31 Not yet answered Marked out of 2.00 Flag question A company absorbs factory overheads at a rate of N$25.00 per direct labour hour. At the beginning of the year, the company estimated that the direct labour hours were 10 000 hours. During the year, the actual direct labour hours and actual manufacturing overheads costs incurred were 12 000 hours and NS350 000, respectively. The under/over absorbed factory overhead cost for the period was: Answer: Question 29 Not yet answered Marked out of 2.00 Flag question Overton Ltd uses predetermined overhead cost rates in its costing system. During the year, the company charged N$550 000 in absorbed factory overhead costs. Absorbed factory overhead cost was over-absorbed with N$25 000 during the year. The actual production overhead costs during the year were: Answer: Question 28 Not yet answered Marked out of 2.00 Flag question Jane earned a basic salary of $5 000 and overtime of N$1 200 in August. In addition, she receives a transport allowance of N$300 per month. Her pension fund contribution is 7.5% of basic salary, medical aid contribution is N$250 and she pays tax at 25% of taxable income. What was her taxable income in August? (round off your answer to the nearest whole number) Answer: Judas (Pty) Ltd opened a newly glass manufacturing stores in Havana settlement area. They received orders for 200 units per month. Budgeted labour hours amount to 2000 for the period. There are no opening balances and the following information for the current period is available: N$ Revenue 400 000 Materials purchased on credit 40 000 Direct labour paid (1920 hours x $50) 96 000 Materials transferred to work in progress 24 000 Budgeted manufacturing overheads 153 600 Overhead paid: Rent 120 000 Utilities 8 000 Depreciation on equipment 16 000 Factory foremen wage 8 400 Cost of goods completed 250 000 Cost of sales 200 000 Advertising 50 000 Revenue commission 40 000 Office salaries 100 000 Depreciation: Office equipment 10 000 Calculate the balance on the WIP control Account Question 22 Not yet answered Marked out of 2.00 Flag question Overton Ltd uses predetermined overhead cost rates in its costing system. The cost rate is calculated as a cost per direct labour hour. During the year, the company incurred 25 000 in actual direct labour hours and the company charged N$250 000 in manufacturing overhead costs. The budgeted manufacturing overhead rate used during the past year was. Answer: Question 20 Not yet answered Marked out of 2.00 Flag question A company absorbs factory overheads at a rate of N$25 per direct labour hour. At the beginning of the year, the company estimated that the direct labour hours were 10 000 hours. During the year, the actual direct labour hours and actual manufacturing overheads costs incurred were 12 000 hours and NS350 000, respectively. The amount of factory overheads charged during the period was: Answer: Question 19 Not yet answered Marked out of 2.00 Flag question A manufacturing firm has two production cost centres: A (20 workers) and B (30 workers), and one Cafeteria (10 workers). At the beginning of the year, the company estimated that the manufacturing overhead costs for two production cost centre: A and B, would be N$545 500 and N$455 000, respectively. The company also estimated that the manufacturing overhead costs for Cafeteria centre would be N$350 000. When the secondary apportionment of the overheads of the service cost centre is done, the amount to be apportioned to Cost Centre B from Cafeteria is: Answer: Question 21 Not yet answered Marked out of 2.00 Flag question Shoe Repair Trading uses a piecework and time-based system to pay its employees. Employees are paid N$20 for replacing a shoe sole. The hourly rate is N$5 for a daily 7 hours shift. Mr Shoemaker managed to replace the sole of 25 shoes on Tuesday last week in 7 hours. Using the piecework system what was Mr. Shoemaker's wage for that Tuesday? Answer: Question 17 Not yet answered Marked out of 2.00 Flag question Jane earned a basic salary of N$5 000 and overtime of N$1 200 in August. In addition, she receives a transport allowance of N$300 per month. Her pension fund contribution is 7.5% of basic salary, medical aid contribution is N$250 and she pays tax at 25% of taxable income. What was her net salary in August? (round off your answer to the nearest whole number) Answer: Question 11 Not yet answered Marked out of 2.00 Flag question Mr. Jackson Carpenter works a 40-hour shift from Monday to Friday at an hourly rate of N$70.00 and overtime is paid at a time-and- half. During the week he worked 8 hours overtime. What is overtime premium