ACCT 301 Saudi Electronic University Cost Accounting Worksheet

Description


College of Administration and Finance Sciences
Assignment (2)
Deadline: Saturday 30/07/2022 @ 23:59
Course Name: Cost Accounting
Student’s Name:
Course Code: ACCT301
Student’s ID Number:
Semester: Summer
CRN:
Academic Year: 1443 H
For Instructor’s Use only
Instructor’s Name: Habiba Moabber
Students’ Grade:
/10
Level of Marks: High/Middle/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.
College of Administration and Finance Sciences
• All answers 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.
Assignment Question(s):
(Marks 10)
Q1. Calculate B.E.P. in units from the following Information: (3 marks)
(a) Sales $ 100,000, Variable Cost $, 50,000, Profit $, 20,000, Units Produced=
5000 units
(b) Fixed Cost $= 40,000, Selling price $= 80, Variable cost $= 40
Answer:
Q2. Prepare Journal Entries from the following information relating to Job Costing.
(4 marks)
a)
The material storeroom receives a shipment of direct and indirect materials
that cost $ 12,000.
b)
Materials are sent to the stamping and assembly areas. The Cost of the direct
materials is $ 1,500 and the cost of the indirect materials is $ 900.
c)
Wages totalling $ 2,000 are accrued; 80 % of these costs are direct labour
and 20% are indirect labour.
d)
Overhead costs are allocated to work in process using an allocation rate of
150% of direct labour costs.
e)
Job No. 1205, with a total cost of $ 2,500 is completed.
f)
Job No. 1205 is shipped to the customer, who is billed for $ 5,000.
Answer:
College of Administration and Finance Sciences
Q3. In your own words, discuss how WA and FIFO calculate EUP. Give proper
examples. (1.5 marks)
Answer:
Q4. What are “Transferred-in costs” and Spoilage costs? And how they affect EUP
calculations? (1.5 marks)
Answer:

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