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COMMERCEDEPARTMENT
INTERNATIONALPROGRAMS
DIPLOMAOFFINANCIALSERVICES
(FNS50107)
PREPAREANDANALYSE
MANAGEMENTACCOUNTING
INFORMATION
(FNSACCT613B)
Answerstoexercises
SOLUTIONSTOEXERCISES
UnitOne-VariableandAbsorptionCosting
a)Unitcostofproduction-Absorption
Directmaterials$150,000100,000units=$1.50/unit
Directlabour$200,0000100,000units=$2.00/unit
Variableoverhead$50,000:100,000units=$0.50/unit
Fixedoverhead$100,000+100,000units=$1.00/unit
$5.00/unit
b)Unitcostofproduction-Variable
Directmaterials$150,000+100,000units=$1.50/unit
Directlabour$200,0000100,000units=$2.00/unit
Variableoverhead$50,000:100,000units=$0.50/uNt
$4.00/unit
c)Closinginventory-Absorption
20,000unitsx$5.00=$100,000
d)Closinginventory-Variable
20,000unitsx$4.00=$80,000
1.2
a)Openinginventory-Absorption
5,000unitsx$2.40=$12,000
b)Closinginventory-Absorption
30,000unitsx$2.40=$72,000
c)Openinginventory-Variable
5,000unitsx$2.00=$10,000
d)Closinginventory-Variable
30,000unitsx$2.00=$60,000
1.3
a)IncomeStatementformonthended30thApril-AbsorptionCosting
$$$
Sales(40,000unitsx$22)880,000
LessCOGS:
OpeninginventoryNil
Productioncosts:
Direct(40,000unitsx$5)200,000
materials
Directlabour(40,000unitsx$4)160,000
Variable(40,000unitsx$1)40,000
overhead
Fixed(40,000unitsx$2)80,000480,000
overhead
480,000
LessclosinginventoryNil480,000
GrossProfit400,000
Lessotherexpenses:
Fixedselling&administration150,000
Variableselling&administration(40,000unitsx$3)120,000270,000
NetProfit130,000
Incomestatementformonthended31stMay-Absorptioncosting
$$$
Sales(40,000unitsx$22)880,000
LessCOGS:
OpeninginventoryNil
Productioncosts:
Direct(45,000unitsx$5)225,000
materials
Directlabour(45,000unitsx$4)180,000
Variable(45,000unitsx$1)45,000
overhead
Fixed(45,000unitsx$2)90,000540,000
overhead
540,000
Lessvolumevariance10,000
530,000
Lessclosinginventory(5,000unitsx$12)60,000470,000
GrossProfit410,000
Lessotherexpenses:
Fixedselling&administration150,000
Variableselling&administration(40,000unitsx$3)120,000270,000
NetProfit140,000
Incomestatementformonthended30tt11June-Absorptioncosting
$$$
Sales(38,000unitsx$22)836,000
LessCOGS:
Openinginventory(5,000unitsx$12)60,000
Productioncosts:
Direct(35,000unitsx$5)175,000
materials
Directlabour(35,000unitsx$4)140,000
Variable(35,000unitsx$1)35,000
overhead
Fixed(35,000unitsx$2)70,000420,000
overhead
480,000
Plusvolumevariance10,000
490,000
Lessclosinginventory(2,000unitsx$12)24,000466,000
GrossProfit370,000
Lessotherexpenses:
Fixedselling&administration150,000
Variableselling&administration(38,000unitsx$3)114,000264,000
NetProfit106,000
b)IncomeStatementformonthended30thApril-VariableCosting
$$$
Sales(40,000unitsx$22)880,000
LessVariableCOGS:
OpeninginventoryNil
Variableproductioncosts:
Direct(40,000unitsx$5)200,000
materials
Directlabour(40,000unitsx$4)160,000
Variable(40,000unitsx$1)40.000400,000
overhead
400,000
LessclosinginventoryNil400,000
GrossMargin480,000
Lessothervariableexpenses:
Variableselling&administration(40,000unitsx$3)120,000
NetContributionMargin360,000
Lessfixedexpenses:
Fixedoverhead80,000
Fixedselling&administration150,000230,000
NetProfit130,000
1.3b)continued
IncomeStatementformonthended31stMay-VariableCosting
$$$
Sales(40,000unitsx$22)880,000
LessVariableCOGS:
OpeninginventoryNil
Variableproductioncosts:
Direct(45,000unitsx$5)225,000
materials
Directlabour(45,000unitsx$4)180,000
Variable(45,000unitsx$1)45,000450,000
overhead
450,000
Lessclosinginventory(5,000x$10)50,000400,000
GrossMargin480,000
Lessothervariableexpenses:
Variableselling&administration(40,000unitsx$3)120,000
NetContributionMargin360,000
Lessfixedexpenses:
Fixedoverhead80,000
Fixedselling&administration150,000230,000
NetProfit130,000
IncomeStatementformonthended30thJune-VariableCosting
$$$
Sales(38,000unitsx$22)836,000
LessVariableCOGS:
Openinginventory(5,000unitsx$10)50,000
Variableproductioncosts:
Direct(35,000unitsx$5)175,000
materials
Directlabour(35,000unitsx$4)140,000
Variable(35,000unitsx$1)35,000350,000
overhead
400,000
Lessclosinginventory(2,000x$10)20,000380,000
GrossMargin456,000
Lessothervariableexpenses:
Variableselling&administration(38,000unitsx$3)114,000
NetContributionMargin342,000
Lessfixedexpenses:
Fixedoverhead80,000
Fixedselling&administration150,000230000
NetProfit112,000
1.4
a)IncomestatementforYear1-Absorptioncosting
$$$
Sales(55,000unitsx$30)1,650,000
LessCOGS:
Openinginventory(10,000unitsx$15)150,000
Productioncosts:
Direct(60,000unitsx$4)240,000
materials
Directlabour(60,000unitsx$6)360,000
Variable(60,000unitsx$4)240,000
overhead
Fixed(60,000unitsx$1)60,000900,000
overhead
1,050,000
Lessvolumevariance10,000
1,040,000
Lessclosinginventory(15,000unitsx$15)225,000815,000
GrossProfit835,000
Lessotherexpenses:
Variableselling(55,000x$1)55,000
Variableadministration(60,000x$2)120,000
Fixedselling25,000
Fixedadministration15,000215,000
NetProfit620,000
IncomeStatementforYear2-AbsorptionCosting
$$$
Sales(55,000unitsx$30)1,650,000
LessCOGS:
Openinginventory(15,000unitsx$15)225,000
Productioncosts:
Direct(50,000unitsx$4)200,000
materials
Directlabour(50,000unitsx$6)300,000
Variable(50,000unitsx$4)200,000
overhead
Fixed(50,000unitsx$1)50,000750,000
overhead
975,000
Lessclosinginventory(10,000unitsx$15)150,000825,000
GrossProfit825,000
Lessotherexpenses:
Variableselling(55,000x$1)55,000
Variableadministration(50,000x$2)100,000
Fixedselling25,000
Fixedadministration15,000195,000
NetProfit630,000
1.4continued
b)IncomeStatementforYear1-VariableCosting
$$$
Sales(55,000unitsx$30)1,650,000
LessVariableCOGS:
Openinginventory(10,000unitsx$14)140,000
Variableproductioncosts:
Direct(60,000unitsx$4)240,000
materials
Directlabour(60,000unitsx$6)360,000
Variable(60,000unitsx$4)240,000840,000
overhead
980,000
Lessclosinginventory(15,000x$14)210,000770,000
GrossMargin880,000
Lessothervariableexpenses:
Variableselling(55,000unitsx$1)55,000
Variableadministration(60,000x$2)120,000175,000
NetContributionMargin705,000
Lessfixedexpenses:
Fixedoverhead50,000
Fixedselling25,000
Fixedadministration15,00090,000
NetProfit615.000
IncomeStatementforyear2-VariableCosting
$$$
Sales(55,000unitsx$30)1,650,000
LessVariableCOGS:
Openinginventory(15,000unitsx$14)210,000
Variableproductioncosts:
Direct(50,000unitsx$4)200,000
materials
Directlabour(50,000unitsx$6)300,000
Variable(50,000unitsx$4)200,000700,000
overhead
910,000
Lessclosinginventory(10,000x$14)140,000770700
GrossMargin880,000
Lessothervariableexpenses:
Variableselling(55,000unitsx$1)55,000
Variableadministration(50,000x$2)100,000155,000
NetContributionMargin725,000
Lessfixedexpenses:
Fixedoverhead50,000
Fixedselling25,000
Fixedadministration15,00090,000
NetProfit635,000
1.5
Reconciliationofprofits-April
Profit-Absorption$130,000
Addfixedoverheadcomponentofopeningstock
Lessfixedoverheadcomponentofclosingstock
Profit-Variable$130,000
Reconciliationofprofits-May
Profit-Absorption$140,000
Addfixedoverheadcomponentofopeningstock
$140,000
Lessfixedoverheadcomponentofclosingstock
(5,000unitsx$2)$10,000
Profit-Variable$130,000
Reconciliationofprofits-June
Profit-Absorption$106,000
Addfixedoverheadcomponentofopeningstock
(5,000unitsx$2)$10,000
$116,000
Lessfixedoverheadcomponentofclosingstock
(2,000unitsx$2)$4,000
Profit-Variable$112,000
1.6
Reconciliationofprofits-Year1
Profit-Absorption$620,000
Addfixedoverheadcomponentofopeningstock
(10,000unitsx$1)$10,000
$630,000Lessfixedoverheadcomponentofclosingstock
(15,000unitsx$1)$15：000
Profit-Variable$615,000
Reconciliationofprofits-Year2
Profit-Absorption$630,000
Addfixedoverheadcomponentofopeningstock
(15,000unitsx$1)$15,000
$645,000Lessfixedoverheadcomponentofclosingstock
(10,000unitsx$1)$10,000
Profit-Variable$635,000
1.7
a)IncomestatementforYear1-Absorptioncosting
$$$
Sales(2,100unitsx$1,000)2,100,000
LessCOGS:
Openinginventory(400unitsx$600)240,000
Productioncosts:
Direct(2,200unitsx$200)440,000
materials
Directlabour(2,200unitsx$240)528,000
Variable(2,200unitsx$100)220,000
overhead
Fixed(2,200unitsx$60)132,0001.320,000
overhead
1,560,000
Plusvolumevariance12,000
1,572,000
Lessclosinginventory(500unitsx$600)300,0001,272,000
GrossProfit828,000
Lessotherexpenses:
Variableselling&admin.(2,100x$10)21,000
Fixedselling&admin.160,000181,000
NetProfit647,000
IncomeStatementforYear2-AbsorptionCosting
$$$
Sales(2,300unitsx$1,000)2,300,000
LessCOGS:
Openinginventory(500unitsx$600)300,000
Productioncosts:
Direct(2,500unitsx$200)500,000
materials
Directlabour(2,500unitsx$240)600,000
Variable(2,500unitsx$100)250,000
overhead
Fixed(2,500unitsx$60)150,0001,500,000
overhead
1,800,000
Lessvolumevariance6,000
1,794,000
Lessclosinginventory(700unitsx$600)420,0001,374,000
GrossProfit926,000
Lessotherexpenses:
Variableselling&admin.(2,300unitsx$10)23,000
Fixedselling&admin.160,000183000
NetProfit743,000
1.7continued
b)IncomeStatementforYear1-VariableCosting
$$$
Sales(2,100unitsx$1,000)2,100,000
LessVariableCOGS:
Openinginventory(400unitsx$540)216,000
Variableproductioncosts:
Direct(2,200unitsx$200)440,000
materials
Directlabour(2,200unitsx$240)528,000
Variable(2,200unitsx$100)220,0001,188.000
overhead
1,404,000
Lessclosinginventory(500x$540)270,0001,134,000
GrossMargin966,000
Lessothervariableexpenses:
Variableselling&admin.(2,100unitsx$10)21,000
NetContributionMargin945,000
Lessfixedexpenses:
Fixedoverhead144,000
Fixedselling160,000304,000
NetProfit641,000
IncomeStatementYear2-Variable
$$$
Sales(2,300unitsx$1,000)2,300,000
LessVariableCOGS:
Openinginventory(500unitsx$540)270,000
Variableproductioncosts:
Direct(2,500unitsx$200)500,000
materials
Directlabour(2,500unitsx$240)600,000
Variable(2,500unitsx$100)250,0001,350,000
overhead
1,620,000
Lessclosinginventory(700x$540)378.0001242,000
GrossMargin1,058,000
Lessothervariableexpenses:
Variableselling&admin.(2,300unitsx$10)23,000
NetContributionMargin1,035,000
Lessfixedexpenses:
Fixedoverhead144,000
Fixedselling160,000304,000
NetProfit731,000
C)
Reconciliationofprofits-Year1
Profit-Absorption$647,000
Addfixedoverheadcomponentofopeningstock
(400unitsx$60)$24,000
$671,000Lessfixedoverheadcomponentofclosingstock
(500unitsx$60)$30：000
Profit-Variable$641,000
Reconciliationofprofits-Year2
Profit-Absorption$743,000
Addfixedoverheadcomponentofopeningstock
(500unitsx$60)$30,000
$773,000Lessfixedoverheadcomponentofclosingstock
(700unitsx$60)$42：000
Profit-Variable$731,000
1.8
a)IncomeStatementfortheyearended30thJune2009-AbsorptionCosting
$$$
Sales(130,000unitsx$12)1,560,000
LessCOGS:
Openinginventory(10,000unitsx$8)80,000
Productioncosts:
Direct(125,000unitsx$3.00)375,000
materials
Directlabour(125,000unitsx$1.50)187,500
Variable(125,000unitsx$1.50)187,500
overhead
Fixed(125,000unitsx$2.00)250.0001,000000
overhead
1,080,000
Lessvolumevariance10,000
1,070,000
Lessclosinginventory(5,000unitsx$8)40,0001,030,000
GrossProfit530,000
Lessotherexpenses:
Variableselling&admin.(130,000unitsx$1)130,000
Fixedselling&admin.200,000330,000
NetProfit200,000
b)IncomeStatementfortheyearended30thJune2009-VariableCosting
$$$
Sales(130,000unitsx$12)1,560,000
LessVariableCOGS:
Openinginventory(10,000unitsx$6)60,000
Variableproductioncosts:
Direct(125,000unitsx$3.00)375,000
materials
Directlabour(125,000unitsx$1.50)187,500
Variable(125,000unitsx$1.50)187,500750,000
overhead
810,000
Lessclosinginventory(5,000x$6)30,000780,000
GrossMargin780,000
Lessothervariableexpenses:
Variableselling&admin.(130,000unitsx$1)130,000
NetContributionMargin650,000
Lessfixedexpenses:
Fixedoverhead240,000
Fixedselling200,000440,000
NetProfit210,000
c)
Reconciliationofprofits:
Profit-Absorption$200,000
Addfixedoverheadcomponentofopeningstock
(10,000unitsx$2)$20,000
$220,000Lessfixedoverheadcomponentofclosingstock
(5000unitsx$2)$10：000
Profit-Variable$210,000
Unittwo-ActivityBasedCosting
2.1
Design:$150,000-?6000designchanges=$25/designchange
Assembly:$480,000+20,000machinehours=$24/machinehour
Testing:$90,000~6000tests=$15/test
2.2
Overheadallocatedtoactivities(usingfirst-stagecostdrivers):
Materialshandling:$250,000x10%=$25,000
Qualitycontrol:$250,000x50%=$125,000
Moulding:$250,000x40%=$100,000
Overheadapplicationrates:
Materialshandling:$25,000+6,250parts=$4/part
Qualitycontrol:$125,000・5,000batches=$25/batch
Moulding:$100,000・10,000units=$10/unit
2.3
a)OverheadallocatedtoJob65-Activitybasedcosting
Design:8designchangesx$25/designchange=$200
Assembly:4machinehoursx$24/machinehour=$96
Testing:6testsx$15/test=$90
$386
b)Overheadallocatedtojob65-Traditionalmethod
Overheadapplicationrate:$720,0004-14,400directlabourhours=$50/DLH
Overheadallocated:8x$50=$400
2.4
a)Overheadallocatedperunit-Traditionalmethod:
Overheadapplicationrate:$480,000・32,000DLH=$15/DLH
Overheadallocatedtounitsproduced:
Moondust:Stardust:
40DLHx$15=$60080DLHx$15=$1,200
$600+100units=$6/urdt$1,2004-200
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