ECO-10 Elements of costing in English SOLVED ASSIGNMENT 2020-2021

ECO-10 Elements of costing

SOLVED ASSIGNMENT 2020-2021

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COURSE CODE : ECO-10
COURSE TITLE : ELEMENTS OF COSTING
ASSIGNMENT CODE : ECO-10/TMA/2020-21
COVERAGE : ALL BLOCKS

Title Name

ECO-10 Solved Assignment 2020-2021

University IGNOU
Service Type Solved Assignment (Soft copy/PDF)
Course BCOM
Language ENGLISH
Semester 2020-21 Course: BCOM
Session 2020-2021
Short Name ECO-10  (ENGLISH)
Assignment Code ECO-10/TMA/2020-21
Product Assignment of BCOM 2020-2021 (IGNOU)
Submission Date You have to submit the assignment of all the courses to The Coordinator of your Study Centre. For
appearing in June Term-End Examination, you must submit assignment to the Coordinator of your study
centre latest by 15th March. Similarly for appearing in December Term-End Examination, you must
submit assignments to the Coordinator of your study centre latest by 15th September.

 

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Attempt all the questions:
1. Describe the factors to be considered before installing a system of costing in an
organization. Also explain the requisites of an effective system of costing.
(10+10)
2. Define ‘material control’. What are its objectives? Describe its advantages and
basic requirements.
(2+3+5+10)
3. What are the main methods of pricing? Explain the First in First out method.
In a factory, the following purchase and issues were made during the month of
Account January, 1988.
Date Purchases Issues
Units Rate (Rs)
Jan. 1 500 5.00 –
Jan. 8 300 5.10 –
Jan. 13 – – 600
Jan. 18 400 5.20 –
Jan. 23 – – 300
Jan. 25 500 5.10 –
Jan. 31 – – 200
Prepare the stores Ledger Account under FIFO method.
(5+5+10)
4. What are the distinct features of direct and indirect labour? Explain the principle
of time keeping and its purpose.
(10+5+5)
5. Write short notes on the following:
a) Methods of absorption
b) Contract costing
c) Process costing
d) Classification of costs

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