (a) Production from a slate or stone quarry,
where various grades and qualities of slates or stones are
obtained from one mass or block, the grades being sold at
varying rates according to the size and quality ; (b) Gas,
coke, tar, and ammoniacal liquor from carbonized coal.
State what particulars would guide you in allocating the
cost of production in the two cases named. Should by-
products be charged with any portion of the material
costs or costs of production ?

(30) A biscuit manufacturing firm only estimates the
cost of production of the articles manufactured by it, and
does not attempt in any way to verify their accuracy by



190 MANUAL OF COST ACCOUNTS

balancing the estimated costs of production of all articles
with its general trading accounts. You are requested to
examine a detailed cost sheet of this firm of a specified
biscuit and to state whether in your opinion the estimated
costs are approximately accurate or otherwise. Point
out the methods you would adopt in verifying the costs
submitted, and the basis on which you would suggest the
" factory oncost " should be applied.

(31) How would you ascertain whether the total oncost
or overhead factory charges of a factory for a given period,
had been properly and fully absorbed in the costs of pro-
duction for that period ? Would you object as an auditor
to the addition of a percentage of factory oncost to the
work-in-progress at date of making up the annual accounts ?

London Association of Accountants

(32) What is the difference between

1. Prime Cost ;

2. Cost of Production ?

(33) Define

1 . Output or Single Cost Accounts ;

2. Working Cost Accounts ;

3. Departmental Cost Accounts ;

4. Multiple Cost Accounts ;

5. Process Cost Accounts.

(34) The following is the Trading Account of a manu-
facturer from which you are desired to ascertain (a) the
cost of materials used ; (b) the value of the output of
manufactured goods.

Dr. TRADING ACCOUNT. Cr.

52,500

4,375
1,750
6,125



58,625



To Stock-
Finished Goods
Raw Material .

,, Purchases .
Wages . .
. ; Carriage .
,, Gross Profit .




5,000
1,500
6,500
15,000
25,000
1,250
10,875


By Sales
Stock-
Finished Goods
Raw Material;




58,625





EXAMINATION QUESTIONS



191



(35) The following account appears in the Impersonal
Ledger of a firm of contractors. What is the object of
this account, and what does it represent ?



COST BOOK ACCOUNT.



1918.







1918.


Jan. 1


To Balance


2,000


Dec. 31


Dec. 31


Materials from








Stock


16,000






,, Wages .


12,000






,, Sundries Cash








Payments


100






,, Profit and Loss








Account


8,900








39,000





By



and





35,000



Contracts

Charges
Materials returned

to Stock . . 1,400
Balance carried

down . . 2,600



39,000



(36) Into how many classes may Factory Cost Accounts
be divided? S'.ate the objects of each 'class.

(37) (a) Into how many classes may indirect expenses
or oncost be divided ?

(b) Give examples of expenditure of each class.

(c) What are the two principal methods by which
oncost may be allocated over various contracts ?

(38) (a) From the following details taken from the
books of an iron company, prepare an account showing
the cost of the pig iron manufactured during the year
ended 31st December, 1918.



Limestone
Coal and Coke .
Iron Ore .
Purchases

Limestone

Coal and Coke

Iron

Wages .
Carriage Inwards
Repairs, Renewals, and Depreciation

(b) What was the gross profit on sales of pig iron
during the year ? The stock at 1st January was 40,000
and at 31st December, 27,500, the sales being 135,000.

(39) During the month of January, 1917, a colliery
raised 30,000 saleable tons. From the following particulars

13A (1765)





Stock at


Stock at




1st Jan.,


31 st Dec.,




1918.


1918.




300


135




2,400


1,700




1,400


1,690




4,000






39,000






17,000






16,000






2,100






4,200





192



MANUAL OF COST ACCOUNTS



prepare monthly Cost Sheet, showing the cost of the
various items per saleable ton raised



Wages Underground

Surface
Stores .

Repairs and Renewals
Stable Expenses
Timbev etc.



Insurance



Surface Rents Rates and

Royalties

Depreciation .

General Establishment Charges



5,



650
70
800
135
270
215
525
280
390



(40) Do you consider it advisable or necessary that
Cost Accounts should be kept throughout on Double
Entry lines and thus linked up with the general system
of accounting ? If so, state briefly how this may be done ;
in a contractor's business, for instance.

(41) The following particulars relate to the year ended
30th September, 1919, and are from the books of a
malleable ironfounder, making only small castings,
sales amounted to 28,000.



The



Stock of Finished and Partly Finished Goods at 1st

October 1918 618

Stock of Finished Goods and Partly Finished Goods at

30th September 1919 480

The Net Manufacturing Cost amounted to . . . 19,700

Finishing Goods & Warehouse Salaries and Packing

Materials amounted to . . . . . . 1,418

The total of the Distribution and General Expenses was 2,660

(a) State the gross profit and the percentage to sales ;

(b) State the net profit and the percentage to sales ;

(c) According to these figures what percentage should
be added to manufacturing cost to cover warehouse
oncost ?

(d) And what percentage should be added to that
result to cover general and distribution expenses ?

(42) The use of charts or graphs by professional account-
ants is thought likely to become much more common in
the near future. Mention some purposes for which you
would prepare charts and (without drawing a chart) give



EXAMINATION QUESTIONS



193



some imaginary figures which a chart might help to
elucidate.

Do you consider charts will take the place of percentages
in accounting ?

Institute of Cost and Works Accountants

(43) What are the chief duties of the Planning Depart-
ment of a Factory ?

(44) From the following figures draft a form of Weekly
Cost Sheet for a foundry

Production 330 cwts. good castings.



Sand .
Limestone
Sundry Stores
Coal .
Pig Iron
Scrap .
Wages Direct
Rent and Rates
Other Expenses
Wages Indirect

Coremakers

Foreman

Dressers

Other Wages





i


s.


d.


.


3










57


_


_




15


_


_




94


4


_




276


_


_




51


_


_




120


_


_




47


8


_




17


8


-




24


_


_




30


_


_




30


_


_




27


-


-



792 - -



(45) A firm of engineers are desirous of tendering for
the erection of a suspension bridge. From the following
estimated figures prepare a statement showing the total
cost, and also the sum which they can quote in order to
obtain a net profit of approximately 9 per cent. Total
cost of materials required 5,000, labour 3 per ton on
600 tons, carriage freight, and insurance, 600 tons at
25s. per ton, erection 2 5s. per ton, use of erector's
plant and tools, 200, travelling expenses 450. Works
expenses 50 per cent on labour, establishment and
general expenses 20 per cent on labour.

(46) Do you consider the reconciliation of cost accounts
in total with the financial books of a company, sufficient
to prove their correctness ? Give reasons for your answer.



194



MANUAL OF COST ACCOUNTS



(47) Describe a method that will enable you to auto-
matically ascertain, at the end of each month, the values
of " materials and work-in-progress." Show the accounts
used and make the final entries necessary for balance
sheet purposes.

NOTE. The method described should obviate the
necessity of Monthly Stocktakings.

(48) The following statement of expenses is taken from
the books of a manufacturing company. Divide the Estab-
lishment Expenses under the following headings, stating
the method upon which you would base your rates and
reasons for so doing



(a) Machine Rate

(b) General Works



(c) Sales and Distribution

(d) Administrative and

Financial.



Rent, Rates, and Taxes ....

Repairs and Maintenance (Plant and Machinery)

,, (Buildings)

Fuel .

Gas and Water .
Electrical Power .
Materials used
Maintenance of Patterns
Wages .

General Shop Supplies
Interest on Loans.
Storekeeping .
Bad Debts .
Works Management
Depreciation (Buildings)
Foremen, Labourers, Timekeeping, etc.
Depreciation (Plant and Machinery I
Carriage Inwards .

Outwards .
Commissions

Drawing Office and Supplies
Travelling Expenses
Designing and Estimating
General Expenses .
Management and Secretarial
Advertising and Literature
General Office
Stationery .
Rates, Taxes, and Insurance (Office Property)



i

1,000
596
482
540
195
811

102,418

618

48,017

311

281

225

176

323

1,640

1,418

3,000

257

530

195

786

462

578

430

950

250

776

87

430



EXAMINATION QUESTIONS 195



Branch Expenses

Glasgow 320



London ....

Birmingham .

Sales

Productive Hours worked

VALUE OF WORK IN PROGRESS



620
338

. 173,510
397,500 hours



At Commencement of Period. At End of Period.

Labour. Mils. Estab't Exps. Labour. Mtls. Estab't Exps.
14,701 11,068 13.408 13,041 9,017 12,101

(49) Explain very fully the following

(a) Should Interest on the Capital Outlay in Plant
and Machinery be included in Establishment Expenses ?

(b) If so, under which heading (in question 48) would
you include this item and why ? If not, give your reasons.

(50) Give details of a method of arriving at a " Machine
Rate " and in particular how you would incorporate the
undermentioned items of expenditure in such rate

(a) Depreciation of Buildings (c) Small Tools

(b) Cost of Power (d) Shop Supervision

Wages.

also state how you would apply the rate so arrived at, to
your cost accounts.

(51) On completion of a Reconciliation Statement of
Factory Expenses and Oncost at the end of the Accounting
Period it is found that the total charges for Factory
Expenses or Oncost have not been completely absorbed
in the Cost Accounts. State how you would deal with
the balance in question.

(52) In the majority of factories where small parts,
such as bolts, nuts, screws, etc., are consumed in great
quantities over a period of, say, 12 months, also certain
standard raw materials are usually charged in " costs "
by weight, the purchase price for these items will vary
greatly during this long period. Describe any special
method you consider will be necessary to ascertain and
regulate the price at which the above items should be



196 MANUAL OF COST ACCOUNTS

charged in your cost accounts in order to obviate any great
difference when comparing the total value of stocks on
hand as against stores purchased and issued.

(53) In a factory working departmentally and manu-
facturing its own tools (and using same) would you consider
that to make tools is productive or otherwise ? State reason
and point of view.



INDEX



ADMINISTRATION expenses, 9,

27, 79, 107
Allocation of works expenses,

22, 24, 77, 84, 93, 102
Averages, 170

BAD debts, 79

Bin cards, 68, 69

Bleaching and finishing works,

28

Bonus schemes, 7, 55
Boots and shoes, 126
Builder, 5, 42
Buildings record, 161, 162
By-products, 28, 30, 119

CARRIAGE, 79
Carriers, 6, 156
Capital outlay, 98, 116
Chemical works, 5, 28
Clothing factories, 126
Collieries, 5, 17
Component stores, 74
Consumable stores, 70
Contractors' accounts, 5, 43
Cost ledgers and cost sheets, 109
Costs, uses of, 4, 6, 132

DEFECTIVE work, 106
Definitions, 8

Departmental analysis, 83-88,
165

costs, 5, 8, 19, 153

rates, 95

Depreciation, 10, 162
Diagrams, 178
Direct expense, 9, 49
Discarded plant, 164
Discounts, 79

Distribution expense, 79, 107
Double entry, 52, 123
Drawings, 118
Dyeworks, 41

EFFICIENCY systems, 56
Electricity generating station,

158
Establishment charges, 9, 27, 79,

177
Estimates, 4



Expense apportionment, 24, 49,
77, 93, 102

summaries, 82-89

FACTORY cost, 9

expense, 76, 84, 93, 102

Financial accounts, 3, 12, 119
Finished goods accounts, 26,

119, 122
Flat cost, 8
Flour mill, 5, 13, 14
Food-producing factories, 28
Foundry accounts, 135
Furniture trades, 126

GAS works accounts, 30
General works rate, 90, 98, 165

services, 87

Glove factories, 126
Gross cost, 9

Guarantee and maintenance, 106

HIGH wage plan, 56
Hosiery, 126

IDLE plant, 103, 164
Interest, 100

JOB costs, 8, 43, 150

Joiners, 54

Journal, uses of, 52, 120

LABOUR, 55

MACHINE rates, 50, 96, 98, 104
Machinery and plant, 49, 54,

162-164

Maintenance and guarantee, 106
Manufacturing cost, 9
Mass production, 145
Master card, 141
Material, 12 64

specification 141

Motor haulage 156

production 149

Multiple costs, 6, 8, 55, 126, 150

OFFICE oncost, 9, 79, 107

Oil mill, 5, 29

Oncost adjustment account, 121

methods, 9, 90

suspense account, 113



197



198



INDEX



Operating (working) costs, 5, 8,
156

shops, 89

Operation cost cards, 147, 148
Output cost, 1 1
Overtime, 78

PART and drawing nos., 112
Patterns, 118
Pay roll, 62
Petrol record, 157
Piece rates, 55, 61, 145
Planning department, 144
Plant (contractors'), 49

records, 162-165

Power, 85, 97
Premium bonus, 56, 57
Priestman plan, 59
Prime cost, 8

Print works, 5
Printing trade, 126
Process cost card, 147
Production, cost of, 9, 27

record, 148, 160

Productive hour method, 10, 92

services, 117

Profit-sharing schemes, 58
Progress office, 74, 144
Purchase routine, 64

RAILV/AYS, 5, 156
Reconciling accounts, 133, 134
Refineries, 29
Rental cost, 84, 101
Repairs, 80, 81, 116, 121
Repetition work, 145
Residual products, 28, 30, 119
Retail branches, 168



Revaluation, 164

SCRAP, 119

Selling expenses, 79, 107
Single cost, 5, 8, 11
Spinning mills, 13, 35-38
Steel works, 5, 18
Stock appropriation, 73
Stock orders, 115, 146
Stocktaking, 72
Stores routine, 47, 64, 65

TERMINAL cost, 5, 8, 43

Test department, 118

Tests, costing by means of,

37-39, 141, 166, 176
Textile factories, 13, 28, 35
Time recording, 60
Ton-mile, 5, 156
Tool shop, 80
Tools, jigs and dies, 118
Tramways, 5, 156

UNITS of cost, 5

WAGES records, 21, 43, 60
Waiting time, 78
Warehousing oncost, 99
Waste, 119
Weaving mills, 39
Weekly summary, 176
Work-in-progress, 10, 34, 53

account, 122

Working costs, 156
Works cost, 9, 27

expense, 9, 82

order, 70, 142

routine, 140



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