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ACCT 219 COST ACCOUNTING ASSIGNMENT Submit AssignmentDue Friday by 17th MarchACCT 219 – COST ACCOUNTINGQuestion 1The following information relates to item Q002 stocked by Mutaka products Ltd for the month of April 2004:ReceiptsIssuesDateUnitsUnitsUnit cost (Sh)April32,4002043,20062,60018122,700143,00024182,80022202,200222,60021253,800263,10023272,50024283,20027296,900
The closing balance for March 2004 was a batch of 2,900 units received at a unit price of Sh 21.Required:Stores perpetual inventory record for item Q002 for April 2004 under LIFO and FIFO systems of stores issues. (14 marks)Closing stock valuation under the two systems (6 marks)(Total: 20 marks)Question 2Tom ltd has two production departments, A and B, and two service departments, stores and General Services.The company has budgeted the following costs for the forthcoming period. ShsMaintenance 100Depreciation of plant 60Plant insurance 60Heat and light 75Canteen cost 30Rent 50Supervision 120The following information is also available A B Stores GeneralFloor Area Square meters 15,000 8,000 3,500 3,500Employees 50 25 1510
Plant book value 200,000 100,000 50,000 40,000Machine hours 80,000 60,000Direct material usage 300,000 400,000Overheads are absorbed in both production departments on a machine Hour basis.Required: a) Prepare an overhead analysis sheet for the period, using suitable bases apportionment (15 marks)b) Calculate the Overhead absorption rates for each department (5 marks)QUESTION 3Timau Ltd produces a detergent which passes through two processes namely mixing and refining to completion. The following data relate to the refining process for the month of June 2000.Cost of opening stock:Shs.Materials100,000Labour25,000Overheads60,000During the month 20,000 units were passed from the mixing to the refining process. Costs incurred during the month were: Shs.Labour 125,000
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