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ACCT 301Cost Accounting ASSGT 2

Avoid plagiarism, the work should be in your own words

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.

  • Q1. What is the process of identifying activities in an organisation and assigning costs under the Activity Based Costing (ABC) system? Elucidate. You will need to include the right numerical examples to support your answer.
  • Answer:
  • Q2. PPLC Company has two support departments,

    SD1

    and

    SD2

    , and two operating departments,

    OD1

    and

    OD2

    . The company decided to use the direct method and allocate variable SD1 dept. costs based on the number of transactions and fixed SD1 dept. costs based on the number of employees. SD2 dept. variable costs will be allocated based on the number of service requests, and fixed costs will be allocated based on the number of computers.The following information is provided:

    Support Departments

    Operating Departments

    SD1SD2OD1OD2

    Total Department variable costs

    18

    ,000

    19,000

    51,000

    35

    ,000

    Total department fixed costs

    20

    ,000

    24

    ,000

    56,000

    30

    ,000

    Number of transactions

    30

    40

    200

    100

    Number of employees

    14

    183530

    Number of service requests

    28

    1835

    25

    Number of computers

    15

    202428

    You are required to allocate variable and fixed costs using direct method.

    Answer:

    Q3. What are an organization’s “outsourcing decisions” and “constrained resource decisions?” Provide a suitable numerical example of these decisions and explain how quantitative and qualitative considerations support a company’s decision-making process.

    Note: Your answer must include suitable numerical examples. You are required to assume values of your own, and they should not be copied from any sources.

    Answer:

    Q4.VBN plastic industry makes three plastic toys:

    T1

    ,

    T2

    , and

    T3

    . The joint costs of the three products in 2017 were SAR 120,000. The total number of units for each product and the selling price per unit is given below:

    Product

    Units

    Selling Price per unit

    T1

    45,000

    SAR 15

    T2

    26,000

    SAR 14

    T3

    18,000

    SAR 10

    You are required to allocate the joint costs to each product using the physical volume method and sales value at the split-off method.

    Answer:

    Q5. MN&M Corporation is preparing a budget for 2018. The company provides you with the following details which will help you to prepare the budget:

    Budgeted selling price per unit = SAR 500 per unit

    Total fixed costs = SAR 150,000

    Variable costs = SAR 100 per unit

    College of Administration and Finance Sciences
    Assignment (2)
    Deadline: Saturday 04/05/2024 @ 23:59
    Course Name: Cost Accounting
    Student’s Name:
    Course Code: ACCT 301
    Student’s ID Number:
    Semester: Second
    CRN:
    Academic Year: 1445 H
    For Instructor’s Use only
    Instructor’s Name:
    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)
    Q1. What is the process of identifying activities in an organisation and assigning costs under the
    Activity Based Costing (ABC) system? Elucidate. You will need to include the right numerical
    examples to support your answer.
    (2 Marks) (Chapter 7, Week 7)
    Answer:
    Q2. PPLC Company has two support departments, SD1 and SD2, and two operating
    departments, OD1 and OD2. The company decided to use the direct method and allocate
    variable SD1 dept. costs based on the number of transactions and fixed SD1 dept. costs based on
    the number of employees. SD2 dept. variable costs will be allocated based on the number of
    service requests, and fixed costs will be allocated based on the number of computers. The
    following information is provided:
    (4 Marks) (Chapter 8, Week 10)
    Support Departments
    Operating Departments
    SD1
    SD2
    OD1
    OD2
    Total Department variable costs
    18,000
    19,000
    51,000
    35,000
    Total department fixed costs
    20,000
    24,000
    56,000
    30,000
    Number of transactions
    30
    40
    200
    100
    Number of employees
    14
    18
    35
    30
    Number of service requests
    28
    18
    35
    25
    Number of computers
    15
    20
    24
    28
    College of Administration and Finance Sciences
    You are required to allocate variable and fixed costs using direct method.
    Answer:
    Q3. What are an organization’s “outsourcing decisions” and “constrained resource decisions?”
    Provide a suitable numerical example of these decisions and explain how quantitative and
    qualitative considerations support a company’s decision-making process.
    (2 Marks) (Chapter 4, Week 9)
    Note: Your answer must include suitable numerical examples. You are required to assume values
    of your own, and they should not be copied from any sources.
    Answer:
    Q4. VBN plastic industry makes three plastic toys: T1, T2, and T3. The joint costs of the three
    products in 2017 were SAR 120,000. The total number of units for each product and the selling
    price per unit is given below:
    (3 Marks) (Chapter 9, Week 11)
    Product
    Units
    Selling Price per unit
    T1
    45,000
    SAR 15
    T2
    26,000
    SAR 14
    T3
    18,000
    SAR 10
    You are required to allocate the joint costs to each product using the physical volume method and sales
    value at the split-off method.
    Answer:
    College of Administration and Finance Sciences
    Q5. MN&M Corporation is preparing a budget for 2018. The company provides you with the
    following details which will help you to prepare the budget:
    (4 Marks) (Chapter 10, Week 12)
    Budgeted selling price per unit
    =
    SAR 500 per unit
    Total fixed costs
    =
    SAR 150,000
    Variable costs
    =
    SAR 100 per unit
    Required:
    You are required to prepare a flexible budget for 1,000, 1,100, 1,200 and 1,300 units.
    Answer:

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