管理会计复习提纲.docx
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管理会计复习提纲.docx
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管理会计复习提纲
PRACTICEQUESTIONSPARTA,LECTURE1
QUESTION3Answerthefivequestionsbelowwhichrelatetothefollowingdata:
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
Requiredforsales1,000
+desiredendinginventory60(5%x1,200)
1,060
-openinginventory52*
Requiredproduction1,008
*IfyoudidnotknowtheactualinventoryofproductsatthebeginningofApril(whetheryoudoornotdependsonhowfarinadvanceyouarepreparingthebudgets),youwouldusetheestimateforthebeginningofApril(whichisthesameastheendofMarch,i.e.5%x1,000=50).
DirectMaterialspurchasesbudgetforthemonthofApril(inkgs)
Requiredforproduction2,016(1,008unitsx2kg)
+desiredendinginventory200
2,216
-openinginventory125**
Requiredpurchasesofmaterial2,091kg
**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
Materials150FG420(jobs1-4)
Wages200Balance180(job5)
OH250
600600
FG
WIP420COGS150(jobs1-2)
Balance270(jobs3-4)
420420
COGS
FG150
(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:
Activitylevel3,000DLhours
VOHrate$3perDLhour
BudgetedtotalOHcostsforactualactivitylevel$15,900
Actualdata:
Activitylevel3,300DLhours
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,4hrsinnormaltime,and4hrsovertime.
(a)WhatistheamountofovertimepremiumperDLhour?
(b)Whatistheamountofovertimepremiumrelatedto
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