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ACCT 322

Output	Total Fixed Cost	Total Variable Cost	Total Cost
100
150		75,000
200	10,000
250
300

Answer:

Q.2 Discuss the differences between the Job order costing and Process costing? (2 Marks)

Answer

Q3 Abdulkrim Company manufactures a product A. The company estimates the cost function for the total costs. The cost driver is number of units. The following informations were collected:

Month Units Total Costs

January 3,560 $242,400

February 3,800 $252,000

March 4,000 $260,000

April 3,600 $244,000

May 3,200 $228,000

June 3,040 $221,600

Compute a cost function using the high-low method. (2 Mark)

Answer:

Q4 Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below: ( 2 Marks) 1. Dairy farm 2. Custom boat builder 3. Food caterer that supplies food for wedding and other special events 4. Advertising agency 5. Coal mining company 6. Cattle feedlot that fattens cattle prior to slaughter Required: For each company, indicate whether the company is most likely to use job-order costing or process costing. Answer

Q.5 S Corporation uses the following activity rates from its activity-based costing system to assign overhead costs to products. (2 Marks) How much overhead cost would be assigned to each of the two products using the company's activity-based costing system? Answer

Activities Setting up batches........ Processing customer orders...... Assembling products............ Activity Rate $62.52 per batch $19.58 per customer order $8.71 per assembly hour Data concerning two products appear below: Number of batches...... Number of customer orders....... Number of assembly hours...... Product COOR Product A61E 66 53 46 31 419 162