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Batch 6 Batch 6 Assessment Assessment

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Page 1: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

Batch 6Batch 6

AssessmentAssessment

Page 2: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

The following costs have been accrued for The following costs have been accrued for ABC Company for the month.ABC Company for the month.

Direct laborDirect labor $210000$210000 Indirect labor Indirect labor 8500085000 Supervision Supervision 3200032000 Sales commission Sales commission 4000040000 Sale SalariesSale Salaries 1800018000

Page 3: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

Classify the followingClassify the following 1. period costs1. period costs 2. product costs2. product costs 3. fixed costs 3. fixed costs 4. variable costs4. variable costs

Page 4: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

Solution Solution 1. Period costs= marketing costs+ admin costs.1. Period costs= marketing costs+ admin costs. IeIe Sales commission + Sales salariesSales commission + Sales salaries = 40000+18000= 58000= 40000+18000= 58000

Page 5: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

Product cost = D.labor+ In. Labor+ Product cost = D.labor+ In. Labor+ SupervisionSupervision

= 210000+ 85000+ 32000= 327000= 210000+ 85000+ 32000= 327000

3. Fixed costs= Sales salaries+ Supervision3. Fixed costs= Sales salaries+ Supervision = 32000+ 18000= 50000= 32000+ 18000= 50000

Page 6: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

Variable cost= DLabor+ indirect labor+ sales Variable cost= DLabor+ indirect labor+ sales commissioncommission

= 210000+ 85000+40000= 335000= 210000+ 85000+40000= 335000

Page 7: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

Question 2Question 2 The following information is from the books The following information is from the books

of a company at the end of the period.of a company at the end of the period. Direct labor Direct labor 140000140000 Sales commission Sales commission 3000030000 Property tax on factory building Property tax on factory building 5000050000 Var. manf. Overhead Var. manf. Overhead 7000070000 Advertising expenseAdvertising expense 100000100000

Page 8: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

Factory depreciation Factory depreciation 6000060000 Direct materials usedDirect materials used 130000130000 RequiredRequired 1. Fixed manfacturing overhead1. Fixed manfacturing overhead 2. prime cost2. prime cost 3. Manufacturing cost for the period3. Manufacturing cost for the period 4. Conversion cost4. Conversion cost

Page 9: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

5. Variable manufacturing cost5. Variable manufacturing cost 6. Total variable cost6. Total variable cost 7. Direct product cost7. Direct product cost 8. Total period cost.8. Total period cost.

Page 10: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

Solution Solution 1. Fixed manf. Cost = property tax+ depreciation 1. Fixed manf. Cost = property tax+ depreciation = 50000+60000= 110000= 50000+60000= 110000 2. Prime cost= DM+ DL2. Prime cost= DM+ DL 130000+140000= 270000130000+140000= 270000 3. M. cost= DL+DM+ PT+VOH+Dep3. M. cost= DL+DM+ PT+VOH+Dep = 140000+130000+50000+70000+60000=450000= 140000+130000+50000+70000+60000=450000

Page 11: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

4. Conversion cost= OH+ DL4. Conversion cost= OH+ DL= PT+VOH+Dep+DL= PT+VOH+Dep+DL50000+70000+60000+140000=32000050000+70000+60000+140000=3200005. VM cost= DM+DL+VOH5. VM cost= DM+DL+VOH130000+140000+ 70000= 340000130000+140000+ 70000= 3400006. Total V.C= DM+DL+VOH+Sales 6. Total V.C= DM+DL+VOH+Sales

commissioncommission= 130000+140000+ 70000+30000= 370000= 130000+140000+ 70000+30000= 370000

Page 12: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

Direct product cost= DM+ DLDirect product cost= DM+ DL = 130000+140000= 270000= 130000+140000= 270000 Total period cost= Sales com+ AdvertisingTotal period cost= Sales com+ Advertising = 30000+100000= 130000= 30000+100000= 130000

Page 13: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

Question 3Question 3 The following are from the books of a company at the The following are from the books of a company at the

end of April ( all figures are in thousands).end of April ( all figures are in thousands). 1 April 30. April1 April 30. April Cash Cash 5656 4242 Accounts reci. Accounts reci. 200200 220220 WIPWIP 120120 116116 Materials Materials 4141 4747

Page 14: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

The following are from the books of a company The following are from the books of a company month of April ( all figures are in thousands).month of April ( all figures are in thousands).

1 April 30. April1 April 30. April Cash Cash 6666 4040 Accounts reci. Accounts reci. 180180 220220 WIPWIP 100100 116116 Materials Materials 4141 4747

Page 15: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

F.GoodsF.Goods 135135 100100 Acc. PayableAcc. Payable 1515 1818 Raw.Mat.Purcahse Raw.Mat.Purcahse -- 8080 Direct Lab.Payable Direct Lab.Payable 3030 3535 D.labor D.labor -- 140140 In.production costIn.production cost -- 9393 Selling Expense Selling Expense -- 8585 Admin ExpenseAdmin Expense -- 9090 Sales Sales - - 510510

Page 16: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

RequiredRequired 1. Prepare the CGS statement1. Prepare the CGS statement 2. Prepare the income2. Prepare the income 3. How much is paid to suppliers?3. How much is paid to suppliers? 4.How much is paid to direct labor?4.How much is paid to direct labor? 5. How much is collected form customers?5. How much is collected form customers?

Page 17: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

1. CGS1. CGS Direct Material 1.4Direct Material 1.4 4141 +Purchases+Purchases 5656 Direct material available Direct material available 9797 -Direct material 30.4-Direct material 30.4 4747 D. Material usedD. Material used 5050 +D. Labor +D. Labor 140140 D.cost of ManD.cost of Man 190190 +OH +OH 9393 Man.cost for the periodMan.cost for the period 283283

Page 18: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

+WIP 1.4+WIP 1.4 120120 -WIP 30.4-WIP 30.4 116116 Cost of completed goodsCost of completed goods 287287 +FGI 1.4+FGI 1.4 105105 Cost of goods available for saleCost of goods available for sale 392392 -FGI30.4-FGI30.4 110110 CGS CGS 282282

Page 19: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

2. Sales2. Sales 510510 -CGS-CGS 282282 Gross marginGross margin 228228 -Selling exp.-Selling exp. 8585 -Admin-Admin 9090 ProfitProfit 5353

Page 20: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

3.Material purchase= 563.Material purchase= 56 Acc. payable balance increase = 18-15= 3Acc. payable balance increase = 18-15= 3 Therefore the amount paid isTherefore the amount paid is 56-3= 5356-3= 53 4. DL cost = 1404. DL cost = 140 DL payable increase = 35-30= 5DL payable increase = 35-30= 5 DL paid= 140-5= 135 DL paid= 140-5= 135

Page 21: Batch 6 Assessment. The following costs have been accrued for ABC Company for the month. The following costs have been accrued for ABC Company for the

CollectionsCollections Sales = 510Sales = 510 Increase in receivables= 220-200= 20Increase in receivables= 220-200= 20 Collections= 510-20= 490Collections= 510-20= 490


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