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Physics obj 1-10=BCDDDCCDCA 11-20=BABDBADCBA 21-30=-BDABADCBA 31-40=CDABAACAAD 41-50=BDBAADACCB @BEASTEXAMS

Q2b 1 direct material cost 2. Direct labour cost 3 manufacturing overhead @BEASTEXAMS

*_QUESTION 3️⃣a._* ✅✅✅ _Process costing is an accounting methodology that traces and accumulates direct costs, and allocates indirect costs of a manufacturing process. Costs are assigned to products, usually in a large batch, which might include an entire month's production._ *_QUESTION 3️⃣b_* ✅✅✅✅ 1. Chevron Corporation (petroleum products), 2. the Wrigley Company (chewing gum) 3. Pittsburgh Paints (paint) _Note: A job costing system is used by companies that produce unique products or jobs_ @BEASTEXAMS

*COSTING THEORY SOLUTION* : The cost of labour is the amount of all salaries paid to the workers, as well as the employee benefits and payroll taxes charged by an employer. The labour costs are broken down into direct and indirect (overhead) costs *LABOUR TURNOVER* Labour turnover is the ratio of the number of persons leaving in a period to the average number employed. It is the change in the composition of the labour force in an organisation. *CAUSES OF LABOUR TURNOVER* Change of Locality. Death, retirement etc., of workers. Transport or housing problem in the firm's locality. Unfit for the work. Misconduct of workers. Sickness, accident, etc., of workers. On account of personal betterment. Domestic matter like marriage, etc. : *QUESTION 2* Stock control is the practice of balancing the need to maintain inventory levels against its cost. The ideal outcome of stock control is a minimal investment in inventory, while still being able to fulfill customer orders in a timely manner. *OR* Stock control, otherwise known as inventory control, is used to show how much stock you have at any one time, and how you keep track of it. It applies to every item you use to produce a product or service, from raw materials to finished goods. *FACTORS* Nature of Material: If the materials are required by many production centres and received from many suppliers, the minimum stock level is maintained. If materials is a special item and received from only one supplier, there is no need for fixing minimum stock level. 2. Lead Time: Lead-time is the time required from the data of order to the date of actual delivery. If shorter the lead-time, lower is the minimum level, the re-order level remains constant. 3. Rate of Consumption of Materials: The minimum rate, the normal rate and maximum rate of consumption of raw materials are taken into account for fixing minimum level. 4.Inventory Turnover: In case of slow moving materials, the maximum stock level is low and in case of fast moving materials, the maximum stock level is high. 5. Nature of supply: If the supply of raw materials is uncertain, it is better to maintain maximum stock level of materials. 6.Economic Order Quantity (EOQ): Maximum stock level is largely depend on economic order quantify. 7. If the government frames rigid rules for import or procurement, the maximum stock level should be high @BEASTEXAMS