Question: a) Explain if using volume-based cost drivers are relevant in the costing systems of 21st-century organisations. b) Can an organisation use more than one costing

a) Explain if using volume-based cost drivers are relevant in the costing systems of 21st-century organisations.

b) Can an organisation use more than one costing system? Explain with an example.

c) Summary information from KL Ltd's job cost sheets show the following information:

Job January February March Completed Sold

X01 $4 500 $1 500 February Not sold

X02 $8 200 January February X03 $2520 February March

X04 $3 200 $1 400 April Not sold

Required:

What are the balances for January, February and March for each of the following for KL Ltd:

  • work in process inventory
  • finished goods inventory and

cost of goods sold

Present your answers (and work out) using the table below:

Work in Process Inventory Finished Goods Inventory Cost of Goods Sold
January
February
March

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