FNS50217: Management Accounting Information - Accounting Assignment Help

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Management Accounting Assignment Help

Task : 1 Q1.At a production level of 5,000 units, the budgeted product cost per unit is: Required: Calculate the following budgeted per unit costs if expected production is 8,000 units:

• Prime cost.
• Conversion cost.

Q2. Fletcher Adams has commenced business manufacturing fiberglass sailboards. His budgeted costs for the current month are as follows: Fletcher Adams accounts for all manufacturing costs as product costs. Required: Calculate the following budgeted totals for the month:

1.  Prime cost
2. Period cost
3. Fixed Manufacturing cost
4. Variable Manufacturing cost

Q3. The Bambi Company commenced operations in December and records its operations in a single ledger. The following information relates to its production for the month: Required: Prepare the general journal entries to record the above transactions that took place during December. Q4. The following information has been provided by the Monarch Manufacturing Co. for the year ended June 30, 2018: Required:

1. Prepare a Manufacturing Statement for the year ended June 30, 2018.
2.  Show your workings for the amount of Direct Materials in your Statement.

Q5. The following are the stock movements for the foaming agent Dreft for the month of May: Required:

1. Complete a stores ledger card for the above chemical, using the average cost method.
2. State the value of closing stock at 31 May, if the FIFO (First-in First-out) method of stock accounting had been used.

Q6. Ottoman Ltd has an employee named Shimo Star. Shimo receives a wage of $16 per hour. Shimo’s time sheets for the week ended 31 October have been analysed by the Cost Clerk to reveal the following: Required: List the daily direct and indirect hours and total respective gross pay amounts ($) for the week. Prepare a general journal entry to allocate Shimo’s wages for the week. The company operates a single ledger. Q7. Greenway Disc Drive Distribution and Manufacturing Co. is reviewing the cost behaviour patterns of indirect manufacturing costs in relation to units produced. Each unit requires 80 direct labour hours to manufacture. Production volume and the associated indirect manufacturing cost for the past 6 months are as follows: Required:

1. Determine the total fixed indirect manufacturing cost and the variable indirect manufacturing expense per unit using High-Low analysis.
2.  If in the coming month the firm has budgeted for output of 3,600 direct labour hours, what will be the estimate for indirect manufacturing costs? Show estimates for fixed and variable costs separately.

Q8. Dermott Accounting supplies the following direct costs and has asked you to develop a recovery rate for indirect costs based on professional services costs. Q9. The Matham Company is a motor repair company operates a Job Cost System and provides you with the following details relating to January. Required:

1. Prepare a Job Card summary for January.
2. Journal entries to record the transactions that took place during January.
3. Calculate the Cost of Goods Sold during January and prepare ledger accounts for Work In Progress and Finished Goods.

Q10. The overhead budget for Hugh Demand Ltd for the year to 30 June 2016 was estimated on 20,000 direct labour hours. Required: Calculate the factory overhead spending (budget) variance and capacity (volume) variance. Specify whether the Spending Variance and the Capacity Variance are Favourable or Unfavourable.

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