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Question

Answered

Assignment

The manufacturing cost for Buccaneers Ltd for next year is expected to be made up as follows:

 

$000

Direct materials:

 

Forming department

450

Machining department

100

Finishing department

50

Direct labour:

 

Forming department

180

Machining department

120

Finishing department

75

Indirect materials:

 

Forming department

40

Machining department

30

Finishing department

10

Administration department

10

Indirect labour:

 

Forming department

80

Machining department

70

Finishing department

60

Administration department

60

Maintenance cost

50

Rent and rates

100

Heating and lighting

20

Building insurance

10

Machinery insurance

10

Depreciation of machinery

120

Total manufacturing cost

1,645


The following additional information is available:

(i) Each of the four departments is treated as a separate cost centre.

(ii) All direct labour is paid $6 an hour for all hours worked.

(iii) The administration department renders personnel and general services to the production departments.

(iv) The area of the premises in which the business manufactures amounts to 50,000 square metres, divided as follows:

 

Sq m

Forming department

20,000

Machining department

15,000

Finishing department

10,000

Administration department

5,000


(v) The maintenance employees are expected to divide their time between the production departments as follows:

 

%

Forming department

15

Machining department

75

Finishing department

10

(vi) Machine hours are expected to be as follows:

 

Hours

Forming department

5,000

Machining department

15,000

Finishing department

5,000

On the basis of this information:

(a) Allocate and apportion overheads to the three product cost centres. 

(b) Deduce overhead recovery rates for each product cost centre using two different bases for each cost centre’s overheads. 

(c) Calculate the full cost of a job with the following characteristics:

Direct labour hours:

 

Forming department

4 hours

Machining department

4 hours

Finishing department

1 hour

Machine hours:

 

Forming department

1 hour

Machining department

2 hours

Finishing department

1 hour

Direct materials:

 

Forming department

$40

Machining department

$9

Finishing department

$4

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ACFI2003-Management Accounting

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Cost-Volume-Profit Analysis Cost-volume-profit (CVP) analysis is a useful tool for informing short-term economic planning within an organization. In this section, a CVP analysis will be conducted and used to inform business decisions and recommendations. A. Perform a CVP analysis based on cost class ...

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Task: Assessment Purpose The underlying learning objectives that we are seeking students to demonstrate are that you:• Have knowledge of good practice budget principles and can apply these principles within a work context to evaluate a chosen budget process, • Understand key costs/reve ...

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Task: Learning Outcomes This assessment addresses the following subject learning outcomes: a) Prepare consolidated financial statements and related accounting entries for incorporated entities. b) Generate and communicate strategic recommendations in various inter-entity relationship scenarios w ...

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