Evidence of Reading and Some Understanding of Models - Management Assignment Help

Assignment Task:

Task:

Assignment Assessment Criteria
1. To address the subject satisfactorily, a typed format is mandatory.Pass assignments are expected to be legible, tidy, well organized and written in clear understandable English.
2. High grades [70%,75%,+80%] need to demonstrate sustained coherent analytical ability. A systematic approach to analysis and evaluation is required for grades 60% to 85%, for grade at the higher end of the scale, integration and synthesis is a requirement.
Thequalityof the arguments used to develop and support prescriptions/recommendations are, in our view, the essential test of integration.
3. Evidence of reading and some understanding of models and concepts are needed to achieve a pass grade[50%]. Integration of theory and practice is expected for any grade above 65%.
4. You are expected to clearly state any assumptions you make, and support statements and theories by referencing to appropriate sources. (This is essential for higher grades but does not necessarily prejudice a pass mark [50%] if it is missing).
5. The assignment is to be submitted as a single written report of 1500 words.
6. As well as submitting a hard copy of your assignment you are required to submit the electronic version. Unless both, hard copy and electronic versions are provided it will not be counted as submitted.

Diploma 2019
Hi Fi Parts Ltd manufactures electrical components to customers’ specifications. It uses a job costing system with a predetermined overhead rate. Data for production and sales activities for month ended 30 April 2019 are given below. There was no beginning work in process or finished goods inventory at the beginning of April. At the end of April, all jobs had been completed except Job 104.

Total Direct Total Direct Machine
Materials Labour Hours Units Selling
Job Units Costs Costs per Unit Sold Price
101 8,000 $20,000 $42,500 0.30 8,000 $40.00
102 8,000 24,000 37,000 0.26 7,000 36.00
103 8,000 35,000 54,000 0.38 1,000 60.00
104 8,000 27,000 43,000 0.31 0
The company’s predetermined overhead rate is $32.76 per machine hour
REQUIRED:
(a) Find the cost of manufacturing of jobs 101-104 and per unit cost for all completed jobs. Round per unit cost to the nearest cent.

(b) Find the cost of goods sold for the month ended 30 April 2109.

(c) Find the work in process inventory at month end.

(d) Illustrate a statement showing gross margin for the month.

(e) Explain why there is a need for the firm to predetermine factory overhead rate in assigning overhead to a specific job. In your answer, you need to show steps in determining factory overhead rate.
(30 marks)

(f) Explain how under-applied and over-applied factory overhead arise.

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