ECO-10 Elements of costing
SOLVED ASSIGNMENT 2020-2021
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|
|Service Type||Solved Assignment (Soft copy/PDF)|
|Semester||2020-21 Course: BCOM|
|Short Name||ECO-10 (ENGLISH)|
|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.
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.
2. Define ‘material control’. What are its objectives? Describe its advantages and
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.
4. What are the distinct features of direct and indirect labour? Explain the principle
of time keeping and its purpose.
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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