Accounting Question
College of Administration and Finance Sciences Assignment (1) Deadline: 02/03/2024 @ 23:59 Course Name: Managerial Accounting Student’s Name: Course Code: ACCT322 Student’s ID Number: Semester: 2nd-23-24 CRN: Academic Year: 1445 H For Instructor’s Use only Instructor’s Name: Dr. Ashfaque Ahmed Students’ Grade: /15 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • 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. College of Administration and Finance Sciences Assignment Question(s): (Marks 15) Q.1 Compute and complete the following table as per the value given in the box. (2 Marks) Output Total Fixed Cost Total Variable Cost Total Cost 200 300 400 150,000 20,000 500 600 Answer: Output Total Fixed Cost Total Variable Cost Total Cost Q2. Briefly Explain with example in your words (2 marks) 1. Job Costing 2. ABC Costing Answer: Students’ answer may be different depending upon Explanation. (DON’T COPY THE ANSWER FROM OTHER STUDENT) College of Administration and Finance Sciences Q.3- Global MNCs manufactures sports items. The material used in for one sports item cost $ 45. The Global MNCs establish and rents a manufacturing factory for a monthly rent of $ 475. (3 Marks) You are required to. Prepare a table showing the Total Fixed Cost, Total Variable cost, Total Cost and Average Fixed Cost, Average Variable Cost, and Average Cost for three different levels of production. (No. of units at three different levels can be chosen by you). Every student should choose different level. Do not copy and paste the same unit/number. Solution. This is just a model SOLUTION. Students’ answer may be different depending upon their assumption. Level TFC TVC TC AFC AVC AC Q. 4 -The total cost of production for the last six Months for Noor Bicycles is as follows. Use the high-low method find out. 1. Variable cost per unit, 2. Fixed cost 3. Total cost, if production in the July will be 5000 units. (3 Marks) Month January February March April May June Units 3,560 3,800 4,000 3,600 3,200 3,040 Total Cost $242,400 $252,000 $260,000 $244,000 $228,000 $221,600 Answer: Q. 5 A few costs and measures of activity are listed below. (5 marks) Required: Fill the correct cost in the column mentioned below as per information which indicates whether College of Administration and Finance Sciences the cost is Direct / Indirect /Fixed or Variable with respect to the possible measure of activity listed below. Cost Description Possible measure of activity / cost object Cost of direct material used to make tables and chairs in the office Units produced Cost of COVID vaccine produced in the KSA Vaccine production Cement/ steel /sand/ other material use to build a house/office Office or home Electricity cost for lulu hypermarket for selling products or production /producer Selling product to the people Deprecation cost for lulu hypermarket on all kinds of fixed assets or any constructions A particular location or hypermarket Buying a photocopier for the production unit For the office use Paying any kind of incentive or commission for salesperson in MNCs Paying in SR or $ Paying salary to the driver at home for working on the monthly basis Working for whole family Internet and water bills paid for the warehouse on the accrual basis Monthly accrual payment Driver’s salary paid for the finished goods Transporting to the market for the sale Fixed or Variable cost / Direct / or Indirect cost
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