Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. b. Compare and contrast in your own words, cost accounting and financial accounting. Elaborate your answer. (5 marks) Non-manufacturing costs refer to the cost

image text in transcribed

a. b. Compare and contrast in your own words, cost accounting and financial accounting. Elaborate your answer. (5 marks) Non-manufacturing costs refer to the cost outside the factory or production department. List the following non-manufacturing costs according to their functions: Selling, Distribution or Administrative costs. i. Executive salary ii. Shipping cost iii. Petrol for delivery van iv. Audit fee v. Depreciation of office equipment vi. Postage cost vii. Advertising cost x. Office utilities (4 marks) c. Herry Leather Bhd produce a variety of leather products. Given below were costs incurred for the third quarter of 2021. RM Particulars Raw material costs Salary for production workers Salary for supervisors Advertisement expenses Depreciation of sewing machines and equipment Salesmen commission Administration costs Insurance expenses Designer's fee 5,500 7,500 7,200 400 500 900 6,200 1,500 800 Required: Classify and accumulate the above costs according to: i. Prime cost (2 marks) ii. Production cost (4 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley CPAexcel Exam Review Focus Notes Auditing And Attestation 2022

Authors: Wiley

1st Edition

111984858X, 978-1119848585

More Books

Students also viewed these Accounting questions

Question

6. Identify characteristics of whiteness.

Answered: 1 week ago

Question

9. Explain the relationship between identity and communication.

Answered: 1 week ago