Costing system assignment

Assignment Question(s): (5.0 Marks) Assignment 1 acct 322 ABC Corporation applies job costing system and the information drawn from its costing records as follows 🙁 2 Marks) Particular Job 100 Job 200 Total Direct material per unit 50 SR 75 SR – Direct labour rate per hour 15 SR 20 SR – Direct labour hour per unit 2 4 – Yearly estimated direct labour hour – – 20000 hours Yearly estimated fixes overhead – – 100000 SR Overhead variable cost per direct hour – – 5 SR Yearly estimated machine hours 5000 hours During January 2021 the corporation produced and sold 3000 units from job no. 100 and 3500 units from job no. 200 respectively. The corporation uses normal costing system that charge applied overhead to jobs. Required: 1-Compute the pre determine overhead using direct labour hour as accost driver. 2-Compute total product costs for the two jobs. 3-Pass journal entries to record cost flow namely direct material direct labour and overhead to work in process inventory. Answer: 2. Analyse the following costs into product costs and period costs using check mark in the column (1.5 Marks) Costs Product costs Period costs Direct labour Direct material Depreciation on manufacturing equipment Advertising expense Research and development expense Wages for administration Depreciation for vehicles used in sales Factory utilities. Rent of the production building Salaries of maintenance personnel. Office depreciation Interest expense on a companys debt Answer: Q3. The following information drawn from ABC Corporation about maintenance costs in 2020. (1.5 Marks) Month Total maintenance costs (SR) Maintenance hours July 75000 5000 August 81000 5500 September 63000 4000 October 51000 3000 November 87000 6000 December 84600 5800 Required:

1.Estimate the cost function for ABC using the high- low method.

2.Predict maintenance costs if maintenance hours are 7000 hours in January 2021. Answer:

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