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Costing Systems in Accounting

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Added on  2019-11-26

Costing Systems in Accounting

   Added on 2019-11-26

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RUNNING HEAD: INTRODUCTION TO MANAGEMENT ACCOUNTINGINTRODUCTION TO MANAGEMENT ACCOUNTING
Costing Systems in Accounting_1
INTRODUCTION TO MANAGEMENT ACCOUNTING1ContentsQUESTION..............................................................................................................................................2(a)......................................................................................................................................................2(b)......................................................................................................................................................2(c).......................................................................................................................................................2(d)......................................................................................................................................................3(e)......................................................................................................................................................4(f).......................................................................................................................................................4(g)......................................................................................................................................................5References.............................................................................................................................................6
Costing Systems in Accounting_2
INTRODUCTION TO MANAGEMENT ACCOUNTING2QUESTION(a)FREDsMARTHAsParticularsUnitsCostper unit ($)workingsTotal Amount ($)UnitsCost per unit ($)workingsTotal Amount ($)Direct material10004040000500060300000Direct Labour10003030000500045225000Manufacturing overhead costs:machine relatedcosts(450000/5)*2180000(450000/5)*3270000Set and inspection costs(180000/5)*272000(180000/5)*3108000Engineering costs(90000/5)*236000(90000/5)*354000Plant related costs(96000/5)*238400(96000/5)*357600TOTAL MANUFACTURINGCOSTS396400TOTAL MANUFACTURINGCOSTS1014600Quantity (units)1000Quantity (units)5000COST PER UNIT396.4COST PER UNIT202.92(b)Serial NumberActivity Cost PoolAmount ($)Cost driverBudgetedlevelCOST PER ACTIVITY($)1Machine related costs450000Machine hours9000502Set and inspection costs180000Number of production runs4045003Engineering costs90000Engineering change orders1009004Plant related costs96000Square footage of space192050(c)FREDsMARTHAsParticularsUnitsCost per unit ($)workingsTotal Amount ($)UnitsCostper unit ($)workingsTotal Amount ($)Direct material1004040000500060300000
Costing Systems in Accounting_3

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