Cost & Management Accounting NMIMS Assignment June 2025

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Q1 ABC Manufacturing Ltd. produces a single product and operates a factory where both
direct labor costs and overhead costs are incurred. The company provides the
following data for February:
Labour Costing Data:Total direct wages paid: Rs. 50,000Number of direct
labor hours worked: 10,000 hoursOvertime premium included in wages:
$2,000Employer’s contribution to benefits (social security, insurance, etc.): 10%
of direct wages
–
Overhead Costing Data:Total factory overhead costs: $40,000Overheads are
absorbed based on direct labor hours
–
Required:
1. Calculate the total direct labor cost, considering the employer’s contribution.
2. Compute the direct labor cost per hour.
3. Determine the overhead absorption rate per labor hour.
4.If a job requires 50 labor hours, calculate the total labor and overhead cost
assigned to the job.

Q2 (A) Elaborate on the implementation of a Just-in-Time (JIT) inventory system impact the
material cost control process in a manufacturing company and explain its importance.

Q2 (B) Analyze how the method of valuing work-in-progress (prime cost vs. works cost)
influences the final cost of goods sold and the financial reporting of a manufacturing
company.

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