ACC301 Wk6 Assignment 2 Cost accounting

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Question Description

please see the attached file for the required questions.

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Question: 

1- Prepare the journal entries for the following: (4 Points)

a. When raw materials are received, Give an example 

b. When raw materials are sent to the factory floor, Give an example

c. When a job is completed, what happen to the cost, Give an example

d. Overhead expenses ( salary)  paid by cheque $ 5000 

e. Utilities (Indirect expenses) paid in cash $ 10000 

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Assignment 2 Cost accounting Last Date for Submission 16th February 2019 You are required to work in this assignment individually. Student …………………………….. Name Assignment 2 Course Cost Accounting Student ID Marks ……………… CRN ……… ……/ 10 Points Course Code ACCT 301 End week 6 Uploading End of week 5 Submission Date Sat 09 /02/2019 Date Sat 16/02/2019 Instructions: - Students must include these details (Name, Student ID, CRN, Date of submission) - Do NOT remove the questions in the answer papers. But write your answers below each question. - - Answer the ALL questions. - Assignments should be submitted in MS Word format - Font should be Times New Roman with 14 points. - You are required to work in this assignment individually. - You should submit the assignment via the Blackboard. - Students who submit assignments after deadline, will get ZERO. If you engaged in plagiarism, you will get ZERO marks in the assignment or course. Question: 1- Prepare the journal entries for the following: (4 Points) a. When raw materials are received, Give an example b. When raw materials are sent to the factory floor, Give an example c. When a job is completed, what happen to the cost, Give an example d. Overhead expenses ( salary) paid by cheque $ 5000 e. Utilities (Indirect expenses) paid in cash $ 10000 f) Salaries totaling $5,000 are accrued; 35% of these costs are direct labor, 40% are indirect labor and 25% are overhead expense. Prepare the journal entry. g) Overhead costs are allocated to work in process using an allocation rate of 150% of direct labor costs and 300% of overhead expenses. Prepare the journal entry. (Give different examples- examples should not be same) 2- Riyadh Electricity Company manufactures chandeliers . Following is information for next year’s operations, based on an estimated volume of 20,000 units: 4 marks Expected revenues $1,000,000 Unit costs: Direct materials Direct labor Variable overhead Fixed manufacturing overhead Total $ 6.25 15.75 5.50 2.50 $30.00 Other fixed costs: Administration, marketing, etc. $225,000 Income tax rate 30% a. What is the breakeven point for next year? b. What is next year’s projected after-tax income? c. Suppose the managers set a target after-tax income of $100,000. Estimate the number of units that must be sold. 3-Ahmed has budgeted next year’s sales at 8,000 units. (2 marks ) Compute Ahmed's degree of operating leverage. If P = 1,000, V = 400, F = 850,000. ...
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Tutor Answer

SkilledTutorZiss
School: New York University

Hey, Please find below the full assignment. If you don’t mind going over it, so to make sure everything is right, and we can sign-off on it before your official submission.

Assignment 2 Cost accounting
Last Date for Submission 16th February 2019
You are required to work in this assignment individually.
Student
Name

……………………………..

Assignment
Course

2
Cost Accounting

Student ID

……………… CRN ………

Marks

……/ 10 Points

Course Code

ACCT 301
End week 6

Uploading

End of week 5

Submission

Date

Sat 09 /02/2019

Date

Sat 16/02/2019

Instructions:
-

Students must include these details (Name, Student ID, CRN, Date of submission)

-

Do NOT remove the questions in the answer papers. But write your answers below each
question...

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