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Question 1

Classification by nature

This requires that the costs of a manufacturing entity be classified on three major types, that include, materials, labour and expenses

Material cost –refers to the costs incurred in the production of a particular product or to provision of a service.

Labour cost- refers to the total expenditure incurred by an entity on its employees for their services

Expenses- resources incurred by a firm to generate its income

The major categories include

i)                    Changes in cost of work –in – process and finished goods

ii)                  Cost of raw materials used

iii)                Depreciation and amortization of plant machinery and equipment

iv)                Employee benefits

v)                  Other expenses that include all items that meet expenses definition but not classified by the specified  above

vi)                Finance costs which are incurred in obtaining funds used by management to operate the entity in form of interests and dividends.

Question 2

Colonial Tap Company

Cost of Goods Manufactured

For the month ended

Direct Material

   

Opening inventory

-

 

Purchase of direct materials

300000

 

Less Closing inventory

30000

 

Direct Materials used

 

270000

Direct Manufacturing labour

 

250000

Manufacturing overhead

   

Premises (80%)

64000

 

Electricity (100%)

12000

 

Equipment (95%)

23750

 

Manager’s salary (50%)

40000

 

Production supervisor's salary

35000

 

Manufacturing overhead

 

174750

Manufacturing cost incurred

 

694750

Opening work -in progress

 

0

Total manufacturing cost to account for

694750

Closing work -in –progress

 

138950

Cost of goods manufactured

 

555800

 

 

 

 

 

 

Colonial Tap Company

Cost of Goods Sold

For the month ended

Opening inventory finished goods

0

Cost of goods manufactured

 

555800

Cost of goods available for sale

555800

Closing inventory finished goods

0

Cost of goods sold

 

555800

 

Question 3

Colonial Tap Company

Absorption based Income statement

For the month ended

Sales

 

980000

Less cost of goods sold

 

555800

Gross profit

 

424200

     

Operating expense

   

Premises (20%)

16000

 

Equipment (5%)

1250

 

Truck lease

10000

 

Manager's salary (50%)

40000

 

Sales staff

110000

 

Advertising

18000

 

Council rates

5000

 
   

200250

Operating profits

 

223950

`

 

Question 4

Difference between the two incomes statements

 

Presented by CTC Company ( Based on nature)

Revised income statement (based on function)

 

 

1.               An entity aggregates expenses and revenues based on the nature of items in the entity

1.           An entity  aggregating revenues and expenses based on nature but must a minimum show the cost of goods sold

2.               Costs incurred in the production of are aggregated but not reallocated among the cost centers for which they were incurred

2.              Costs incurred in the production of finished goods are reallocated to functions for which they were incurred.

3)               Presentation of items (minimum items)

3)            Presentation of items (minimum items)

i)        Changes in cost of work –in – process and finished goods

 

i) Cost of sales

ii)       Cost of raw materials used

ii) Distribution costs

iii)     Depreciation and amortization of plant machinery and equipment

 

iii) Administration expenses

iv)     Employee benefits (staff costs)

iv) Other expenses

v)      Other expenses

v) Finance cost

vi)     Finance costs

 

4)      Cost Classification

4)           Cost classification

Material cost- costs incurred in the production of a good or service

 

Product cost -costs incurred to produce the final goods

Labour cost - costs incurred on employees for their services

 

Period cost- incurred by the entity for operation during a specified time

Expenses- costs incurred to generate revenues

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