BIO303 - Biochemistry II Solved Past Papers

VU BIO303 - All Subjective Solved Past Papers 2023 - Biochemistry II

Question 1: Differentiate between process costing and job order costing.

Answer: Suggest Edit

Process costing

It is a method of cost accounting applied to production carried out by a series of operational, stages or processes. It is a continuous production process.

In process costing all units produce are similar. The whole process is divided into several departments.

Job order costing

The costing system that separately accumulates costs incurred to produce each job in a situation where each job isdistinguishable from the other throughout the production process. The job may be a single unit or a multi unit batch, a contract or a project, program or a service. Job costing is employed by organizations possessing following characteristics.

Every order has its own manufacturing specifications. Therefore, every job is different from the other and requires different amounts materials, labor and overhead.
Each job is clearly distinguishable from the other at all stages production process which makes job wise accumulation of possible.
Each job is generally of high value.
Production is generally in response of customers' orders
Job wise accumulation of cost is desirable and/or necessary for and profit determination.
Job costing is more expensive as compared with process costing.

Question 2: Discuss the Avoidable and Unavoidable Causes of Labor Turnover.

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Provide solution with reference to earn 1000 credits

Question 3: During January, 19,000 units were completed and transferred. At January 31st, 6,500 units remained in work in process that was 30 percent completed as to material, Labour and FOH. At the end of month 3,500 units were completed and awaiting to transfer. How many units were started during January?

Answer: Suggest Edit

Total units completd in Jan = 19000 units
Units in process in 31 Jan =6500 units
At the end completed units =3500 units
So , total units in jan started =19000 +6500 =25500
Total units started in Jan =25500

Question 4: During the year ended June 30, 2006. Factory overheads for the year were Rs.380,000. The inventory balances are as follows:
July 1, 2005 - June 30, 2006 Rupees Rupees
Finished goods 90,000 105,000
Work in process 121,000 110,000
Materials 100,000 105,000
Required:
Cost Of Goods Manufactured Statement.
Cost Of Goods Sold Statement.

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Question 5: Factory overhead absorption rate of a pharmaceutical is Rs 2.50. Budgeted Factory overhead at two activity levels is as follows for that period.
Activity level Budgeted factory overhead
Low 20,000 Hours Rs. 45,000
High 40,000 Hours Rs. 75,000
Actual Factory overhead for that period was Rs. 42,000 and actual volume was 25,000 hours.
Required:
i. Variable factory overhead absorption rate
ii. Budgeted variable factory overhead at high activity level 40,000 hours.
iii. Budgeted fixed factory overhead

Answer: Suggest Edit

Provide solution with reference to earn 1000 credits

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