管理会计复习提纲.doc
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管理会计复习提纲.doc
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PRACTICEQUESTIONSPARTA,LECTURE1
QUESTION3 Answerthefivequestionsbelowwhichrelatetothefollowingdata:
Afirmhadthefollowingperunitcostsforaperiodinwhichitexpectedtoproduce1,000units:
DM$20,DL$30,VariableOH$20,FixedOH$10,Variablesellingcosts$5perunit.Answerthefollowingcostsrelatedtothedata:
(a) Calculatetheprimecostsperunit.
(b) Calculatetheconversioncostsperunit.
(c) Calculatetheproduct(inventoriable)costperunitunderabsorptioncosting.
(d) Calculatethevariableproduct(inventoriable)costperunitunderabsorptioncosting.
(e) Calculatetheperiodcostsperunit.
(f) Calculatethetotalexpectedcostsifthefirmproducedandsold1,100units.
Answer
(a)Primecost=DM+DL=$50($20+$30)
(b)Conversioncost=DL+OH=$60($30+$20+$10)
(c)Product(inventoriable)costunderabsorptioncosting=allmanufacturingcosts,i.e.$80($20+$30+$20+$10)
(d)Variableproduct(inventoriable)costunderabsorptioncosting=removefixedOHof$10perunit,therefore$70.
(e)Periodcost=allcoststhatarenotmanufacturingcosts.Here,onlysellingcosts,therefore$5.
(f)Answeris$92,500,calculatedasfollows.Addtotalofexpectedmanufacturingandnon-manufacturingcosts.Notethatthefixedandvariablecostsaretreateddifferently:
SOLUTIONSTOPRACTICEQUESTIONS,PARTALECTURE2
QUESTION1
ProductionbudgetforthemonthofApril
Requiredforsales 1,000
+desiredendinginventory 60(5%x1,200)
1,060
-openinginventory 52*
Requiredproduction 1,008
*IfyoudidnotknowtheactualinventoryofproductsatthebeginningofApril(whetheryoudoornotdependsonhowfarinadvanceyouarepreparingthebudgets),youwouldusetheestimateforthebeginningofApril(whichisthesameastheendofMarch,i.e.5%x1,000=50).
DirectMaterialspurchasesbudgetforthemonthofApril(inkgs)
Requiredforproduction 2,016(1,008unitsx2kg)
+desiredendinginventory 200
2,216
-openinginventory 125**
Requiredpurchasesofmaterial 2,091kg
**Asbefore,ifyoudidnotknowtheactualinventoryofmaterialsatthebeginningofApril,youwouldusetheestimateforthebeginningofApril(whichisthesameastheendofMarch,i.e.250kg)
QUESTION3
Flexiblebudgetformulais$100,000+$40perunit,thereforewithnochanges,budgetedcostswouldbe:
$100,000+(20,000x$40)
=$900,000
Theeffectofusingovertimeisthatthevariablecostwillbegreaterthan$40perunit.Withoutfurtherinformation,allwecanconcludeisthatthebudgetedamountwillbesomeamountgreaterthan$900,000.
QUESTION4
Av.CM=(.1x$4)+(.7x$6)+(.2x$2)
=(.4+4.2+.4)=$5
BEpoint=6,000 =1,200unitsintotal,whichis:
5
120unitsofproduct1(10%)
840unitsofproduct2(70%)
240unitsofproduct3(20%)
QUESTION5
(a)CostAisnotfixed,asitchangesacrossactivitylevels.Notvariable,becauseitisadifferentamountperunitatthedifferentactivitylevels.Thereforeitismixed.
CostBisafixedcostasintotalitremainsthesameintotalacrossdifferentactivitylevels.
BecauseCostCisconstantperunitacrossdifferentactivitylevels,thetotalcostwillvaryinproportiontoactivitylevel,thereforeitisavariablecost.
(b)Highcost–lowcost
Highactivity–lowactivity
$3,000-$2,000
2,000-1,000
=$1,000/1,000
=$1perunit.
Atthehighlevelofactivity,
Fixedcost=Totalcost–variablecost
Fixedcost=$3,000–(2,000x$1)=$1,000
Checkatlowlevelofactivity,
Fixedcost=Totalcost–variablecost
Fixedcost=$2,000-(1,000x$1)=$1,000.
(c)FlexiblebudgetformulaforCostAis$1,000+$1perunit.
SOLUTIONSTOPRACTICEQUESTIONS,PARTA,LECTURE3
QUESTION2
Thefollowingaresummariesofthejobcardsforaparticularperiod:
Job
Openingbalances
DM
DL
OH
Totalcost
todate
#101
0
23,900
13,600
10,000
$47,500
#102
0
7,900
4,000
7,500
$19,400
#103
0
50,000
22,800
37,200
$110,000
#104
0
4,000
2,200
3,800
$10,000
#105
0
10,200
5,800
9,000
$25,000
Total
96,000
Assumethatonlytwojobs(#101and#103)arefinished,andjob#103issold.
(a) WhatisthebalanceoftheWIPa/candFGa/cattheendoftheperiod,andthetotalexpensefortheperiod?
(b)IsitpossibletotellthetotalDMcostincurredfortheperiod.Ifso,whatistheamount?
(c) IsitpossibletotellthetotalDMcostEXPENSEDduringtheperiod.Ifso,whatistheamount?
ANSWER
(a)Identifywhichjobsareatdifferentstagesofthemanufacturingandsellingcycle,andthereforeineachofthedifferentaccounts.Totalthecostsofthosejobs.ThetotalofthecostsonthejobcostsheetswillbethebalancesofWIPandFG,andthetotalexpense(amountinCOGS)
WIP
FG
COGS(totalexpensefortheperiod)
#102$19,400
#104$10,000
#105$25,000
$54,400
#101$47,500
#103$110,000
Whyisn’tjob#103includedinfinishedgoods?
Thecostsofjob#103wouldbeincludedinajournalentryforallgoodsfinishedduringtheperiod..However,ataparticularpointoftimealljobscanbeinoneplaceonly:
eithertheyareincomplete(WIP);finishedandnotsold(FG);orfinishedandsold(COGS).
(b)Becausethejobcardsindicatetheopeningbalancefortheperiod,allcostsincurredinapreviousperiodwouldbeintheopeningbalance.AnycostsitemisedasDM,DLandOHonthejobcardarecostsincurredthisperiod.ThereforethecostofDMincurredfortheperiodisthetotaloftheDMcolumn,whichis$96,000.
(c)Itwouldalwaysbepossibletofindouttheamountbygoingbackthroughallthejobcostsheets.Inthisexampleitisveryeasytodobecausetheopeningbalanceiszero.Therefore,theamountofDMcostexpensedduringtheperiodistheDMcostofanyjobssold.Job#103wassold,andtheDMcostofjob#103was$50,000.
QUESTION3
Assumeafirmstarted5jobsinaperiod.Asummaryofthecostsonthejobcostsheetsfollows:
#1
#2
#3
#4
#5
TOTAL
DM
10
20
30
40
50
150
DL
20
30
40
50
60
200
OH
30
40
50
60
70
250
TOTALS
60
90
120
150
180
600
·Jobs1,2,3and4arefinishedintheperiod.
·Jobs1and2aresoldintheperiod.
·Openingbalancesarezero
Required:
(a)ShowthecompletedWIP,FGandCOGSaccounts.
(b)WhatisthetotalamountofOHthathasbeenappliedduringtheperiod?
(c)WhatistheamountofOHintheWIPaccountbalanceattheendoftheperiod?
ANSWER
(a) WIP
Materials 150 FG 420(jobs1-4)
Wages 200 Balance 180(job5)
OH 250
600 600
FG
WIP 420 COGS 150(jobs1-2)
Balance 270(jobs3-4)
420 420
COGS
FG 150
(b)ThetotalOHappliedisfoundbyaddingOHonthejobcostsheetsforalljobsworked,i.e.$250.
(c)ThebalanceinanyaccountconsistsofDM,DLandOHcostsincurredonalljobsatthatstage.Thereisonlyonejobunfinished(job#5)thereforethebalanceinWIPof$180representsthecostsincurredonjob#5.Weknowfromthejobcardthat$70ofthatcostisOHapplied.
QUESTION4
ThefollowingbudgetedandactualresultsforaperiodrelatetoDustinPtyLtd,afirmwhichemploysnormalabsorptionjobcostingandappliesOHusingDLcostasthecostdriver.
DirectManufacturinglabourcosts
Manufacturingoverheadcosts
Budgetfor2007
1,000,000
1,750,000
ActualResultsfor2007
980,000
1,862,000
(a)Calculatethefirm’sbudgetedOHrate.
(b)Calculatethecostofaparticularjob,job#323,whichincurs$40,000DMand$30,000DL.
(c)Calculatetheamountofunder/overappliedoverheadfortheentirefirmfortheperiod,i.e.notjustforjob#323.
ANSWER
(a) 1,750,000
1,000,000
=175%ofDLcostor$1.75foreverydollarofDL.
(b)
Normalcostofjob#323:
DM $40,000
DL $30,000
OH $52,500(175%ofDL)
$122,500
(c)
TotalactualOH=$1,862,000
TotalappliedOH=$1,715,000(175%x$980,000)
Underapplied $147,000
PRACTICEQUESTIONS,PARTA,TOPIC4
QUESTION2
CalculateOHappliedfortheperiodgiventhefollowingselectedinformation:
Budgetinformation:
Activitylevel 3,000DLhours
VOHrate $3perDLhour
BudgetedtotalOHcostsforactualactivitylevel $15,900
Actualdata:
Activitylevel 3,300DLhours
ANSWER
OHappliedwillbeactualhoursworkedxbudgetedOHrates(bothfixedandvariable).
Whatdoweknow?
Actualhoursworked=3,300
VariableOHrate=$3perDLhour
Whatdoweneedtofind?
FixedOHrate–thisisnotgiven.RecallthatfixedOHratescanonlybecalculatedatbudgetedactivitylevel.Weknowthebudgetedactivitylevelis3,000,thereforethefixedOHratewillequal:
BudgetedFOH(atbudgetedactivity)
Budgetedactivitylevel,i.e.3,000
Therefore,weneedthebudgetedFOHatbudgetedactivitylevel.Butitisnotgiven.AllwearetoldisthetotalbudgetedOHforactualactivity,i.e.for3,300hours.WeneedtousethisinformationtodeterminebudgetedFOH,asfollows:
TotalbudgetedOHat3,300hours=$15,900
VariablebudgetedOHat3,300hours=3,300x$3=$9,900
ThereforefixedbudgetedOHat3,300hours=$15,900-$9,900=$6,000
ButifbudgetedfixedOHat3,300hoursis$6,000,budgetedfixedOHat3,000hoursisalso$6,000,sonowwecanworkoutthefixedOHrate,i.e.
$6,000/3,000=$2perDLhour.
WecannowcalculateOHapplied,i.e.3,300x($3+$2)=$16,500
QUESTION4
Amanufacturingfirmhasadirectlabourcostof$25perdirectlabourhour.Wherejobsareworkedinovertimehours,thecostistime-and-a-half,i.e.$37.50perdirectlabourhour.Aparticularjobwasworkedonfor8hours,4hrsinnormal
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