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College of Administrative and Financial Sciences Assignment 1 Deadline: 27-2-2021 at 23.59 pm Course Name: Management Accounting Student’s Name: Course Code: ACCT 322 Student’s ID Number: Semester 2 CRN: Academic Year: 1441/1442 H For Instructor’s Use only Instructor’s Name: D r. Students’ Grade: Marks Obtained /Out of Level of Marks:Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). • Submissions without this cover page will NOT be accepted. Page 1 of 4 Assignment Question(s): (5.0 Marks) Assignment 1 acct 322 ABC Corporation applies job order costing system and the information drawn from its costing records as follows 🙁 2 Marks) Particular Job 100 Job 200 Total Direct material per 50 SR 75 SR unit Direct labour rate 15 SR 20 SR per hour Direct labour hour 2 4 per unit Yearly estimated 20,000 hours direct labour hour Yearly estimated 100,000 SR fixes overhead Overhead variable 5 SR cost per direct hour Yearly estimated 5,000 hours machine hours During January 2021, the corporation produced and sold 3000 units from job order no. 100 and 3500 units from job order no. 200 respectively. The corporation uses normal costing system that charge applied overhead to jobs. Required: 1- Compute the pre determine overhead using direct labour hour as accost driver. 2- Compute total product costs for the two jobs. 3- Pass journal entries to record cost flow, namely direct material, direct labour and overhead to work in process inventory. Answer: Page 2 of 4 2. Analyse the following costs into product costs and period costs using check mark in the column (1.5 Marks) Costs Direct labour Direct material Depreciation on manufacturing equipment Advertising expense Research and development expense Wages for administration Depreciation for vehicles used in sales Factory utilities. Rent of the production building Salaries of maintenance personnel. Office depreciation Interest expense on a company’s debt Answer: Page 3 of 4 Product costs Period costs Q3. The following information drawn from ABC Corporation about maintenance costs in 2020. (1.5 Marks) Month July August September October November December Total maintenance costs (SR) 75,000 81,000 63,000 51,000 87,000 84,600 Maintenance hours 5,000 5,500 4,000 3,000 6,000 5,800 Required: 1. Estimate the cost function for ABC using the high- low method. 2. Predict maintenance costs if maintenance hours are 7,000 hours in January 2021. Answer: Page 4 of 4
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