ACCT301 Administrative and Financial Sciences

College of Administrative and Financial Sciences
Assignment 2
Deadline: 03.7.2021@ 23:59
Course Name: Cost accounting Student’s Name:
Course Code: ACCT 301 Student’s ID Number:
Semester: summer term CRN:
Academic Year:1442 H
For Instructor’s Use only
Instructor’s Name: Khaled Almuaqel
Students’ Grade: Marks Obtained/Out of Level of Marks: High/Middle/Low
Instructions – PLEASE
EFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
• All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
• Submissions without this cover page will NOT be accepted.
Q1. Toyland company Producers a small plastic toy. All direct materials are added at the beginning of the production process. Data for the direct materials used in the manufacture of plastic toys for the month of July is listed below.
Production data:
Beginning work in process 25,000 units
Units started during the period 50,000 units
Completed and transferred out 67,500 units
Manufacturing costs:
Beginning work in process (direct materials) $35,000
Direct material used $75,000
a. Under the FIFO method, how many units were started and completed with respect to direct materials during the month?
b. Under the FIFO method, what is the cost of the direct materials in ending work in process at the end of the month?
c. Under the FIFO method, what is the amount of direct materials cost transferred out this period?
d. Calculate the direct materials cost per equivalent unit under the weighted average method. (2Marks) CH6
Q2. What process is used to assign costs in an ABC system? Provide numerical example.
(2Marks) CH7
Q3. Suppose Ahmad company produces and sells 800 units for SR20. Variable manufacturing cost per unit is SR10. Total fixed manufacturing costs (up to the maximum capacity of 1000 units) are SR3,000. Variable operating cost is SR1 per unit and fixed operating costs total $1000.
A customer placed a special order for 150 units for $15 each. The customer is willing to shoulder the delivery costs. So the business will not incur additional variable operating costs. Does the quantitative and qualitative analysis suggest that the company should accept the special order?
(1Mark) CH4

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