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ACCT 219 COST ACCOUNTING ASSIGNMENTSubmit AssignmentDue Friday by 17thMarchACCT 219 – COST ACCOUNTINGQuestion 1The following information relates to item Q002 stocked by Mutaka products Ltd for the month of April2004: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 storesissues.(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 GeneralServices.The company has budgeted the following costs for the forthcoming period.ShsMaintenance100Depreciation of plant60Plant insurance60Heat and light75Canteen cost30Rent50Supervision120The following information is also availableABStoresGeneralFloor Area Square meters15,0008,0003,5003,500Employees50251510
Plant book value200,000100,00050,00040,000Machine hours80,00060,000Direct material usage300,000400,000Overheads 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 tocompletion.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 incurredduring the month were:Shs.Labour125,000
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