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ACCA Assignment |
(HONS)
Year 1
ACC103 Management
Accounting 2
ASSIGNMENT QUESTIONS 2
Semester 2, 2007
DUE DATE: 20 August 2007
Value : 15%
2
MANAGEMENT ACCOUNTING 2 (ACC103)
ASSIGNMENT 2 (15%)
DUE DATE : 20 AUG 2007
NO
EXCUSES
Instructions :
Case study information :
SEM 2, 2007
Note : Please submit a copy of your CD with your Excel file.
Please take note that copying the work of others, allowing others to
copy your work, and / or attempting to do any of the above
mentioned will result in automatic failure of your assignment.
FOR ACTS OF PLAGIARISM WILL BE ENTERTAINED. You may of
course consult textbooks, journals, or any publications for reference
purposes. All sources or materials used should be clearly quoted /
referenced.
Before submitting your assignment you shouldmake a copy and submit
the original for assessment. Late submissions will not be entertained
unless there is (are) some legitimate mitigating factor(s).
(i) Based on the following case study information, build a
spreadsheet model using Excel 97 to answer the accompanying
problems.
(ii) The spreadsheet model should include a “Data Input Section”
(whereby all raw / original data from the case should be
entered), “Additional Information Section” (whereby other
relevant information for the individual problems should be
entered) and an “Output Section” (whereby the final answers to
each problem is presented).
(iii) Program your spreadsheet to perform all necessary calculations.
Do not “hard code” any amounts, use the addition, subtraction,
multiplication, division operations or any other specialised
formulas.
(iv) Print a copy of the spreadsheet with the answers / results to the
problems.
(v) Print a copy of the spreadsheet showing the formulas used
therein.
QUESTION 1 (14 marks)
3
Right Moulds Ltd. manufactures a single product which passes through#p#分页标题#e#
2 departments, Moulding and Finishing.
All work is commenced in Moulding, from which all output is
immediately transferred to Finishing where additional materials are
added when processing is 30% complete.
In Finishing, conversion costs are incurred uniformly throughout the
process. Overhead is allocated on the basis of 120% of direct labour
cost.
Work in process, 1 Aug (11,000 units, 90% complete), cost of which
includes :
Department - Finishing directmaterials $93,500
Department - Finishing direct labour $29,700
Department - Finishing overheads $?
During the month of Aug, 92,000 units were completed and transferred
to finished goods inventory. Units transferred in from Moulding were
charged at $20.80 per unit. Finishing’s costs in Aug were :
Direct labour $303,790
Overheads $?
At the end of the month, 29,000 units were still in process in Finishing.
These were estimated to be 25% complete.
Prepare the Finishing production cost report for themonth of Aug 2007
using the FIFO method. (14 marks)
TWJ Ltd. produces 2 types of modems, “Wind” and “Storm”. TWJ
normally produces 12,500 units of Wind at a total direct material cost of
$212,500 and 10,000 units of Storm at a total direct material costs of
$280,000.
Direct labour cost in 2007 is expected to be $7.80 per unit of Wind and
$19.50 per unit of Storm. Other manufacturing costs are considered as
overhead. The estimated total annual overhead for the year is
$650,000.
Department - Moulding costs $225,500
Materials added $708,750
Required : www.ukassignment.org
QUESTION 2 (11marks)
4
W.J. To, the CEO is considering the use of activity-based costing (ABC)
in order to refine the corporation’s costing system. The following
information was obtained :
Overhead
includes :
(Cost Driver)
Total Costs
($)
Wind
(Total driver units)
Storm
(Total driver units)
Quality control
(No. of
inspections)
115,000
20,000 inspections 37,500 inspections
Rental
(Space in m2)
210,000
15,000 m2 5,000 m2
Utilities
(Machine hours)
325,000
17,500 MH 7,500MH
Total 650,000
(a)Calculate the (assuming that the
expected no. of units are produced) using the activity-based
costing system. (6 marks)
(b)Explain why overcosting and undercosting product occur with
traditional costing systems. Why might individuals resist ABM and
how could an organization overcome the resistance? (Word limit :
300). (5 marks)http://www.ukassignment.org/Accounting_Essay/
Polar Ltd. manufactures 2 joint products. Both products require
additional processing beyond the split-off point. There were no#p#分页标题#e#
opening inventories at 1 July 2007. The following information relates to
themonth of Jan :
Cool-Air Frost-Bite
Production (units) 90,000 110,000
Sales (units) 71,500 84,800
Closing inventories
(units)
18,500 25,200
Selling price per unit $20 $45
Additional processing
costs
$350,000 $600,000
Total joint processing costs for July were $1,180,000. Joint costs are
allocated using the net realisable value method. The closing
inventories are finished goods that are ready for sale.
Required :
total cost of each product
QUESTION 3 (5marks)
5
Required :
(a)Determine the cost of the ending inventories of each of the
products as at 31 July 2007. (3 marks)
(b)Cool-Air could be processed further into Chilly-Breeze for an
additional cost of $8.00 per unit. Chilly-Breeze would sell for $33.00
per unit. Should the company produce Chilly-Breeze? (2 marks)