Wednesday, March 18, 2020

ASSIGNMENT ON ACC 312-ADVANCED COST ACCOUNTING 1 FOR FULL TIME

PATRIOT ODUNARO BABATUNDE JIMOH (08038454008)
                        "IN ALL YOUR GETTING GET WISDOM". 

NOTICE: STUDENTS DON`T COPY YOURSELVES, JUST BE YOURSELF. IT IS WELL WITH OUR SOUL ALLAHUMO KUNFAYAKUN AMIN.
For Brain Development visit:
https://britstutors.blogspot.com/search?q=brain
 
TO WHOM: 
* HND 1 ACCOUNTANCY ( FULL TIME)

ASSIGNMENT 1

A product passes through two processes (X, Y) to completion. The following information
     were obtained from the company`s record.

                                                            Process X                    Process Y
                                                                N                                  N
     Material                                          125,000                       175,000
     Labour                                            100,000                        87,500
     Overhead                                       187,500                       125,000
     The input of material in Process A is 12,500kg while the outputs of the two processes are
     7,500kg and 5,000kg respectively. The scrap value of normal loss is N2 per unit. Normal
     loss is 10% of input.
     Prepared: Prepare
(i)                 Process X and Process Y Account
(ii)               Abnormal Loss/ Abnormal Gain Account


ASSIGNMENT 2
(a) Draw up a chart to give effect to your explanation of the organisation of a cost
         department.
(b) Brits Nigeria Limited, Printers and Publishers use 100,000 rolls of new printer which it obtains from a factory at Ikenne-Remo Kingdom at N50 a roll.
The ordering and handling cost amount to N200 per order while the carrying cost is 12% per annum.
Required:

i. Calculate the order size most economical to the company.
ii. Assume that the order quantity is 4,000 rolls, calculate:
   a. The number of orders per annum
   b. Total cost per annum
 

ASSIGNMENT 3

(a) “ Cost Codes are essential ingredients of cost accounting”. Discuss this in the light of the benefits derivable from coding within an organisation.
(b) With your understanding of Financial Accounting, design an accounts code for Ajimatanraeje Manufacturing Company Limited in Ikoyi, Lagos.
 
ASSIGNMENT 4

Feyikogbon Press Limited was asked to quote for supplying 5,000 and 25,000 booklets. The company normally expects a profit of 10% on sales.

Costs were recognised as follows:
                                                                                    N
Paper and other materials (per 1,000 copies)              30.00
Wages (per 1,000 copies)                                            20.00
 Layout cost                                                                500.00
 Fixed Overhead                                                         200.00
 Variable Overhead ( 12% of wages)
Draft a cost computation, showing minimum selling prices that might be quoted per 1,000 copies of the supplies.
 

ASSIGNMENT 5

(a) Foyegbe Construction Company Limited engages in building of an estate.

The work on the estate commenced on the 1st January, 2010 and after one year, on
31st December, 2019, the data below were available:
                                                                                                N
Plant sent to the site                                                           100,000
Direct material received at site                                          460,000
Direct wages incurred                                                        350,000
Direct expenses incurred                                                     45,000
Hire of Crane                                                                       40,000
Indirect Labour costs                                                           70,000
Supervision Salaries                                                            42,000
Surveyor fees                                                                        8,000
Service Cost                                                                        18,000
Hire of Scafolding                                                               20,000
Overhead incurred on Site                                                   60,000
Head Office expenses apportioned to the site                     70,000
Cash received from Estate                                              1,000,000
Value of plant on site                                                           75,000
Work certified at 31st Dec. 2008                                    1,250,000
Cost of work not certified                                                 250,000
Wages accrued                                                                    30,000
Service Cost accrued                                                            2,000
Materials on site                                                                  40,000
You are required to:
Prepare account for the contract for the year ended 31st December, 2019.
       (b) List five (5) features of contract costing.
 
 

BEST OF LUCK! 

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