Diploma Process Planning & Cost Estimation Important Questions
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Here We attached the Process Planning & Cost Estimation Important Questions for the unit 4, from Board Exam Question Bank
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UNIT – 4, Cost Estimation. Scheme : M Subject : Process Planning & Cost Estimation
NOTE :
1. The highlighted Questions are asked more than two times in the Board Exam
- These Questions are collected from Board Examination Question Papers.
2/3 Marks
- Define cost estimation
- Define performance factor.
- What is the purpose of cost estimating?
- Write the relationship between setup time and economic lot size.
- Name the various constituents of cost.
- What do you mean by inspection time?
- What data are required for making a cost estimate?
- Name the various methods by which the overheads can be estimated .
- Define setup time
- Explain performance factor.
- How labour cost is estimated?
- What is the purpose of cost accounting?
- The monthly requirement of a company is 4000 components. The cost of each part is Rs. 12 and the cost of each setup is Rs. 60 per lot. If the carrying charge factor is 20% determine (i) Economic lot size and (ii) set up time for each lot.
10 marks questions
- From the following data, calculate the total cost and selling price for a job. Direct material = Rs. 5500, manufacturing wages = Rs. 3000, Factory over heads to manufacturing wages= 100%, non-manufacturing overheads to factory cost = 15% and profit on total cost = 12%
- 40 forging are to be machined in four steps. Calculate the cost of production with the help of following:
Machining time= 12 min per forging
Non machining time = 21 min per forging
Set up time = 45 min per setup
Tool sharpening = 5 min per forging
Fatigue = 20%
Personal needs = 5%
Total change time = 10 min
Tool life = 8 hrs
Checking time = 15 sec with 5 checks per forging
Performance factor = 1.4
Direct labour cost = Rs. 5 per hour.
- Estimate the sales price to be quoted for the product from the following given data.
Direct material cost per piece = Rs. 14.
Direct Labour Cost per Piece = Rs. 18
Factory over head = 100% of prime cost.
General overhead = 25% of factory cost.
Profit = 10% of total cost.
- An electric immersion rod is being sold in the market for Rs. 65. Find its production or manufacturing cost assuming 20% profit on the selling price and selling expenses to be 40% of production cost. If the cost of material used for the rod is Rs. 15 and overheads of the department in which it is being is 40% of labour cost. Find the time taken for its manufacture, if the labour rate is Rs. 2 per hour.
- Explain with a block diagram about how the selling price of a product is arrived at.
- 40 castings are to be machined in 5 setups. Calculate the cost of production with the help of the following given data.
Machining time = 10 min / casting
Non – machining time = 20 min / casting.
Set up time = 45min / setup
Tool sharpening = 5 min/casting
Fatigue allowance = 20%
Personal needs allowance = 10%
Total change time = 12 min
Tool life = 8 hrs
Checking time = 15 sec with 5 checks / casting.
Performance factor = 1.5
Direct labour cost = Rs. 8 hours.
- Explain the basic steps in making a cost estimate
- A certain piece of work is produced by a firm in batches of 100. The direct materials cost for that 100 piece work is Rs. 160 and the direct labour costs is Rs. 200. Factory on cost is 35% of the total material and labour cost. Over head charges are 20% of the factory cost. If the management wants to make a profit of 10 % on the gross cost. Determine the selling price of each article
Diploma Process Planning & Cost Estimation Important Questions,Process Planning & Cost Estimation Important Questions diploma, Process Planning & Cost Estimation Important Questions board exam question paper
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