管理会计复习提纲

1、PRACTICE QUESTIONS PART A, LECTURE 1QUESTION 3Answer the five questions below which relate to the following data: A firm had the following per unit costs for a period in which it expected to produce 1,000 units: DM $20, DL $30, Variable OH $20, Fixed OH $10, Variable selling costs $5 per unit. Answe

2、r the following costs related to the data:(a) Calculate the prime costs per unit.(b) Calculate the conversion costs per unit.(c) Calculate the product (inventoriable) cost per unit under absorption costing.(d) Calculate the variable product (inventoriable) cost per unit under absorption costi ng.(e)

3、 Calculate the period costs per unit.(f) Calculate the total expected costs if the firm produced and sold 1,100 units.Answer(a) Prime cost = DM + DL = $50 ($20 + $30)(b) Conversion cost = DL + OH = $60 ($30 + $20 + $10)(c) Product (inventoriable) cost under absorption costing = all manufacturing cos

4、ts, i.e. $80 ($20 +$30 + $20 + $10)(d) Variable product (inventoriable) cost under absorption costing = remove fixed OH of $10 perun it, therefore $70.(e) Period cost = all costs that are not manu facturi ng costs. Here, only selli ng costs, therefore $5.(f) An swer is $92,500, calculated as follows

5、. Add total of expected manu facturi ng and non-manu facturi ng costs. Note that the fixed and variable costs are treated differe ntly:SOLUTIONS TO PRACTICE QUESTIONS, PART A LECTURE 2QUESTION 1Production budget for the month of AprilRequired for sales1,000+ desired ending inven tory 60(5% x 1,200)1

6、,060-ope ning inven tory *Required producti on1,008* If you did not know the actual inven tory of products at the begi nning of April (whether you do or not depe nds on how far in adva nee you are prepari ng the budgets), you would use the estimate for the begi nning of April (which is the same as t

7、he end of March, i.e. 5% x 1,000 =Direct Materials purchases budget for the month of April (in kgs)Required for production2,016 (1,008 units x 2 kg)+ desired ending inven tory2002,21650).-opening inventoryRequired purchases of material 2,091 kg* As before, if you did not know the actual inven tory o

8、f materials at the begi nning of April, you would use the estimate for the begi nning of April (which is the same as the end of March, i.e. 250 kg)QUESTION 3Flexible budget formula is $100,000 + $40 per unit, therefore with no changes budgeted costs would be: $100,000 + (20,000 x $40)=$900,000The ef

9、fect of using overtime is that the variable cost will be greater than $40 per unit. Without further information, all we can conclude is that the budgeted amount will be some amou nt greater than $900,000.QUESTION 4Av. CM = (.1 x $4) + (.7 x $6) + (.2 x $2)=(.4 + 4.2 + .4) = $5BE point =6,000= 1,200

10、units in total, which is:5120 units of product 1 (10%)840 units of product 2 (70%)240 units of product 3 (20%)QUESTION 5(a) Cost A is not fixed, as it changes across activity levels. Not variable, because it is a differe nt amount per unit at the differe nt activity levels. Therefore it is mixed.Cos

11、t B is a fixed cost as in total it rema ins the same in total across differe nt activity levels. Because Cost C is constant per unit across different activity levels, the total cost will vary in proporti on to activity level, therefore it is a variable cost.(b) High cost -low costHigh activity Tow a

12、ctivity$3,000-$2,0002,000-1,000=$1,000/1,000=$1 per un it.At the high level of activity,Fixed cost = Total cost -variable costFixed cost = $3,000 -(2,000 x $1) = $1,000Check at low level of activity,Fixed cost = Total cost -variable costFixed cost = $2,000 - (1,000 x $1) = $1,000.(c) Flexible budget

13、 formula for Cost A is $1,000 + $1 per unit.SOLUTIONS TO PRACTICE QUESTIONS, PART A, LECTURE 3 QUESTION 2The followi ng are summaries of the job cards for a particular period:JobOpening balancesDMDLOHTotal cost to date#101023,90013,60010,000$ 47,500#10207,9004,0007,500$19,400#103050,00022,80037,200$

14、110,000#10404,0002,2003,800$ 10,000#105010,2005,8009,000$ 25,000Total96,000Assume that o nly two jobs 倂 101 and #103) are fini shed, and job #103 is sold.(a) What is the bala nee of the WIP a/c and FG a/c at the end of the period, and the total expe nse for the period?(b) Is it possible to tell the

15、total DM cost in curred for the period. If so, what is the amount?(c) Is it possible to tell the total DM cost EXPENSED during the period. If so, what is the amount?ANSWER(a) Ide ntify which jobs are at differe nt stages of themanu facturi ng and selli ng cycle, andtherefore in each of the differe n

16、t acco un ts. Total the costs of those jobs. The total of the costs on the job cost sheets will be the bala nces of WIP and FG and the total expe nse (am ount in COGS)WIPFGCOGS (total expense for the period)#102$19,400#104$10,000#105$25,000$54,400#101$47,500#103$110,000Why isn ' t job #103 inclu

17、ded in finished goods? The costs of job #103 would be included in a journal entry for all goods finished during the period. However, at a particular point of time all jobs can be in one place only:either they are in complete (WIP); fini shed and notsold (FG); or fin ished and sold (COGS).(b) Because

18、 the job cards in dicate the ope ning bala nee for the period, all costs in curred in a previous period would be in the ope ning bala nee. Any costs itemised as DM, DL and OH on the job card are costs in curred this period. Therefore the cost of DM in curred for the periodis the total of the DM colu

19、mn, which is $96,000.(c) lt would always be possible to find out the amount by going back through all the job cost sheets. In this example it is very easy to do because the opening balanee is zero. Therefore, the amount of DM cost expensed during the period is the DM cost of any jobs sold. Job #103

20、was sold, and the DM cost of job #103 was $50,000.QUESTION 3Assume a firm started 5 jobs in a period. A summary of the costs on the job cost sheets follows:#1#2#3#4#5TOTALDM1020304050150DL2030405060200OH3040506070250TOTALS6090120150180600« Jobs 1,2, 3 and 4 are fini shed in the period.* Jobs 1

21、and 2 are sold in the period.« Opening bala nces are zeroRequired:(a) Show the completed WIP, FG and COGS accou nts.(b) What is the total amount of OH that has bee n applied duri ng the period?(c) What is the amount of OH in the WIP acco unt bala nee at the end of the period? ANSWER(a) WIPMater

22、ials 150 FG 420 (jobs 1-4)Wages 200 Bala nee 180 (job 5)OH 250600 600FGWIP 420 COGS 150 (jobs 1-2)Bala nee 270 (jobs 3-4)420420COGSFG 150(b) The total OH applied is found by addi ng OH on the job cost sheets for all jobs worked, i.e. $250.(c) The bala nee in any acco unt con sists of DM, DL and OH c

23、osts in curred on all jobs at that stage. There is only one job unfinished (job #5) therefore the balanee in WIP of $180represe nts the costs in curred on job#5. We know from the job card that $70 of that cost is OH applied.QUESTION 4Budget for 20071,000,0001,750,000Actual Results for 2007980,0001,8

24、62,000The following budgeted and actual results for a period relate to Dustin Pty Ltd, a firm which employs no rmal absorpti on job costi ng and applies OH using DL cost as the cost driverDirect Manu facturi ng labour costs Manu facturi ng overhead costs(a) Calculate the firm' s budgeted OH rate

25、.(b) Calculate the cost of a particular job, job #323, which incurs $40,000 DM and $30,000 DL.(c) Calculate the amount of un der/over applied overhead for the en tire firm for the period, i.e. not just for job #323.ANSWER(a) 1,750,0001,000,000=175% of DL cost or $1.75 for every dollar of DL.(b)Norma

26、l cost of job #323:DM $ 40,000DL $ 30,000OH $ 52,500 (175% of DL)$122,500(c)Total actual OH =$1,862,000Total applied OH = $1,715,000(175% x $980,000)Un der applied$147,000PRACTICE QUESTIONS, PART A, TOPIC 4QUESTION 2Calculate OH applied for the period given the following selected information: Budget

27、 information:Activity level3,000 DL hoursV OH rate$3 per DL hourBudgeted total OH costs for actual activity level $15,900Actual data:Activity level3,300 DL hoursANSWEROH applied will be actual hours worked x budgeted OH rates (both fixed and variable). What do we know?Actual hours worked = 3,300Vari

28、able OH rate = $3 per DL hourWhat do we need to find?Fixed OH rate - this is not given. Recall that fixed OH rates can only be calculated at budgeted activity level. We know the budgeted activity level is 3,000, therefore the fixed OH rate will equal:Budgeted F OH (at budgeted activity)Budgeted acti

29、vity level, i.e. 3,000Therefore, we n eed the budgeted F OH at budgeted activity level. But it is not give n. All we are told is the total budgeted OH for actual activity, i.e. for 3,300 hours. We n eed to use this information to determine budgeted F OH, as follows:Total budgeted OH at 3,300 hours =

30、 $15,900Variable budgeted OH at 3,300 hours = 3,300 x $3 = $9,900Therefore fixed budgeted OH at 3,300 hours = $15,900 - $9,900 = $6,000But if budgeted fixed OH at 3,300 hours is $6,000, budgeted fixed OH at 3,000 hours is also $6,000, so now we can work out the fixed OH rate, i.e.$6,000/3,000 = $2 p

31、er DL hour.We can now calculate OH applied, i.e. 3,300 x ($3+$2) = $16,500QUESTION 4A manu facturi ng firm has a direct labour cost of $25 per direct labour hour. Where jobs are worked in overtime hours, the cost is time-and-a-half, i.e. $37.50 per direct labour hour. A particular job was worked on

32、for 8 hours, 4 hrs in no rmal time, and 4 hrs overtime.(a) What is the amount of overtime premium per DL hour?(b) What is the amount of overtime premium related to the job?(c) Show the jour nal entry for the labour cost assu ming:(i) the overtime was n ecessary because of the particular n ature of t

33、he job.(ii) the overtime was n ecessary because of poor scheduli ng by the firm.Answer(a) The premium is $12.50 per DL hour.(b) 4 hours x $12.50 = $50.(c) (i)WIP DR 250Wages and Salaries Payable CR 250(in these circumsta nces the overtime premium is charged to the job, and therefore ends up in the W

34、IP acco unt, and eve ntually in FG acco un t).(ii)WIP DR200OH DR50Wages and Salaries Payable CR 250(in these circumsta nces the overtime premium is not charged to the job. Only the ordi nary costs per hour ($25) for the hours worked on the job are charged to WIP.)SOLUTIONS TO PRACTICE QUESTIONS, PAR

35、T A, TOPIC 5QUESTION 2Budget dataActual dataProduction units 1,500Direct materials per un it, 2 kg $10 kgDirect labour per un it, ?hr $30 hrProduction units 1,450Direct materials purchased for cash 4,000 kg $10.50 kgDirect materials used 3,100 kgDirect labour hours worked 770 hours $32 hr(a) Calcula

36、te the labour rate varia nee and the labour efficie ncyvaria nee, using either tables orformulae.(b) Show the jour nal en try required to record labour in formatio n for the period.(c) Calculate the material price varia nee and the material efficie ncy varia nee (us ing either tables or formulae) as

37、su ming the MPV is isolated on purchase.(d) Show the jour nal en tries for materials purchased and used.(e) Repeat (c) and (d) assu ming MPV is isolated on usage.This means you are to recalculatethe MPV, and show the journal entries for purchase and use of material for this option.AnswerPart (a) (Us

38、ing tables)AQ x APAQ x SPSQ x SP770x$32 $24,640770x$30$23,100(1,450x1/2)x$30$21,750LRVLEV$1,540 U$1,350 UUsing formulae:LRV = 770 x ($32 - $30) = +$1,540 = $1,540 ULEV = $30 x (770 -725) = -$1,350 = $1,350 UPart (b)WIP DR21,750LRV DR1,540LEV DR1,350Wages Payable CR24,640Part (c) Using tables:AQ x AP

39、AQ x SPAQ x SPSQ x SP4,000 x $10.504,000 x $103,100 x $10(1,450x2) x $10$42,000$40,000$31,000$29,000MPVMEV$2,000 U$2,000 UUsing formulae:MPV = 4,000 x ($10.50 - $10) = +$2,000 = $2,000 UMEV = $10 (3,100 -2,900) = +$2,000 = $2,000 UPart (d)Materials DR40,000MPV DR2,000Cash CR42,000(Note:material purc

40、hases recorded atsta ndard cost)WIP DR29,000MEV CR2,000Materials CR31,000Part (e)Only need to re-calculate the MPV . It is clear that the MEV is exactly the same as above.AQ x APAQ x SPSQ x SP3,100 x $10.503,100 x $10(1,450 x 2) x $10$32,550$31,000$29,000MPVMEV$1,550 U$2,000 UUsing formulae:MPV = 3,

41、100 x ($10.50 - $10) = +$1,550 = $1,550 UMEV =$10 x (3,100 -2,900) = +$2,000 = $2,000 UMaterials DR42,000Cash CR42,000(Note:material purchases recorded atactual cost)WIP DR29,000MPV DR1,550MEV DR2,000Materials CR32,550QUESTION 3“ Fit to a T ” desig ns and manufactsheSsTand sells them in one-dozen lo

42、ts.A new type ofmaterial was purchased in the period, which led to faster cutting and sewing but the workers used more material than usual as they learned to work with it. The following are selected budget andactual results for the period:Static Budget50012 metres at $1.50 per meter = $18.002 hours

43、at $8.00 per hour = $16.005507,260 metres at $1.75 per meter = $12,7051,045 hours at $8.10 per hour = $8,464.50Number of T-shirt lots (1 lot = 1 doze n)Per lot of T-shirts:Direct materialsDirect manu facturi ng labourActual resultsNumber of T-shirt lots soldTotal direct inputs:Direct materialsDirect

44、 manu facturi ng labour(a) Calculate the direct material and direct labour varia nces for the period.(b) Ide ntify possible reas ons (suggested from the facts give n only -not the gen eral ones in the lecture no tes) for the efficie ncy varia nces you have calculated.Answer(a) Direct MaterialsAQ use

45、d x AP AQ used x SP SQ x SP7,260 x 1.757,260 x 1.50(550 x 12) x 1.5012,70510,8906,600 x 1.509,900MPVMEV$1,815 U$990 UFLEXIBLE BUDGET V ARIANCE $2,805 UDirect Labour AQ used x AP1,045 x 8.108,464.50AQ used x SPSQ x SP1,045 x 8(550 x 2) x 88,3601,100 x 88,800LRVLEV$104.50 U$440 FFLEXIBLE BUDGET V ARIA

46、NCE$335.50 FTOTAL FLEXIBLE BUDGET V ARIANCE$2,469.50 U ($2,805 - $335.50)(b) Possible reasons for efficiency variances (using only facts given):Un favourable MEV because the new type of material was differe nt to work with, therefore theworkers wasted more material tha n usual while gett ing used to

47、 its differe nt texture etc.Favourable LEV because we are told that the material resulted in“ faster cutti ng and sew ingAYB225 -PRACTICE QUESTIONS, LECTURE 7QUESTION 1Standard manufacturing costs per unit: (Unchanged from previous accounting period)DM $6; DL $4; V OH $3; F OH $2Physical quantities:

48、 (There were no WIP inven tories.)Ope ning FG - 300Un its produced - 6,000Clos ing FG - 200Other cost and price data:Selling price per unit - $25Actual F OH -$11,500Selling and admin costs - $5,000 Fixed, $3,000 V ariable.Variances for the period:Total variable (DM, DL, V OH) - 15,000 UTotal fixed -

49、500 FRequired:(a) Properly classified Absorpti on Costi ng In come Stateme nt for the period.(b) Properly classified Variable Cost ing In come Stateme nt for the period.(c) Quan titatively recon cile the profits un der the two systems.(d) Expla in why the AC profit is less than DC profit.ANSWERAC pr

50、oduct cost per unit is 6+4+3+2 = $15 DC product cost per unit is 6+4+3 = $13(a) Absorption Costing Income StatementSales (6,100 x $25)Less Cost of Goods Sold:(6,100 x $15)91,500Add net varia nces (un favourable)14,500GROSS MARGINLess Selli ng and Admini strative Expe nsesNET PROFIT(b) Direct Costing

51、 Income StatementSales (6,100 x $25)Less Variable Costs;COGS (6,100 x $13)79,300Add net varia nces (un favourable)15.00094,300Selli ng and Admi nistrative Expe nses3,000CONTRIBUTION MARGINLess Fixed Costs:Overhead11,500Selli ng and Admi nistrative5,000NET PROFIT152,500106,00046,5008,000$38,500152,50

52、097,30055,20016,500$38,700(c) I nven tory decreased from 300 to 200, therefore:Change in inventory 100 x F OH per unit ($2) = $200 explains the difference in profit.Because the fixed OH per unit is unchanged from the previous period, it is possible to conclude that because inventory has decreased pr

53、ofit under AC will be $200 smaller than un der DC.(d) The total fixed OH in curred and expe nsed un der DC relates to the 6,000 un its produced. Under AC the firm expenses the amount of F OH relating to units sold, which is 6,100. Therefore, because the firm produced less than it sold, under AC an a

54、dditional amount of fixed OH is expensed which relates to the units in opening inventory. (The full explanationis actually more complicated tha n this expla nati on, but the above is all that you are required to know for this un it.AYB225 -SOLUTIONS, PRACTICE QUESTIONS LECTURE 8Note: If you are required to complete a cost of production report in the examination you will be provided with a pro-forma.QUESTION 1 (a)COST OF PRODUCTION REPORTCalc. EUOpe ning W