FEEDBACK TUTORIAL LETTER ASSIGNMENT 2 COST AND MANAGEMENT ACCONTING 102 CMA512S
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1 FEEDBACK TUTORIAL LETTER 2 nd SEMESTER 2017 ASSIGNMENT 2 COST AND MANAGEMENT ACCONTING 102 CMA512S 1
2 COURSE: COST AND MANAGEMENT ACCOUNTING 102 COURSE CODE: CMA512S TUTORIAL LETTER: 01/2017 DATE: 08/2017 Dear Student Thank you for submitting your first assignment on time. It was our pleasure to mark it. If your marks are good, I hope this will motivate you to work even harder. If you are disappointed with your marks, please do not give up now. Remember you still have assignment two to try and make up for this. At the same time we would like to remind you that by doing your assignment on your own, and not copying it from other students or asking someone to do it for you will only be to your benefit in the coming exams. Remember to read thoroughly through the questions before answering. Always try to answer as completely as possible, provide all the facts. Don t simply write down the answer, but show all your calculations. Avoid making unnecessary calculation mistakes and always write down the initial formula for any calculation. Use this opportunity to revise the questions in Assignment 1 with the memorandum in hand. Give attention to the remarks of the marker-tutor in your assignment book. If there is anything that you are still unsure of, do not hesitate to contact a market-tutor. We hope to see you at the vacation school and I am looking forward to your next assignment. Regards, Mr. L. Odada Tel lodada@nust.na 1
3 QUESTION 1 Overhead item Allocated items: Indirect material Indirect labour Primary apportionment: Salary of Suprinten. Insurance equipm. Social security Power Depreciation equip Rent on buildings Primary totals Secondary apportionm: Maintenance centre Basis of Allocation No. of workers Value of equip. Wages paid Kilowatt hours Value of equip. Floor area ASSIGNMENT 2 Total Production cost centres Assembling Finish- Cutting ing Value of equip Total departmental overheads direct labour hours = Overhead absorption rates per direct labour hour [21 Marks] Service cost centre Maintenance (6 400) 2
4 QUESTION 2 Statement of Cost of Goods Manufactured and Sold for the year ended 31 December 2009 N$ N$ DIRECT MATERIALS USED Opening raw materials inventory Add: Purchases of raw materials Transport costs on direct material Raw materials available for use Deduct: Closing raw materials inventory Raw materials used in production DIRECT LABOUR PRIME COST MANUFACTURING OVERHEADS APPLIED ( machine hours worked x N$4 per hour) TOTAL MANUFACTURING COSTS Add: Opening work in process inventory Deduct: Closing work in process inventory COST OF GOODS MANUFACTURED [19 Marks] Cost of Goods Sold Opening finished goods inventory Add: Cost of goods manufactured Goods available for sale Closing finished goods inventory Unadjusted cost of goods sold Deduct: over-applied manufacturing overheads (note 1) COST OF GOODS SOLD Income statement for the year ended 31 December 2010 N$ Sales Deduct: Cost of goods sold Gross income Deduct: Selling and Administrative costs: Telephone Water and lights Transport costs on sales Total Selling and Administrative costs Net income N$
5 Note 1 Actual manufacturing overheads: Telephone N$ Water and lights N$ Indirect material N$ Depreciation on factory equipment N$ Indirect labour N$ Factory rent N$ N$ Applied manufacturing overheads N$ Over applied manufacturing overheads N$ = ½ mark Unit cost of goods manufactured = Total cost of goods manufactured Number of units manufactured = N$ units = N$20.20 QUESTION 3 [15 Marks] 1.1 A C D E 1.2 A B C E 1.3 B C D E 1.4 A B D E 1.5 A B C E 1.6 A B C E 1.7 A B C D 1.8 A C D E 1.9 A B C E 1.10 B C D E 1.11 A C D E 1.12 B C D E 1.13 A B C E 1.14 A B D E 1.15 A C D E 4
6 Date QUESTION 4 Transaction Receipts Issues Balance Cost Amount Cost Amount Cost N$ N$ Units N$ N$ Units N$ [15 Marks] Amount N$ Units Apr. 1 Balance Purchases Purchases Issues Purchases Issues
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