+61480015851
ACC512: Management Accounting for Costs & Control - Accounting Assessment Answer
Download Solution
Order New Solution
Internal Code: 1AHACI
Code: ACC512
Question 3: Cost Allocation - ACC512
Bezos Ltd is developing departmental overhead rates based on machine hours for its moulding department and direct labour hours for its assembly department. The moulding department has 20 machines that each run for 2,000 hours per year. The assembly department employs 80 people, who each work 2,000 hours per year. The production related overhead costs distributed to the moulding and assembly departments are budgeted at $500,000 and $740,000 respectively. Two support departments, repairs and engineering, directly support the two production departments, moulding and assembly. These support departments have budgeted costs of $100,000 an $580,000 respectively. The production departments' overhead rate cannot by determined until the support department costs are allocated. The following schedule reflects use of the output of the repairs and engineering departments by the various departments. ACC512
Question 4: Job Costing - ACC512
Collaroy Products Ltd uses a job order costing system to control costs in its two production departments. Factory overhead is applied on the basis of machine hours to the Preparation Department and on the basis of direct labour cost in the Finishing Department.
The company budgeted the following for last year:
There were 20,000 units in process in the weaving department on 1 March (100% complete as to direct material and 40% complete as to conversion).
Required - ACC512
Accounting Assessment Answer
Assignment Task: Assessment item 1 - ACC512 Task There will be 4 online tests. The tests will be conducted as follows: Week 3 - covering topics 1 to 2; Week 8 - covering topics 1 to 4; Week 10 - covering topics 1 to 7; and Week 13 - covering topics 1 to 10. Each online test will open on the Friday of that week at 9.00 am and close on the following Monday at 11.59 pm, allowing you 4 days to access the test. Each test will comprise 10 multiple choice questions which are drawn at random from a pool of questions. You will have 30 minutes to complete each test. ACC512 Each test may only be attempted once. Your final mark for this assessment task will be based on the average score of your best 3 online test results. Rationale - ACC512 This assessment task will assess the following learning outcome/s:- be able to discuss and critique the historical and ethical development of management accounting.
- be able to apply cognitive skills in the design and operation of costing systems.
- be able to critically evaluate the design and operation of performance management systems.
- be able to explain the role of management accounting in organisational contexts and the implications for management accounting of different paradigms. ACC512
- be able to apply analytical and synthetical skills in report writing, and use quantitative techniques and computer software including using the Internet as a professional source.
Question 3: Cost Allocation - ACC512
Bezos Ltd is developing departmental overhead rates based on machine hours for its moulding department and direct labour hours for its assembly department. The moulding department has 20 machines that each run for 2,000 hours per year. The assembly department employs 80 people, who each work 2,000 hours per year. The production related overhead costs distributed to the moulding and assembly departments are budgeted at $500,000 and $740,000 respectively. Two support departments, repairs and engineering, directly support the two production departments, moulding and assembly. These support departments have budgeted costs of $100,000 an $580,000 respectively. The production departments' overhead rate cannot by determined until the support department costs are allocated. The following schedule reflects use of the output of the repairs and engineering departments by the various departments. ACC512
Question 4: Job Costing - ACC512
Collaroy Products Ltd uses a job order costing system to control costs in its two production departments. Factory overhead is applied on the basis of machine hours to the Preparation Department and on the basis of direct labour cost in the Finishing Department.
The company budgeted the following for last year:
- Calculate the predetermined overhead rate for each department
- Calculate the total cost of Job 842.
- If the actual direct labour cost in the Finishing Department was $375,800 and the actual factory overhead was $682,500 was the overhead over-applied or under- applied?
There were 20,000 units in process in the weaving department on 1 March (100% complete as to direct material and 40% complete as to conversion).
Required - ACC512
- Prepare a spreadsheet to calculate each of the following amounts using weighted average process costing: cost of goods completed and transferred out of the weaving department during March cost of the 31 March work in process inventory in the weaving department.
- Repeat requirement 1 using the FIFO method.
- Cut and paste your spreadsheet solution into your the word document for your assignment.
- be able to explain the role of management accounting in organisational contexts and the implications for management accounting of different paradigms.
- be able to apply analytical and synthetical skills in report writing, and use quantitative techniques and computer software including using the Internet as a professional source.
- be able to create and implement computerised decision models.
- be able to critique how managers make decisions.
This ACC512: Accounting Assessment has been solved by our Accounting experts at onlineassignmentbank. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.