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cost accounting
Costing 6th Edition Terry Lucey - Solutions
What is a job cost card?
How is it completed?
How does batch costing differ from job costing?
How can ABC be applied to job costing?
Batch No. X37 incurred the following costs:Factory Overheads are absorbed on labour hours and the rates are £8 per hour for Dept A and £5 per hour for Dept B.The firm uses a cost plus system for setting selling prices and expects a 25% gross profit (Sales Value minus Factory Cost).Administration
A firm deals with a variety of jobs which are separately costed. An investigation has shown that for a number of the smaller jobs the cost of calculating the job costs represents up to 5 of the total cost of the job.You are required to discuss this problem.
What would be the likely effects of absorbing all overheads in a firm on labour hours when some jobs contain mostly labour and little machining whilst others use many machine hours but little labour? The firm uses a cost-plus system for pricing jobs.
What are typical characteristics of work for which contract costing is used?
How are plant capital costs dealt with in contract accounts?
What is a progress payment and how is it calculated?
When can profit on uncompleted contracts be taken?
What are the general principles recommended by SSAP 9 for calculating attributable profit?
What balance sheet entries may arise in connection with uncompleted contracts?
Give five typical debit entries and two typical credit entries in a contract account.
Prepare columnar contract accounts for Bayes Construction Ltd who at present have two contracts in progress.The following details were extracted at 31st December.Head office charges of £22,500 are charged to contracts in proportion to their prime costs. The plant was installed at the commencement
Site and contract work pose particular difficulties for cost control and accurate cost accounting.You are required to describe the problems which might arise and how these can be overcome or mitigated.
What are the arguments for and against charging individual contracts with Head Office costs?
What are the key features of operation costing?
What are the three major sub-divisions of operation costing?
How is the cost per unit calculated using output costing?
Define service costing.
Give five examples of cost units found in service costing.
For what purpose are unit costs used in the Public Sector?
What are the limitations of unit costs?
Give examples of Performance Measurement Statistics recommended for Local Authorities.
What managerial control problems arise when the facilities of a large scale service organization are subject to substantial fluctuations in demand? How can the cost accounting system provide assistance to management in such organisations?
A firm operates a fleet of twenty lorries which are used for delivering goods to customers. The lorries bring back from the customers the returnable containers.Describe a simple system of cost control covering the cost of running maintenance and depreciation. What cost unit would you recommend?
A firm’s basic rate is £8 per hour and overtime rates are time and a half for evenings and double time for weekends. The following details have been recorded on three jobs.You are required to calculate the labour cost chargeable to each of the jobs in the following circumstances:a. Where
In practice it is unlikely that labour time and output records (eg, time sheets, piecework tickets, job cards) are perfectly accurate. Discuss the reasons for this lack of reliability and the implications for the cost accountant.
In order to avoid criticism for spending too long on a job some production workers have been incorrectly classifying part of the time spent actually working on jobs as waiting time. What are the implications of this practice?
What is the objective of overhead absorption?
How are overhead absorption rates calculated?
Give six examples of absorption bases.
What factors govern the choice of the absorption base?
When is the Direct Labour Hour Basis - The Machine Hour Basis - most appropriate?
Why are predetermined absorption rates invariably used?
How does over/under absorption arise?
How is under/over absorption dealt with?
How are non-production overheads absorbed?
What is the distinction between absorption costing and marginal costing?
How are production overheads built up and eventually absorbed into production?
What is a service cost centre?
Give six examples of bases of apportionment of service department costs to production cost centres.
What are the three methods of establishing service department costs when reciprocal servicing takes place?
Describe the continuous allotment method.
What is the simultaneous equation method?
Define depreciation.
Why is depreciation a notional charge?
What is the ‘net asset cost’?
Describe straight line depreciation.
Are equal amounts charged each year using the reducing balance method?
What is the formula for the reducing balance method?
What is the production unit method of depreciation?
Give three other methods of depreciation.
What is the major difference between the sinking fund method and all other methods?
What are typical details kept in a Plant Register?
Distinguish between depreciation and obsolescence.
What is the costing treatment of an asset which is still in use after being fully depreciated?
Is taxation a part of cost?
Should imputed interest be included in routine costing statements and records?
How are overheads classified in ABC systems?
How do cost pools differ from traditional cost centres?
What factors need to be considered when selecting cost drivers?
What merits are claimed for ABC systems?
What problems may arise in ABC systems?
a. Calculate five different overhead absorption rates for cost centre 17 based on the following budgeted data.b. A cost unit has been produced in Cost Centre 17 and the following details recorded:Calculate the costs of this unit using each of the absorption bases calculated in a.c. What basis of
a. Give three reasons why over or under absorption of overheads may arise.b. Calculate the amount of over/under absorption of overheads (if any) given:It is considered that overhead absorption based on labour hours is the most appropriate basis for Cost Centre 258. Cost Centre 258 for Period 2
Discuss the advantages and disadvantages of basing product costs on a single blanket overhead rate for the whole factory instead of separate overhead rates for the various production cost centres.
A blanking machine cost £20,000 and required alterations to the premises of £8,500 to install it. Its life is expected to be 12 years when it could be sold as scrap for £1,500.Calculate the depreciation charge per annum using the Straight Line method and the charge for the first year if the
Two products X and Y are made using similar equipment and methods. The data for last period areCalculate the overheads to be absorbed per unit of each product based on:a. Conventional absorption costing using a labour hour absorption rateb. An ABC approach using suitable cost drivers. X Y Units
What are integrated cost accounts?
What are interlocking financial and cost accounts?
Using integrated cost accounts is the emphasis on functional analysis or analysis by nature of expense?
Using interlocking cost accounts what is the 'Cost Ledger Control A/C' in the Financial ledger?
Why do differences arise between the cost and financial accounts?
What is backflush accounting?
Describe three of the variants that might be found.
Draw a graph showing the earnings per hour, for an output range of 0 — 400 units per hour if the worker is paid under the following wage systems:a. Daywork at £4 per hourb. Straight piecework at 2p per unitc. Differential piecework at 2p per unit from 0 — 200 units, 2.5p per unit for 201 to
A new incentive scheme has recently been introduced and the first period’s results have been analysed. After studying the results the Managing Director has said that although he was pleased to see the increase in production he was disturbed to see that the average labour cost per unit had risen.
A worker is paid by differential piecework. The scheme is as follows: up to 50 units per day units per day 50p per unit 51-70 units per day 60p per unit 71-80 units per day 65p per unit 81-100 units per day 70p per unit His daily outputs for a five day week were 68 units, 83 units, 59 units, 94
What is a clock card?
Why are job cards difficult to incorporate into wages procedures?
What is an operation card?
Describe the steps in a typical wage procedure.
Are overtime and shift premiums normally included in direct wages?
Give some examples of reports which might assist labour cost control.
What are some of the factors in wage determination?
What is the object of Job Evaluation?
What is Merit Rating?
Give six functions normally carried out by a Personnel department.
What is the labour turnover ratio? (15)
The following are items of cost and expenditure in a manufacturing company:a. Wages paid to fork-lift truck driversb. Finance Director's salaryc. Depreciation of production machineryd. Heating of factorye. Small tools used in the Production Dept.f. Repairs to machinery g. Steel used in the
Devise a simple block coding system and code each of the items in question in respect of the nature of the item and where it will be charged.
Give five likely effects of incorrectly coding a payment of direct wages as indirect.
What are the essentials of material control?
Outline the main steps in the Purchasing Procedure.
Where does the Goods Received Note (GRN) originate and what is its purpose?
What are the major activities involved in storekeeping?
What is Periodic and Continuous Stocktaking?
In what circumstances is it essential to use Continuous Stocktaking?
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