THE HONG KONG POLYTECHNIC UNIVERSITY HONG KONG COMMUNITY COLLEGE
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1 THE HONG KONG POLYTECHNIC UNIVERSITY HONG KONG COMMUNITY COLLEGE Subject Title : Cost Accounting Subject Code : CCN2111 Session : Semester Two, 2017/18 Numerical answers Question B1 (a) The company's DL budget: 1st Q 2nd Q 3rd Q 4th Q Required production in units 7,000 6,500 8,000 7,500 Direct labor time per unit (hours) Total direct labor-hours needed 2,450 2,275 2,800 2,625 Direct labor cost per hour $10 $10 $10 $10 Total direct labor cost $ 24,500 $ 22,750 $ 28,000 $ 26,250 (b) The new DL budget I 1st Q 2nd Q 3rd Q 4th Q Required production in units 7,000 6,500 8,000 7,500 Direct labor time per unit (hours) Total direct labor-hours needed 2,450 2,275 2,800 2,625 Regular paid hours 2,600 2,600 2,600 2,600 Overtime hours paid Wages for regular hours (@ $10) 26,000 26,000 26,000 26,000 Overtime wages (1.4 x $10 per hr) , Total direct labour cost 26,000 26,000 28,800 26,350 (a)(i) (a)(ii) (a)(iii) (a)(iv) COGS: variable Shipping expense: mixed Salaries and commissions: mixed Insurance expense: fixed Page 1 of 6
2 (b) strawberries in a cannery: product cost Question B2 (a) (b) (c) VR break-even: Segment CM ratio = Segment contribution margin Segment sales = $281,600 $440,000 = Dollar sales for a segment to break even = Traceable fixed expenses Segment CM ratio = $100, = $156,250 AR Division break-even: Segment CM ratio = Segment contribution margin Segment sales = $240,000 $400,000 = Dollar sales for a segment to break even = Traceable fixed expenses Segment CM ratio = $88, = $146, or $146,667 The company's overall break-even sales: CM ratio = Contribution margin Sales = $521,600 $840,000 = (rounded) Total fixed expenses = Total traceable fixed expenses + Common fixed expenses = $188,000 + $168,000 = $356,000 Dollar sales to break even = Total fixed expenses CM ratio = $356, = $573, (using the rounded CM ratio, ~ $573,312.88) (d) If the company operates at the break-even points for its two divisions, it will have a net operating loss of $168,000 because it will not cover its common fixed expense. I Cost of beginning work in process inventory $30,000 Costs added to production during the month +238,000 Total cost $268,000 Cost of ending work in process inventory $24,000 Cost of units transferred out +244,000 Total cost $268,000 Page 2 of 6
3 Question B3 (a) Work in Process 76,000 Raw Materials 76,000 (b) Manufacturing Overhead 15,000 Accounts Payable/Utility Payable 15,000 (c) Work in Process 162,000 Manufacturing Overhead 70,000 Salaries Expense 120,000 Salaries and Wages Payable 352,000 (d) Work in Process 92,720 Manufacturing Overhead 92,720 [(170,800/140,000) 76,000] (e) Finished Goods 500,000 Work in Process 500,000 I (a) Delivery cycle time = Wait time + Throughput time Wait time = 26.2 days days = 19.6 days (b) MCE = Process time Throughput time Process time = 0.5 x 6.6 days = 3.3 days (c) Throughput time = Process time + Inspection time + Move time + Queue time Inspection time = 6.6 days days days days = 0.4 days Question B4 (a) Incremental revenue (7,800 units $49 per unit)... $382,200 Less incremental costs: Direct materials (7,800 units $17.8 per unit) ,840 Direct labour (7,800 units $7.4 per unit)... 57,720 Variable manufacturing overhead (7,800 units $6 per unit) 46,800 Modifications (7,800 units $4.8 per unit)... 37,440 Special moulds... 50,000 Total incremental cost ,800 Incremental net operating income... $51,400 Page 3 of 6
4 (b) Accept/Yes. I (a) Computation of activity rates: Activity Cost Pools Labor-related (a) Estimated Overhead Cost (b) Total Expected Activity (a) (b) Activity Rate $69,300 6,300 DLHs $11 per DLH Machine setups $8, setups $10 per setup General factory $58,500 6,500 MHs $9 per MH (b) Computation of the overhead cost per unit: Activity Cost Pools and Activity Rates R1 R2 Expected Expected Activity Amount Activity Amount Labor-related, at $11 per DLH 2,400 $26,400 3,900 $42,900 Machine setups, at $10 per setup 350 3, ,500 General factory, $9 per MH 3,400 30,600 3,100 27,900 Total overhead costs assigned (a) $60,500 $75,300 Number of units produced (b) Overhead cost per unit (c)= (a) (b) $ $96.54 Answer either (a) or (c) (c) Computation of unit product costs: R1 R2 Direct materials $240 $280 Direct labor R1: (8 DLHs $14 per DLH) 112 R2: (5 DLHs $14 per DLH) 70 Overhead Unit product cost $ $ Page 4 of 6
5 Question B5 (a) Make Buy Direct materials (11,000 units $6.20 per unit)... $68,200 Direct labor (11,000 units $6.10 per unit)... 67,100 Variable overhead (11,000 units $3.5 per unit)... 38,500 Foreman's salary (11,000 units $4.7 per unit)... 51,700 Depreciation of special equipment (not relevant)... 0* Allocated general overhead (avoidable only)... 5,000 Outside purchase price (11,000 units $26.2 per unit) $288,200 Opportunity cost... (58,000) Total cost... $230,500 $230,200 *: either show dep is irrelevant or all other items are correct. (b) Buy. The total cost of the buy alternative is lower by $300 and net operating income will increase by $300. I New CM$ (120-12)x(10k+400) $1,123,200 Present CM$ 120x10k (1,200,000) Change in CM$ (76,800) Add: Saving FC 80,000 Change in NOI $3,200 (other 5 rows incremental method (one column) is acceptable.) Yes. The NOI increases. Question B6 (a) LA FA YA Selling price per unit... $ $74.35 $61.36 Variable cost per unit Contribution margin per unit... $27.94 $15.93 $11.48 Time on the constraint (minutes) Contribution margin per unit of the constrained resource... $9.98 $13.28 $11.48 Ranking Resulting ranking of products: FA, YA, LA (b) The company is willing to pay up to $9.98 per hour to obtain more of the constrained resource since this is the value added to the company of using this constrained resource to make more of product LA. Page 5 of 6
6 I (a) SQ = 3,000 units 8.8 pounds per unit = 26,400 pounds Materials quantity variance = (AQ - SQ) SP = (30,370 pounds 26,400 pounds) $8.00 per pound = $31,760 U (b) Materials price variance = (AQ AP) (AQ SP) = ($264,420) (33,900 pounds $8.00 per pound) = $6,780 F (c) SH = 3,000 units 0.5 hours per unit = 1,500 hours Labor efficiency variance = (AH - SH) SR = (1,340 hours 1,500 hours) $19.00 per hour = $3,040 F (d) Labor rate variance = (AH AR) (AH SR) = $27,872 (1,340 hours $19.00 per hour) = $2,412 U (e) SH = 3,000 units 0.5 hours per unit = 1,500 hours Variable overhead efficiency variance = (AH - SH) SR = (1,340 hours 1,500 hours) $7.00 per hour = $1,120 F (f) Variable overhead rate variance = (AH AR) (AH SR) = $8,844 (1,340 hours $7.00 per hour) = $536 F Page 6 of 6
Add: manufacturing overhead costs in inventory under absorption costing +27,000 Net operating income under absorption costing $4,727,000
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