CONTINUOUS ASSESSMENT - ACCOUNTING 2 AA025 GROUP PROJECT ASSIGNMENT SEMESTER 2 - 2021/2022 MANUFACTURING COSTS 1. You are the owner of a small medium scale manufacturing business. Choose one type of manufacturing business with ONE (1) selected product. Assume that the business has just establishn December 2021. You are required to prepare :- i. Business description (name of the company, location, other related information ) ii. Product specification (photo of the product, measurement, the unique features , unit produce and unit sold for December 2021 and ending inventory). 2. List and calculate all of the cost items involved in the company related to : Direct material ii. Direct labour iii. Manufacturing overhead (minimum 5 items) iv . Selling expenses (minimum 2 items) V. Administrative expenses (minimum 3 items) 3. Identify and calculate the classification of the costs items below : i. Prime cost ii. Conversion cost iii. Direct cost iv . Period cost v. Indirect manufacturing cost 4. Prepare Cost of Goods Manufactured Statement of the business for the month ended 31st December 2021. 5. Calculate the cost per unit and selling price per unit of the product. 6. Prepare Income Statement of the business for the month ended 31st December 2021. COST BEHAVIOUR 7. Identify and calculate the cost behaviour of each cost items : a) i. Variable cost ii. Fixed cost b) Form an overall cost function, Y= a + br Accounting Unit/KMKt/AA025/21-22