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Accounting Question

Description

  • 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.
  • 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 Questions:Marks 15)

  • In August 2024, Ahmed Co. incurred total cost of SAR 29,000 and made 3,100 units. In November 2024, it produced 1,600 units with a total cost of SAR 20,000. (Mark1 x 5)
  • ABC Company Ltd. has provided the following information for the year ended December 31, 2023.(Mark 1 X 5)
  • Suppose budgeted overhead was $ 120,000 fixed overhead plus variable overhead of $ 12/DL hour. Expected DL hours were 60,000, so that the estimated overhead rate was $ 14/DL hour. Actual DL hours totaled 50,000 for the year and actual overhead was $ 740,000. At the end of the year, Work in Progress, Finished Goods & Cost of Goods Sold had the account balances shown below.

Requirement:

  • Find Per Unit Variable Cost
  • Find Total Variable Cost in the Month of August
  • Find Total Variable Cost in the Month of November
  • Find Total Fixed Cost
  • Determined Cost Function

SAR

Total Sales Revenue2,880,000

Total Variable Cost 1,080,000

Total Fixed Cost1,500,000

Units Produced and Sold 3,600

Determine the following from the above information:

  • Contribution Per Unit
  • Contribution Margin Ratio
  • Break Even Point in units
  • Break Even Point in Sales
  • Margin of Safety in Sales
Work in ProgressSAR150,000
Finished Goods250,000
Cost of Goods Sold1,600,000
2,000,000

Requirement:(1+2+2 Marks)

  • Prepare Overhead Cost Control Account
  • Assuming Misallocated Overhead as material, determine the ratio of the three accounts to close overhead cost control account
  • Prepare a Journal Entry to Close Overhead Cost Control Account
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