Forecasting Techniques – NBC Institute

MI – Nov 2020 – L1 – SA – Q1 – Forecasting Techniques

The question asks to calculate the Economic Order Quantity (EOQ) based on holding costs, ordering costs, and annual demand.

Question

A company uses 40,000 units of an item per annum. It is recorded that the holding costs are N4 per annum and the ordering cost is N50 per order. The Economic order Quantity is:

A. 2,500
B. 1,500
C. 1,000
D. 800
E. 500

Answer

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Tags: Cost Management, Decision Making, EOQ, Forecasting Techniques, Inventory Management, Operations
Level: Level 1

Topic: Forecasting Techniques
Series: NOV 2020

MI – Nov 2021 – L1 – SA – Q7 – Forecasting Techniques

Calculate the EOQ for minimizing total cost.

Question

ABCD uses 240,000 units of material BC each year, which cost ₦5.40 for each unit after a 10% discount. The cost of making an order for the year is ₦15,312.50. Find the quantity that will minimize the total cost.

A. 36,893 units
B. 35,000 units
C. 26,087 units
D. 24,745 units
E. 24,000 units

Answer

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Tags: Economic Order Quantity, EOQ, Inventory Management
Level: Level 1

Topic: Forecasting Techniques
Series: NOV 2021

MI – Nov 2021 – L1 – SA – Q2 – Forecasting Techniques

Identify the limitation that does not apply to scatter diagrams

Question

Which of the following is NOT a limitation of scatter diagram?

A. Quickest and easiest approach to cost estimation
B. Drawing the line of the best fit can be quite subjective
C. It indicates a relationship where there is none
D. It only shows relationship between two variables at a time
E. It might lead to incorrect conclusions

Answer

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Level: Level 1

Topic: Forecasting Techniques
Series: NOV 2021

MI – Nov 2014 – L1 – SA – Q4 – Forecasting Techniques

Calculate the capacity ratio based on the labour hours and standard hours data.

Question

The following data were extracted from the records of ABZ Limited for the month of July:

Budgeted Labour hours: 6,400
Actual Labour hours: 6,240
Standard hours produced: 6,480

Calculate the capacity ratio:

A. 103%
B. 102.56%
C. 98%
D. 97.5%
E. 97%

Answer

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Tags: Capacity Ratio, Efficiency, Labour Hours
Level: Level 1

Topic: Forecasting Techniques
Series: NOV 2014

MI – Nov 2023 – L1 – SB – Q3 – Forecasting Techniques

Calculation of moving averages, trends, and seasonal variations based on four years of historical sales data.

Question

The figures given below are four years’ historical sales data of a company.

Required:
Calculate the moving averages, trends, and seasonal variations.

Answer

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Tags: Forecasting, Moving Averages, Seasonal Variations, Trend Analysis
Level: Level 1

Topic: Forecasting Techniques
Series: NOV 2023

MI – May 2017 – L1 – SB – Q2 – Forecasting Techniques

Determine fixed and variable costs using high-low method and linear regression analysis.

Question

MICRA Manufacturing Company makes a product named as VATA. The records of some of the manufacturing expenses are easily identified as fixed or directly varied with production. The cost accountant of the company is confronted with the problem of preparing a budget for the coming year and wishes to determine the fixed and variable elements of the mixed factory overhead.

The following monthly information in respect of output and mixed factory overhead are provided as follows:

MONTH	NUMBER OF UNITS (x)	MIXED FACTORY OVERHEAD (y)
JANUARY	150	80
FEBRUARY	200	100
MARCH	300	135
APRIL	250	125
MAY	300	130
JUNE	250	120
JULY	350	140
AUGUST	300	125
SEPTEMBER	250	115
OCTOBER	150	80

Required:

a. Calculate the fixed and variable elements of the above mixed factory overhead using the high and low method. (5 Marks)

b. Use the linear regression analysis and determine the line of best fit. (15 Marks)

Answer

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Tags: Cost behavior, Cost Estimation, High-Low Method, Linear Regression
Level: Level 1

Topic: Forecasting Techniques
Series: MAY 2016

MI – Nov 2020 – L1 – SA – Q1 – Forecasting Techniques

The question asks to calculate the Economic Order Quantity (EOQ) based on holding costs, ordering costs, and annual demand.

Question

A company uses 40,000 units of an item per annum. It is recorded that the holding costs are N4 per annum and the ordering cost is N50 per order. The Economic order Quantity is:

A. 2,500
B. 1,500
C. 1,000
D. 800
E. 500

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Management, Decision Making, EOQ, Forecasting Techniques, Inventory Management, Operations
Level: Level 1

Topic: Forecasting Techniques
Series: NOV 2020

MI – Nov 2021 – L1 – SA – Q7 – Forecasting Techniques

Calculate the EOQ for minimizing total cost.

Question

A. 36,893 units
B. 35,000 units
C. 26,087 units
D. 24,745 units
E. 24,000 units

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic Order Quantity, EOQ, Inventory Management
Level: Level 1

Topic: Forecasting Techniques
Series: NOV 2021

MI – Nov 2021 – L1 – SA – Q2 – Forecasting Techniques

Identify the limitation that does not apply to scatter diagrams

Question

Which of the following is NOT a limitation of scatter diagram?

Answer

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Level: Level 1

Topic: Forecasting Techniques
Series: NOV 2021

MI – Nov 2014 – L1 – SA – Q4 – Forecasting Techniques

Calculate the capacity ratio based on the labour hours and standard hours data.

Question

The following data were extracted from the records of ABZ Limited for the month of July:

Budgeted Labour hours: 6,400
Actual Labour hours: 6,240
Standard hours produced: 6,480

Calculate the capacity ratio:

A. 103%
B. 102.56%
C. 98%
D. 97.5%
E. 97%

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capacity Ratio, Efficiency, Labour Hours
Level: Level 1

Topic: Forecasting Techniques
Series: NOV 2014

MI – Nov 2023 – L1 – SB – Q3 – Forecasting Techniques

Calculation of moving averages, trends, and seasonal variations based on four years of historical sales data.

Question

The figures given below are four years’ historical sales data of a company.

Required:
Calculate the moving averages, trends, and seasonal variations.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Forecasting, Moving Averages, Seasonal Variations, Trend Analysis
Level: Level 1

Topic: Forecasting Techniques
Series: NOV 2023

MI – May 2017 – L1 – SB – Q2 – Forecasting Techniques

Determine fixed and variable costs using high-low method and linear regression analysis.

Question

The following monthly information in respect of output and mixed factory overhead are provided as follows:

MONTH	NUMBER OF UNITS (x)	MIXED FACTORY OVERHEAD (y)
JANUARY	150	80
FEBRUARY	200	100
MARCH	300	135
APRIL	250	125
MAY	300	130
JUNE	250	120
JULY	350	140
AUGUST	300	125
SEPTEMBER	250	115
OCTOBER	150	80

Required:

a. Calculate the fixed and variable elements of the above mixed factory overhead using the high and low method. (5 Marks)

b. Use the linear regression analysis and determine the line of best fit. (15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost behavior, Cost Estimation, High-Low Method, Linear Regression
Level: Level 1

Topic: Forecasting Techniques
Series: MAY 2016

Topic: Forecasting Techniques

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MI – Nov 2020 – L1 – SA – Q1 – Forecasting Techniques

The question asks to calculate the Economic Order Quantity (EOQ) based on holding costs, ordering costs, and annual demand.

MI – Nov 2021 – L1 – SA – Q7 – Forecasting Techniques

Calculate the EOQ for minimizing total cost.

MI – Nov 2021 – L1 – SA – Q2 – Forecasting Techniques

Identify the limitation that does not apply to scatter diagrams

MI – Nov 2014 – L1 – SA – Q4 – Forecasting Techniques

Calculate the capacity ratio based on the labour hours and standard hours data.

MI – Nov 2023 – L1 – SB – Q3 – Forecasting Techniques

Calculation of moving averages, trends, and seasonal variations based on four years of historical sales data.

MI – May 2017 – L1 – SB – Q2 – Forecasting Techniques

Determine fixed and variable costs using high-low method and linear regression analysis.

MI – Nov 2020 – L1 – SA – Q1 – Forecasting Techniques

The question asks to calculate the Economic Order Quantity (EOQ) based on holding costs, ordering costs, and annual demand.

MI – Nov 2021 – L1 – SA – Q7 – Forecasting Techniques

Calculate the EOQ for minimizing total cost.

MI – Nov 2021 – L1 – SA – Q2 – Forecasting Techniques

Identify the limitation that does not apply to scatter diagrams

MI – Nov 2014 – L1 – SA – Q4 – Forecasting Techniques

Calculate the capacity ratio based on the labour hours and standard hours data.

MI – Nov 2023 – L1 – SB – Q3 – Forecasting Techniques

Calculation of moving averages, trends, and seasonal variations based on four years of historical sales data.

MI – May 2017 – L1 – SB – Q2 – Forecasting Techniques

Determine fixed and variable costs using high-low method and linear regression analysis.

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MI – Nov 2020 – L1 – SA – Q1 – Forecasting Techniques

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MI – Nov 2021 – L1 – SA – Q7 – Forecasting Techniques

Calculate the EOQ for minimizing total cost.

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MI – Nov 2021 – L1 – SA – Q2 – Forecasting Techniques

Identify the limitation that does not apply to scatter diagrams

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MI – Nov 2014 – L1 – SA – Q4 – Forecasting Techniques

Calculate the capacity ratio based on the labour hours and standard hours data.

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MI – Nov 2023 – L1 – SB – Q3 – Forecasting Techniques

Calculation of moving averages, trends, and seasonal variations based on four years of historical sales data.

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MI – May 2017 – L1 – SB – Q2 – Forecasting Techniques

Determine fixed and variable costs using high-low method and linear regression analysis.

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MI – Nov 2020 – L1 – SA – Q1 – Forecasting Techniques

The question asks to calculate the Economic Order Quantity (EOQ) based on holding costs, ordering costs, and annual demand.

You're reporting an error for "MI – Nov 2020 – L1 – SA – Q1 – Forecasting Techniques"

MI – Nov 2021 – L1 – SA – Q7 – Forecasting Techniques

Calculate the EOQ for minimizing total cost.

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MI – Nov 2021 – L1 – SA – Q2 – Forecasting Techniques

Identify the limitation that does not apply to scatter diagrams

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MI – Nov 2014 – L1 – SA – Q4 – Forecasting Techniques

Calculate the capacity ratio based on the labour hours and standard hours data.

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MI – Nov 2023 – L1 – SB – Q3 – Forecasting Techniques

Calculation of moving averages, trends, and seasonal variations based on four years of historical sales data.

You're reporting an error for "MI – Nov 2023 – L1 – SB – Q3 – Forecasting Techniques"

MI – May 2017 – L1 – SB – Q2 – Forecasting Techniques

Determine fixed and variable costs using high-low method and linear regression analysis.

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