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HMAC200 - Introduction to Cost and Management Assignment - Boston City Campus
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Assignment Task
Questions
1. You are employed as the cost accountant of Zwane Steel Technologies and your company incurred the following income and expenses for the year ending 28 February 2022. The tax rate is 27%
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R |
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Wages and salaries Water and electricity Sales returns Insurance Interest on savings account Advertising Packing materials Sales Credit losses recovered Rent paid Vehicle expenses Cost of sales Interest on overdraft Stationery Telephone
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92 000 35 900 3 500 12 600 450 11 700 3 700 512 000 4 400 58 000 20 500 170 000 920 5 590 3 800 |
00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 |
2. You are the cost accountant of The Big Five Mining Group (Pty) Ltd and you compiled the following total sales and total purchases figures for your company for the past four months:
| March 2022 (R) | April 2022 (R) | May 2022 (R) | June 2022 (R) | |
| Total sales | 540 000 | 520 000 | 650 000 | 730 000 |
| Total purchases | 430 000 | 340 000 | 502 000 | 480 000 |
The budgeted sales and purchases figures for July, August, September, and October are as follows:
| July 2022 (R) | Aug 2022 (R) | Sept 2022 (R) | October 2022 (R) | |
| Budgeted total sales | 750 000 | 820 000 | 860 000 | 900 000 |
| Budgeted total purchases | 500 000 | 520 000 | 550 000 | 560 000 |
3. Roberts Engineers (Pty) Ltd has been in the construction business for the past 18 years and are considered as one of the major players in the industry. They are currently part of a team of four major construction companies engaged in a massive low-to-medium income housing project; in which their part is to lay and complete the foundation for each house and leave the rest to other team members. This project commenced on 1 June 2022.
As the project cost accountant of Roberts Engineers (Pty) Ltd, you have recorded the following monthly and annual cost figures with respect to this housing project:
- On average, your company completes 350 foundations per month; and in the process uses 13 (50kg) bags of cement on each foundation; and each 50kg bag costs R80.
- The cost of direct labour is R 22 500 per foundation completed.
- Your company’s site supervisor is paid R 54 000 per month.
- Four different types of earth moving machinery used by your company are leased at R 250 000 each per month.
- Each foundation completed is subject to a quality check at a cost of R 12 500
- Each foundation completed uses 8 500 bricks at a cost of R 2 100 per 1 000 bricks.
- A purchasing agent used to source the best prices for construction materials for your company is paid a commission of R 16 000 per month.
- Your company is using this housing project to advertise itself to potential customers at a cost of R 25 400 per month.
- An on-site administrative office has been set up and the total monthly salary bill for the six people running it amounts to R 85 000.
- The annual insurance bill paid by your company for this project amounts to R 135 700.
- A 10-litre container of paint is used on each foundation at a cost of R 1 600 per container.
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