This is a basic managerial accounting questions. If possible use a easy approach which i can understand and present it to my peers.
This assignment is worth 30% of the final mark for ACC203e Managerial Accounting.
The cut-off date for this assignment is 14 April 2016, 2359 hrs.
This is a group-based assignment. You should form a group of 3 members from your seminar group.
Each group is required to upload a single report to MyUniSIM via your respective seminar group.
Please elect a group leader. The responsibility of the group leader is to upload the report on behalf
of the group.
It is important for each group member to contribute substantially to the final submitted work. All
group members are equally responsible for the entire submitted assignment. If you feel that the work
distribution is inequitable to either yourself or your group mates, please highlight this to your
instructor as soon as possible. Your instructor will then investigate and decide on any action that
needs to be taken. It is not necessary for all group members to be awarded the same mark.
Singa Handicrafts Ltd manufactures antique furniture. The company uses a job costing system
and manufacturing overhead is applied on the basis of direct labour hours.
In the budget for the current year, the following budgeted costs were included:
Direct labour cost
Budgeted direct labour rate
$30 per hour
On 1 August, the company had the following balances:
Work in process inventory
Job number 83
Job number 84
Raw materials inventory
Finished goods inventory
During the month, the following occurred:
The company worked on four jobs. The costs incurred and direct labour hours
consumed were as shown below:
Direct labour hours
Assignment 2 ? Page 2 of 5
Overhead for the month were as follow:
Indirect materials (all were used in production)
Depreciation - plant & machineries
Depreciation - delivery vans
Salaries - production
Salaries - sales & administration
Other factory costs
Other selling and administration costs
Raw material purchased on credit
Spoilage & reworked costs
Job Number 83
Job Number 84
Job Number 85
Normal spoilage amounting to $190 and abnormal spoilage of $50
Normal spoilage with estimated disposal selling price of $200 was
Rework cost of $140 was incurred.
The company completed job number 83 and job number 84. Job number 84 was sold
on credit at the selling price that will enable the company to earn a gross profit margin
On 31 August, the company had the following balances:
Work in process:
Job number 85
Job number 86
Raw materials inventory
Finished goods inventory
Determine the company's predetermined overhead rate.
Compute and show the following:
The cost of direct material issued to the job number 85.
Assignment 2 ? Page 3 of 5
The cost of indirect material to be included in the manufacturing overhead.
Illustrate the journal entries to record the following:
Issue of direct material to production and the direct labour incurred.
Manufacturing overhead incurred during the month.
Application of overhead to production.
The costs of spoilage, rework and scrap.
Completion of job numbers 83 and job number 84.
The sale of job number 84.
Determine the cost of the jobs that were still in production as at 31 August.
Calculate the cost of the finished goods inventory as at 31 August.
In the classic market exchange, traders own the resources and bear the full wealth effects of
their actions. Under such circumstances, there is no agency problems as the market performs
the three tasks (partition decision rights, measure performance and reward performance)
However in an organization, this is not the case. Deliberate effort must be made to design an
effective organisational architecture that will ensure decision rights are partitioned optimally
and decision makers motivated to maximise firm value.
Select a company you are familiar with or one you are currently working in, or one with
information publicly available. Using your own words as much as possible, and in not more
than 2,000 words (in total):
Describe the industry the chosen company is operating in, and an outline of the
background, nature of business, the industry and the environment it is operating in, its
Analyse the company?s organization structure and describe what has been put in place
by the company to replicate the three administrative devices to minimize agency
Assignment 2 ? Page 4 of 5
Describe any weaknesses of these existing systems.
Suggest possible improvements that the company can adopt.
Costs can be classified as fixed and variable.
Define the terms: fixed costs and variable costs.
In the context of the company that you have just selected, provide three (3) examples
Explain the advantages of classifying costs as fixed and variable.
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Assignment 2 ? Page 5 of 5
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