ASSIGNMENT ON ACC 415-MANAGEMENT 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.

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TO WHOM: 

* HND 2 ACCOUNTANCY ( FULL TIME)

* HND 2 BUSINESS ADMINISTRATION ( FULL TIME)

ASSIGNMENT

1. Brits Nigeria Limited manufactures local bread, using two chemical pounds Mang and Dang. The standard materials usage and cost of unit of bread are as follows:

                                                N

Mang 6kg @ N3 per kg          18

Dang 12kg @ N4 per kg         48

                                                66

At particular period, 100 units of bread were produced from 700kg of Mang and 1,140kg of Dang.

Required:

Calculate the materials usage, mix and yield variances. OR CLICK THE LINK BELOW:
https://britstutors.blogspot.com/2020_02_24_archive.html

2.  (a) Enumerate five each merits and demerits of the Standard Costing Techniques.

(b) List six needs for Variance Analysis.

(c) For a product, the following data are given by Foyegbe Nigeria Limited.

Standard details per unit of product:

Direct material 4kgs at N0.75 per kg

Direct labour 2hours at N1.60 per hour

Actual details for given financial period:

Output produced in units        38,000

Direct materials:

Purchases  180,000kgs for N126,000

Issued to production        154,000kgs

Direct labour 78,000hours worked for N136,500.

There was not work-in-progress at the beginning or end of the period.

As a student of Management and Business Studies, you are required to calculate the following variances:

(i)                 Direct Material Cost

(ii)               Direct Material Price based on issue to production.

(iii)             Direct Material Usage

(iv)             Direct wage Cost

(v)               Direct Wage Rate

(vi)             Direct Labour Efficiency

3.  (a) Below is the budget of maintenance department of Jejelaye Nigeria Limited which is

   currently working at 80% capacity.

                                                                        N`000

  Variable Costs:

  Direct Labour                                                60,000

  Direct Materials                                            48,000

  Other direct expenses                                   56,000

  Mixed Costs:

  Indirect labour                                              30,000

  Maintenance                                                  24,000

  Other supplies                                               32,000      

  Discretionary fixed costs:

  Training cost                                                 15,000

  Committed fixed costs:

  Depreciation                                                  15,000

                                                                       280,000

In addition to the above information, you are to note the following:

Indirect labour                                    60% fixed

Maintenance Expenses                      50% fixed

Other supplies                                   40% variable

You are required to prepare a flexible budget at 60%, 70% and 100% capacities.

(b)  Write short note on the following:

(i) Budget Committee

(ii) Zero Based Budget

(iii) Flexible Budget

                                               

BEST OF LUCK!