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17. Which of the following costs has no relationship with the level of output? a) Semi-variable costs. b) Variable costs. c) Stepped fixed costs. d) Fixed costs.

Q 19. Which ONE of the following statements concerning costing is correct? a) The procedures used to calculate unit costs in manufacturing industries are not applicable to service industries. b) Within process costing the cost per unit of output is found indirectly by dividing total costs by the number of units produced. c) In process and job costing the cost per unit of output is found directly by accumulating costs for each unit. d) Costing is irrelevant because the same level of detailed information can be extracted from the financial accounts.

Q. 23 23. Citricacid plc budgets during its first year of operations to produce and sell 38,160 litres of product per annum at a selling price of 10 per litre. Citricacids budgeted costs are as follows: per unit Variable production costs 3.54 Fixed production costs 1.04 Variable selling costs 2.50 In the first year the unit selling price was 10 per litre and the variable unit cost and expenditure on fixed production costs were also as budgeted. Actual sales volume was 38,400 litres and closing inventory was 960 litres. Using absorption costing Citricacids profit for the year was: a) 113,376 b) 112,378 c) 112,128 d) 110,880

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