Costing

✅ The correct answer is B.
An average inventory in units is multiplied with annual relevant carrying cost of each unit to calculate annual relevant carrying costs. Carrying costs are the costs of holding inventory and include maintenance, specifically in regard to perishable items, and storage costs.

✅ The correct answer is C.
Costing system, which is a combination of process costing and job costing system is classified as hybrid costing system. Hybrid costing is used to separate costs and allocate costs to individual products or groups of products.

✅ The correct answer is C.
Fixed cost is a cost which do not change in total during a given period despite changes in output. A fixed cost is a cost that does not change with an increase or decrease in the amount of goods or services produced or sold. Fixed costs are expenses that have to be paid by a company, independent of any specific business activities.

✅ The correct answer is D.
When standard output is 10 units per hour and actual output is 12 units per hour, the efficiency is 120%.

✅ The correct answer is D.

✅ The correct answer is C.
Idle time is time spent by workers off their work. Idle time is unproductive time on the part of employees or machines caused by management or as a result of factors beyond their control. Idle time is the time associated with waiting, or when a piece of machinery is not being used but could be.

✅ The correct answer is B.
Bin Card is a quantitative record of material received, issued and balance. A BIN Card is a table that records the status of a good held in stock.

✅ The correct answer is C.
Profit earned during the year
= 5000 + 35000 – 25000
= Rs. 15000.

✅ The correct answer is A.
For companies in service sector, cost which is not considerable is Inventoriable costs. Inventoriable costs, also known as product costs, refer to the direct costs associated with the manufacturing of products for revenue generation.

✅ The correct answer is A.
Budget plan in many companies is also referred as profit plan. Profit planning is the set of actions taken to achieve a targeted profit level. These actions involve the development of an interlocking set of budgets that roll up into a master budget.