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Answer No.1 ACCT 322 Output Total Fixed Costs Total Variable Costs Total Costs $ 10,000.00 $ 50,000.00 $ 60,000.00 ($75,000/150)x100 150 $ 10,000.00 $ 75,000.00 $ 85,000.00 100 200 $ 10,000.00 $ 250 $ 10,000.00 $ 100,000.00 $ 110,000.00 ($75,000/150)x200 125,000.00 $ 135,000.00 ($75,000/150x250 150,000.00 $ 160,000.00 ($75,000/150)x300 300 $ 10,000.00 $
Answer No.2 Discuss the differences between the Job order costing and Process costing? SL.No. Basis Job Order Costing Process Costing 1 Nature of Production Each Job is manufactured Production is of continuous flow, against specific order received without any reference to specific from customers order or Job Cost Unit Each Job Order is taken as a Each Unit taken as a cost unit cost unit Cost accumulation Cost are collected and accumulated Cost are allocated for Each against Each Job Order Cost Ascertainment Cost of Job is calculated Cost are calculated at the end of when the Job is Completed each accounting period 2 3 Process 4
Answer No.3 Months January A Units 3560 *Variable Cost per unit =- Highest Activity Cost - Lowest Activity Cost Highest Activity Unit - Lowest Activity Unit $260,000 - $221,600 4,000 - 3,040 $ 38,400.00 960 units $ 40.00 per unit February 3800 March 4000 B C = (A * $40 per unit) (B-C) Total Cost Variable Cost Fixed Cost $ 242,400.00 $ 142,400.00 $ 100,000.00 (3560 x $40*) ($242,000 - $142,400) $ 252,000.00 $ 152,000.00 $ 100,000.00 (3800 x $40) $ 260,000.00 $ 160,000.00 $ 100,000.00 (4000 x $40) $ 244,000.00 $ 144,000.00 $ 100,000.00 (3600 x $40) $ 228,000.00 $ 128,000.00 $ 100,000.00 (3200 x $40) $ 221,600.00 $ 121,600.00 $ 100,000.00 (3040 x $40) = April 3600 May 3200 Fixed Cost = Highest Activity Cost - (HAU X VC per unit) = $260,000 - (4,000 x $40/unit) = $260,000 - $160,000 = $ 100,000.00 June 3040
Answer No.4 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 Process Costing or Job-Order Costing Process Costing Job Costing Job Costing Job Costing Process Costing Process Costing
Product COOR Product A61E 66 53 Activity Setting up batches Processing customer order Assembling products $ $ $ Activity Rate 62.52 per batch 19.58 per customer order 8.71 per assembly hour Activity Setting up batches Processing customer order Assembling products 46 31 162 419 Answer No.5 Activity Setting up batches Processing customer order Product COOR Product A61E $ 4,126.32 $ 3,313.56 ($62.52 x 66) ($62.52 x 53) $ 900.68 $ 606.98 ($19.58 x 46) ($19.58 x 31) $ 3,649.49 $ 1,411.02 ($8.71 x 419) ($8.71 x 162) $ 8,676.49 $ 5,331.56 Assembling products Total Overhead