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NoSTEI/ST/KPS/06.02

Validation Date18/04/2011

ACC2201/ Cost Accounting

Mid-Term Examination

Second Semester 2010/2011SUBJECT / CODE: Cost Accounting/ACC2201LECTURER : Ahmad Djazuli, MMDAY / DATE

: Thursday, April 21, 2011TIME DURATION : 2 HOURS (09.30-11.30) AMROOM / COURSE

: R. 1.3 & R. 1.4 / AI A & BINSTRUCTIONS TO CANDIDATES

1.CANDIDATES ARE REMINDED THAT THEY MUST NOT HAVE BOOKS, NOTES, PAPER OR OTHER MATERIAL IN THEIR POSSESSION UNLESS THEIR USE IS SPECIFICALLY PERMITTED BY "INSTRUCTIONS TO CANDIDATES" SET OUT BELOW.

2. This paper consists of 3 part questions. Printed on 9 pages.3. Calculators are permitted4. Attempt all Questions.5. This paper is worth a total of 30 marks6. Candidates must not remove this paper from examination room.PART 1 SCORE (10)

For question 1 to 10

a. Statements (1), (2), (3) correct

b. Statements (1) and (3) correct

c. Statements (2) and (4) correct

d. Statements (4) correct

e. All of statements correct

1. Below the statements related to cost objects:(1)Cost is assigned to cost object through accummulation

(2)Direct cost is assigned through tracing

(3)Direct cost consists of labor and manufacturing overhead

(4)Indirect cost is assigned through allocation

2. The statements of cost behaviour (1)Fixed cost per unit decrease while the quantity or activity increase

(2)Variable cost per unit decrease while the quantity and activity increase

(3)Total variable cost increase while the quantity and activity increase

(4)Total fixed cost increase while the quantity and activity increase

3. Standard journal entries for labor cost are:

(1)(D) Work in process

(C) Wages and salaries

(2)(D) Factory overhead applied

(C) Wages and Salaries

(3)(D) Administrative and marketing cost

(C) Wages and Salaries

(4)No statements are correct

4. Cost to produce 1 desk is Rp 750.000 and plant lease Rp 1.000.000 a year(1)Cost per unit will be Rp 850.000 if the company produce 100 desks

(2)Total cost for producing 150 desks is 150 unit x Rp 850.000

(3)In linear assumption, profit will be greater while the unit produced increase


5. PT. ABC imported 4,500 kg raw materials from US, the CIF value is US$45,000 at exchange rate of Rp 10,000 per US$. Rate of import duty 5%, import duty tax 2.5% and value added tax 10%. Inklaring cost Rp 7,500,000 and warehouse rental cost Rp 5,000,000

(1)PT. ABC have to pay the freight cost to freight forwarder

(2)The raw materials to be journalized is Rp 472,500,000

(3)The PIB value is Rp 74,500,000

(4)Cost per unit of raw materials is Rp 105,000

6. From question no 5 the correct journal entries

(1)Debit : Raw materials Rp 461,375,000

(2)Credit : Value Added Tax Rp 42,750,000

(3)Credit : Import duty tax Rp 21,375,000


7. Statements related to factory overhead (FOH) cost

(1)In actual costing, FOH rate is determined by actual FOH and actual quantity of the cost allocation base(s)

(2)In normal costing, FOH rate is predetermined rate

(3)FOH applied in normal costing is pre determined rate times actual quantity of the cost allocation base(s)

(4)In normal costing FOH applied and FOH actual is usually different

8. IFRS has decided to use two methods to determine inventory cost (average and FIFO), below the reasons why LIFO is not permitted

(1)Average is easier to be implemented

(2)LIFO has not been used by much companies

(3)Inflation tend to the price lower

(4)LIFO is not suitable for fair value

9. Standard journal entries for FOH

(1)(D) Work in process

(C) Factory overhead control


(C) Various accounts


(C) Accummulated depreciations


10. Raw materials can be categorized to

(1)Direct raw materials

(2)Spare part, supplies, fuel

(3)Supporting materials


PART II SCORE (20)

The information below to answer the questions 11 to 15

DateTransactionQuantity (Kg)Price/Unit (Rp)

Feb 01,Beginning Balance3.000 10.000

Feb 03,Purchase1.000 12.000

Feb 11,Issue2.000 -



Feb 22,Issue2.000 -


Feb 27,Issue4.000 -

11. In perpetual method, what journal entries should be recorded on February 15?

a.(D) Raw MaterialsRp 26,000,000

(C) Account PayablesRp 26,000,000

b.(D) PurchasesRp 26,000,000


c.(D) Current AssetsRp 26,000,000


d.(D) Raw MaterialsRp 26,000,000

(C) PurchasesRp 26,000,000

12. Cost to be assigned to the WIP on February 22 from average method

a.Rp 22,000,000b.Rp 24,000,000

c.Rp 23,000,000d.Rp 25,000,000

13. In FIFO method, what should journal entries be recorded on February 27?

a.(D) Work in ProcessRp 52,000,000

(C) Raw MaterialsRp 52,000,000

b.(D) Work in ProcessRp 54,000,000

(C) PurchasesRp 54,000,000

c.(D) Work in ProcessRp 54,000,000

(C) Raw MaterialsRp 54,000,000

d.(D) Raw MaterialsRp 54,000,000

(C) Work in ProcessRp 54,000,000

14. Ending balance from average method

a.Rp 26,000,000b.Rp 28,000,000

c.Rp 25,000,000d.Rp 27,000,000

15. Ending balance from FIFO method

a.Rp 26,000,000b.Rp 28,000,000

c.Rp 25,000,000d.Rp 27,000,000

The information below to answer the questions 16 to 20

Arafa Office Equipment manufactures and sells metal shelving. It began operations on January 1, 2010. Cost incurred for 2010 are as follows (V stands for variable; F stands for fixed)

Direct materials used$140,000V

Direct manufacturing labor costs30,000V

Plant energy costs5,000V

Indirect manufacturing labor costs10,000V

Indirect manufacturing labor costs16,000F

Other indirect manufacturing costs8,000V

Other indirect manufacturing costs24,000F

Marketing, distribution, and customer-service costs122,850V

Marketing, distribution, and customer-service costs40,000F

Administrative costs50,000F

Variable manufacturing cost are variable with respect to units produced. Variable marketing, distribution, and customer service cost are variable with respect to units sold. Inventory data are :

Beginning January 1, 2010Ending December 31, 2010

Direct materials0 lb2,000 lb

Work in process0 units0 units

Finished goods0 units? units

Production in 2010 was 100,000 units. Two punds of direct materials are used to make one unit finished goods. Sales in 2010 were $436,800. The selling price per unit and the purchase price per puound of direct materials were stable throughout the year. The companys ending inventory of finished goods is carried at the average unit manufacturing cost for 2010. Finished goods inventory at December 31, 2010 was $20,970

16. Total manufacturing cost is:

a.$234,000b.$233,000

c.$235,000d.$236,000

17. Finished goods inventory, total units on December 31, 2010 is:

a.9,000 unitsb.8,000 units

c.10,000 unitsd.11,000 units

18. Direct materials inventory, total cost on December 31, 2010 is:a.$ 1,400b.$ 1,600

c.$ 1,500d.$ 1,300

19. Selling price per unit is:a.$ 4.8b.$ 5.2

c.$ 5.0d.$ 5.5

20. Operating income 2010 is:a.$ 11,920b.$ 11,940

c.$ 11,950d.$ 11,970

PART III SCORE (70)

Udin Workshop is business unit which condacted job related to welding. Beginning inventory for 1st August 2010:

Invent TypeOrderOrder TypeUnitAmount

Finished Goods#675Electric Pole40UnitsRp80.000.000

Finished Goods#678Water Tank70UnitsRp210.000.000

Work in Process

DM: 40%

DL: 50%

FOH: 10%#679BRC Fence100UnitsRp25.000.000

Work in Process

DM: Rp 75.000.000

DL: Rp 8.000.000

FOH: Rp 7.000.000#680Small Container10UnitsRp90.000.000

Materials

Welding Rod2.000KgRp20.000.000

Iron Plate700m2Rp21.000.000

Iron Bar400PcRp20.000.000

The following transactions occurred during August 2010:

1. Materials purchased:

MaterialsUnitPrice

Welding Rod10.000 KgRp. 10.000/kg

Iron Plate650 m2Rp. 40.000/m2

Iron Bar2.650 pcRp. 60.000/pc

Iron 5 mm4.000 KgRp. 130.000/Kg

Elbow Iron4.000 pcRp. 80.000/pc

Round Iron1.000 pcRp. 70.000/pc

2. Order received:

OrderOrder TypeUnit

#681Conference Table 400

#682Hencoop1.000

#683Railing200

#684Trellis1.000

3. The following materials issued using FIFO method:

OrderMaterialsUnit

#680 Iron Plate

Welding Wire 300 m2 500 Kg

#681 Iron Plate

Welding Wire

Elbow Iron 1.000 m2 2.000 Kg

2.700 pc

#682 Iron 5 mm

Welding Wire 3.900 pc

4.000 Kg

#683 Round Iron

Welding Wire 980 pc

3.000 Kg

#684 Iron Bar

Elbow Iron

Welding Wire 2.970 pc

1.100 pc

2.000 Kg

4. Direct labor used (DL rate = Rp. 25.000/DLH; tax rate= 5 % paid by management)

NamePositionOrder (DLH)Idle (DLH)

#679#680#681#682#683#684

MahmudinCutter1021373837104

NadjmudinCutter112237393692

SaefudinCutter121941423742

SatarudinWelder123025532466

KhaerudinWelder93739391884

DudinWelder143237391995

5. Budgeted overhead for August 2010:

CostF/VBudget (Rp)

Supported MaterialsV5,900,000

Indirect LaborV4,000,000

F2,000,000

Factory ElectricityV2,500,000

Depreciation- BuildingF2,100,000

Depreciation- MachineF2,600,000

Fringe BenefitsF2,800,000

Fire InsuranceF2,100,000

Total Variable FOHTotal Fixed FOHVF12,400,00011,600,000

Total FOH24,000,000

FOH rate applied based on direct labor hour (DLH) with monthly normal DLH = 960 DLH. Applied FOH are allocated to each order based on DLH used.6. Actual FOH occurred as follow:

Cost F/VActual (Rp)

Supported MaterialsV5,600,000

Indirect LaborV4,200,000

F2,000,000

Factory ElectricityV2,750,000

Depreciation- BuildingF1,900,000

Depreciation- MachineF2,700,000

Fringe BenefitsF2,400,000

Fire InsuranceF2,200,000

Total Variable FOH Total Fixed FOHVF12,550,00011,200,000

Total FOH23,750,000

7. Order #679, #681, #682, #683 complete and transferred to warehouse.8. Some orders sold:

OrderUnitSales Price Per Unit

#6754035% of gross margin

#67870Rp 4.500.000

#67910040% above COGS

#68010Rp 18.000.000

#681300Rp 1.200.000

#682800Rp 950.000

#683200Rp 900.000

Required:

a. Record all of transactions occurred (included variance between actual FOH and applied FOH) b. Create general ledgers and subsidiary ledgers in T account from the transactionsc. Calculate gross margin for each order.Sekolah Tinggi Ekonomi Islam Tazkia

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