Answer the questions in the attached word document

COST ACCOUNTING ACCT 301 ASSIGNMENT 5 You are required to work in this assignment individually. Any suspicious activities or cheating will result zero grade in this assignment. Q1. Describe the first two steps of the Process for Allocating Support Department Costs? Please explain each one of them [1 Point] Q2. What are the methods of allocating joint costs? And when do we use each one of them? [1 Point] Q3. Explain the three methods to allocate support department costs to operating departments. [1 Point] Q4. Allocate the support department cost to operating department using Direct Method. The information for the recent period is as follows: Cost Support Department Administratio Housekeepin n g 32400 48600 Operating Department Medical Dental Total 127,000 314,000 106,000 Possible Allocation Bases: No. of Employees Square Feet Support Department Operating Department Administratio Housekeepin Medical Dental n g 2 2 5 900 100 8000 Total 3 12 1000 10,000 Administration Cost will be allocated using number of employees and Housekeeping cost will be allocated using square feet. [2 Points] Q5.Coffee Beverages processes coffee and bottles it as Frappuccino, Cappuccino, and American. During the year the joint costs of processing the coffee were $270,000. There were no beginning or ending inventories. Production and sales value information were as follows: 1 Sales Value Product Cases at Split-Off Separable Costs Selling Price Frappuccino 300,000 $9 per case $5.00 per case $32 per case Cappuccino 200,000 $8 per case $3.00 per case $30 per case American 400,000 $7 per case $2.00 per case $20 per case a. Allocate the joint costs using the physical output method. [1 Point] b. Allocate the joint costs using the net realizable value method. [1 Point] c. Allocate the joint costs using sales value at split-off point method. [1 Point] Q6.Latif Shop sells a variety of magic Toys. In a recent month, it's accounting information system revealed the following information: Budget Units Sales revenue 2,500 3,200 $10,000 $12,000 1,200 2,000 Variable product costs Fixed manufacturing costs 800 Variable selling costs Fixed nonmanufacturing costs Actual 1,500 500 700 1,400 600 a. Calculate the following variances: [1 Point] Revenue budget variance Sales price variance Revenue sales quantity variance b. Suggest two reasons why managers might be interested in investigating one or more of the variances in part (a). [1 Point] 2