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ACC2350 Cost Accounting

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Question:

Hummer Inc. uses manufacturing cells to produce its products. A manufacturing cell is a manufacturing unit dedicated to the production of subassemblies or products. One manufacturing cell produces small motors for lawn mowers. Suppose that the motor manufacturing cell is the cost object. Assume that all or a portion of the following costs must
be assigned to the cell.
 
Azura Company had the following inventory balances at the beginning and end of
November:

• During November, $39,000 in raw materials (all direct materials) were drawn from inventory and used in production.
• The company's predetermined overhead rate was $8 per direct labour-hour, and it paid its direct labour workers $10 per hour.
• Azura incurred $28,000 of actual manufacturing overhead cost during the month and allocated (applied) $26,400 in manufacturing overhead cost.  
 
Give one (1) example of process costing in each of a) service industries and b)manufacturing industries.
2. How would process costing for services differ in terms of Work-in Progress from process costing for manufactured goods?

Question 4 [Lecture 4, Chapter 14 Support department cost allocation]
Minlab Ltd tests the mineral content in ore and soil samples for mining companies. It has two support departments, Computing (C) and Engineering (E) with allocation bases of processing time and machine hours, respectively. The two production departments are Mineral Analysis (MA) and Soil Analysis (SA). The data for the support (service) and production departments for the month of May are summarised.
 
Café Laguna operates at Mindarie Keys. The owner is looking toward improving its inventory practices, as the current inventory costs on bottled drinks are $3,000 per year.The following table summarises details about this inventory item.
Annual demand 40,000 bottles
Delivery time 5 days from date order is placed
Ordering costs per order $100
Carrying costs per bottle per year $0.50
The café is opened 7 days a week over 50 weeks in a year.

Required:
1. Compute the economic order quantity (EOQ) that will minimise inventory costs.
2. Compute the annual inventory costs savings assuming that the quantity ordered per order is equal to the EOQ calculated in part 1.
3. There is a projected increase in visitors to Mindarie Keys, which will increase the demand for bottled drinks to 150 bottles per day. Calculate the new reorder point assuming safety stock is to be held. (Round answers to nearest unit)
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