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Wednesday, March 18, 2020
ASSIGNMENT ON ACC 312-ADVANCED COST ACCOUNTING 1 FOR FULL TIME
"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 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
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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