Management Accounting for Costs and Control Assignment

Running head: MANAGEMENT ACCOUNTING FOR COSTS AND CONTROLS
Management accounting for costs and controls
Name of the Student:
Name of the University:
Author Note:

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MANAGEMENT ACCOUNTING FOR COSTS AND CONTROLS
Table of Contents
Question 1........................................................................................................................................2
Job costing.......................................................................................................................................2
Requirement A.............................................................................................................................2
Requirement B.............................................................................................................................3
Question 2........................................................................................................................................4
Process costing.................................................................................................................................4
Computation of Equivalent Units................................................................................................4
Cost per equivalent units.............................................................................................................5
Cost of finished goods and closing stock....................................................................................5
Question 3........................................................................................................................................6
Joint Costing- Decision-making......................................................................................................6
Requirement A.............................................................................................................................6
Requirement B.............................................................................................................................6
Question 4........................................................................................................................................7
Variance analysis.............................................................................................................................7
Requirement A.............................................................................................................................7
Requirement B.............................................................................................................................9
Question 5......................................................................................................................................11

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MANAGEMENT ACCOUNTING FOR COSTS AND CONTROLS
Budgeting.......................................................................................................................................11
Requirement A...........................................................................................................................11
Workings....................................................................................................................................12
Requirement B...........................................................................................................................12
Reference List................................................................................................................................14

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MANAGEMENT ACCOUNTING FOR COSTS AND CONTROLS
Question 1
Job costing
Requirement A
DR. CR.
Date Particulars Amount Date Particulars Amount
To, Balanceb/d. 24855 31/8/14 By, Work-in-ProcessA/c. 6010
To, AccountsPayableA/c. 6155 By, Balancec/d 25000
31010 31010
DR. CR.
Date Particulars Amount Date Particulars Amount
1/8/X4 To, Balanceb/d 8790 31/8/X4 By, Cost of GoodsSold A/c. 30000
31/8/X4 To, Work-in-ProcessA/c. 30110 By,Balancec/d 8900
38900 38900
DR. CR.
Date Particulars Amount Date Particulars Amount
31/8/X4 To, Finished GoodsA/c. 30000 31/8/X4 By, Profit & LossA/c. 32800
To, Manufacturing
Overhead A/c. 2800
32800 32800
DirectMaterial Account
FinishedGoods
Costof GoodsSold