hi good day, could you kindly help me with assignment 1 question 2,3 and 4?

ASSIGNMENT LETTER Programme(s) BACC, BED, BBA, DIA, ADPT 2017 SEMESTER (2) [MANAGEMENT ACCOUNTING 1B] [AAM3692] DUE DATES Assignment 1 Assignment 2 Assignments Resubmissions Vacation School 28 July 2017 01 September 2017 29 September 2017 29 August- 01 September 2017 Page 1 of 12 Only Semester 2 modules Only Semester 2 modules All assignments of Semester 2 modules All CODeL Programmes 2017 Assignments [Management Accounting 1B - AAM3692] Dear Student, Welcome to the University of Namibia and to the Centre for Open, Distance and e-Learning (CODeL) in particular. We hope your studies will be rewarded with success. We kindly advise that you get all the relevant information and booklets available for distance students from your nearest UNAM centre (including the 2017 CODeL Letter to Distance Mode Students and the Online Assignment Submission Guide on Moodle). These documents will provide advice on how to approach your studies and will guide you through your study materials as well as providing useful administrative information in submitting assignments. Study materials Your study guide is essentially your \"teacher/lecturer\". However, in addition you are required to visit the library to consult prescribed books and recommended readings that are indicated in the study guide. You are also responsible to purchase any prescribed textbooks required for your respective courses/modules. Furthermore, you are strongly advised to follow the guidelines in the Online Assignment Submission Guide on Moodle. Submission of assignments It is very important to complete and submit a clean, clear and well-argued assignment for marking. Make sure that you have answered the questions correctly. It is the responsibility of you as a student to make sure that every page of the completed assignment is correctly numbered before submitting your assignment. From 2017, ALL assignments would be submitted through the Moodle Learning Management System. This is an online platform where you will access all your modules and related information such as course outline, course notes and other learning materials that your tutor may choose to share, as well as communicate with your tutors and with fellow students through forum discussions or other available communication tools. Moodle is accessible here: http://elearning.unam.edu.na (please refer to the 2017 CODeL Letter to Distance Mode Students). You should complete and submit all assignments on or before the given due date in the assignment letter if you wish to be admitted to the next examination. No hardcopies are allowed, all assignment are to be uploaded through Moodle. Assignments should be submitted in PDF and Microsoft Word formats - only. Make sure that you submit one assignment as one file/document. Do not create and upload several folders; do not zip the documents. Have 1 one document/file for 1 (ONE) entire assignment. Assignments for modules with formulas can be handwritten, scanned in one document and uploaded on Moodle accordingly. Make sure you submit a document that is readable and virus free. Make sure you upload the right file with the relevant assignment content. After submitting your assignment on Moodle do verify on the file you uploaded. Always try to submit your assignment few days before the due date, this will allow you to double-check all the needy-greedy. NO LATE SUBMISSIONS WILL BE TOLERATED. NO LATE submission due to not adhering to the above advises or guidance WILL BE ACCEPTED. Due Dates All assignment due dates for 2017 are published on the cover of this letter. With the shift from manual to online assignment submission, due dates would be automated. This means that you would be required to submit your assignments on the due date set on your assignment before 11h59 PM. After the date has passed (i.e. 12h00AM the next day) the assignment submission will be disabled and you would no longer be able to submit your assignment. Due to challenges with Internet connectivity and speed, large files may take too long to upload, which is a big risk if you submit a few minutes to the deadline. You are therefore strongly advised not to wait until the last minute to submit your assignments so that you can report potential challenges and avoid disappointments. If you were used to submitting late assignments through the portal, you are cordially cautioned that this would no longer be possible with automated due dates on Moodle. Timely submission of all assignments on or before the given due date is crucial for the timely calculation of your CA mark and determining admission to exams. Take note that assignments should never be submitted directly to individual tutors or any other staff members of the University of Namibia. Page 2 of 12 Plagiarism Control It has been observed that some students copy information from the Internet and paste into their assignments without acknowledging the sources of the information. This is called plagiarism. A copy of the Policy on Plagiarism and Cheating has been provided to you through the UNAM website. Please note that plagiarism and copying and pasting would not be tolerated and shall result in your assignments declared null and void. All assignments submitted through Moodle would be checked for plagiarism using plagiarism detection software. You will receive a report on the overall overlapping of your assignment with the sources you have used. You are therefore strongly urged to acknowledge EVERY source that you use for your assignment by using the appropriate referencing style prescribed by your lecturers (APA Referencing guides are available freely online). Find one here: http://www.uofa.edu/docs/apadocumentation.pdf Any assignment found with high overlapping scores or with evidence of clear attempts to cheat such as submitting an assignment that is not your own would result in serious consequences (please refer to the Policy on Plagiarism and Cheating provided). LATE SUBMISSION OF ASSIGNMENTS or WRITING OF TESTS Late assignment will not be accepted nor marked. If there is a reason why you cannot meet the due date, please consider cancelling the module within the cancellation deadlines or contact Student Support Coordinator for advice. Vacation schools Attending vacation school is COMPULSORY and the vacation school timetable will be made available at your nearest UNAM centre and through the UNAM portal. My UNAM Portal /Moodle We recommend that you regularly (at least thrice a week) access My UNAM Portal (for administrative and academic information) and Moodle (for learning and assessment information) on the UNAM website for further information at the following URLs: http://my.unam.edu.na and http://elearning.unam.edu.na Closing remarks If you study conscientiously, your efforts will be rewarded. Should you need any assistance or clarification on the module contents, you can reach the relevant staff members at the contact details as given below: Tutor: Sakeus Kapenambili +264833334890 or 061-2064890 skapenambili@unam.na Charlene Kaereho 061-2063729 ckaereho@unam.na Josua Lukas (Matati) 065-2232267 ljosua@unam.na For Subject content related matters only Student Support Lecturers/Coordinators: Distance Education Officer: lxoagus@unam.na Lizzy Xoagus 061-2063608 - not ixoagus but l (L) for Lizzy Moyyo Jussy 061-2063715 jmoyyo@unam.na Kooper G. 061-2063249 gkooper@unam.na Assignment marks Examination Officer: Examination Matters eLearning Coordinator: NOTE: For additional information consult the CODeL Prospectus and UNAM General Information and Regulations Prospectus. Page 3 of 12 STUDENTS - KINDLY NOTE: REFER TO RULES AND REGULATIONS in this letter BEFORE UPLOADING YOUR ASSIGNMENT ON MOODLE. Resubmission is applicable to students who submitted their assignments and score a mark of 0-39%. When you obtained 40% and above in your assignment, you don't qualify to resubmit your assignment. ASSIGNMENT 1 - (100 MARKS) [AAM 3692-MANAGEMENT ACCOUNTING 1B] QUESTION 1 25 MARKS City Inn manufactures three types of ice-cream, which it supplies to tuck shops at primary schools in Windhoek and Okahandja. The basic ingredients for the three ice-creams are first blended together. The following information is available for the month of November 2016: Product per litre Selling litre price per Further processing Output costs per litre Vanilla N$13.00 N$5.00 90 000 Chocolate N$9.00 N$2.50 150 000 Snow-man N$7.00 N$2.00 130 000 Joint costs incurred were as follows: Direct material 100 000 litres of milk at N$4 per litre Direct labour 3 000 direct labour hours at N$50 per hour Factory overhead N$194 000 REQUIRED: MARKS Assume that 80% of all products are sold; Prepare an Income Statement for City Inn, per product if joint costs are allocated on the basis of Net Realisable Value Method. TOTAL MARKS FOR QUESTION 1 1.1 Page 4 of 12 25 25 QUESTION 2 25 MARKS Rehoboth Paving Ltd is a manufacturer of paving bricks located in the south. The company uses a process costing system in two departments, namely the mixing & casting department and the baking department. All production and sales of bricks take place in one kilogram batches. The following information is available regarding the mixing & casting department for December 2016: Work-in-process on 1 December (30% completed) 8 500kg Prior period costs in respect of WIP: Stone and cement N$108 750 Conversion costs N$20 400 Stone and cement placed into production 41 500kg Completed and transferred to the baking department 40 000kg Work-in-process on 31 December (60% completed) 7 000kg Costs incurred during the month: Stone and cement N$622 500 Conversion costs N$308 350 The stone and cement are added at the beginning of the process. While conversion costs are added evenly throughout the process. Bricks are inspected when the process is 80% complete. No abnormal losses occurred during the month. REQUIRED: MARKS Using the FIFO method, prepare the Quantity Statement (Inclusive of Equivalent Units), 2.2 Determine the Equivalent Cost Per Unit TOTAL MARKS FOR QUESTION 2 2.1 Page 5 of 12 20 5 25 QUESTION 3 25 MARKS Havana Limited plans to sell 10 000 units during the period 1 October to 31 December 2016. Additional information is given below: Inventory levels are as follows: Completed products Raw material X Raw material Y 30 September 2016 1 000 units 10 000 kg 8 000 kg 31 December 2016 2 000 units 5 000 kg 10 000 kg All inventory is issued according to the FIFO method Three labour hours are needed to manufacture one completed unit. Workers earn N$20 per hour The cost of raw material X is N$1.35 per kg. Raw material Y is purchased at N$0.50 per kg Two kg of raw material X and Three kg of raw material Y are required for the production of one unit of the finished product Manufacturing overhead costs are allocated at a rate of N$6 per direct labour hour Finished products are sold at N$150 per unit REQUIRED: Using The Information Above Prepare The Following Budgets 3.1 3.2 3.3 3.4 3.5 Sales Budget Production Budget Raw Materials Purchases Budget Labour Budget Closing Inventory Budget (All Closing Inventories) Cost of Goods Manufactured and Cost of Goods Sold Budget - in total 3.6 Value for the last quarter TOTAL MARKS FOR QUESTION 3 Page 6 of 12 MARKS 2 4 6 3 4 6 25 QUESTION 4 25 MARKS Tsumeb Leather Cc manufactures and sells a single product and uses a standard costing system. The standard costs were set as follows for the current accounting period: N$ 40 Kg of Material @ N$2.5 60 000 25 hours of Direct Labour @ N$3.8 107.50 Overheads: 30 Machine Hours at N$2.5 75.00 Standard Cost 242.50 Actual Results: Material Purchased: 90 000 Kg @ N$2.55 per Kg (all Material Purchased was Issued to production) Direct Labour Cost: 54 000 Hours @ N$4 per hour Actual Overheads cost: N$ 20 000 Credit Sales: 1950 units @ N$350.00 per unit 2000 units were produced. REQUIRED: Calculate The Following: MARKS 4.1 Material Price Variance 4.2 Material Quantity Variance 4.3 Labour Rate Variance 4.4 Labour Efficiency Variance 4.5 Give any three reasons that cause labor rate variance obtained in 5.3 4.6 List any three advantages of standard costing TOTAL MARKS FOR QUESTION 4 Page 7 of 12 4 4 4 4 6 3 25 ASSIGNMENT 2 - (100 MARKS) [AAM 3692-MANAGEMENT ACCOUNTING 1B] QUESTION 1 25 MARKS Okahandja Cc manufactures a single product with a selling price of N$28 per unit. Variable production costs per unit are: Direct material Direct Labour Variable overhead N$6.10 N$5.20 N$1.60 Fixed production overheads are N$30 000 per month. Selling and Administration overheads are semi-variable in nature: variable costs are 5% of sales and fixed costs are N$13 000 per month. Production and sales quantities over a two month period are: Production Sales August 2016 4 000 3 500 September 2016 3 600 3 800 There were no finished goods inventories at the beginning of August 2016. Page 8 of 12 The company has prepared the following Statement of Comprehensive Income for each of the two months using the marginal costing method: August 2016 September 2016 Sales 98,000 106,400 Variable cost of sales 50,050 54,340 Opening inventory - 6,450 Production 51,600 46,440 Closing inventory (6,450) (3,870) 4,900 5,320 Administration Contribution 47,950 52,060 Fixed overheads 43,000 43,000 Production overhead 30,000 30,000 Selling and admin 13,000 13,000 Net profit 4,950 REQUIRED: 1.1 1.2 9,060 MARKS Prepare a Statement of Comprehensive Income for each of the two months using the Absorption Costing Method. Reconcile the profit of the Absorption Costing and Marginal Costing Method for August 2016 only. TOTAL MARKS FOR QUESTION 1 15 10 25 Page 9 of 12 QUESTION 2 25 MARKS The Glide-Rite Tyre Company's budgeted unit sales for the year 2007 are: Passenger car tyres 120 000 Truck tyres 25 000 The budgeted selling prices are N$2 000 per tyre for truck tyres, and for passenger tyres N$650 per tyre. The opening finished goods inventories is expected to be 2 000 truck tyres and 5 000 passenger car tyres, for a total cost of N$3 264 780. Desired closing inventories are 2 500 and 6 000 respectively, with a total cost of N$4 005 100. There is no anticipated opening or closing work in process inventory for either type of tyre. The standard materials quantities for each type of tyre are as follows: Truck tyres Passenger car tyres Rubber 30 kg 10 kg Steel belts 4 kg 1.5 kg The estimated purchase prices of rubber and steel are N$20 and N$30 per kg, respectively. The desired closing inventories for rubber and steel are 75 000 and 7 500 kg, respectively. The estimated opening inventories for rubber and steel are 60 000 and 6 000 kg, respectively. The direct labour hours required for each type of tyre are as follows: Moulding department Finishing department Truck tyre 0.25 0.15 Passenger car tyre 0.10 0.05 The direct labour rate for each department is as follows: Moulding department N$55 per hour Finishing department N$50 per hour Budgeted factory overhead costs for 2007 are as follows: Indirect materials N$1 985 100 Indirect labour N$2 132 100 Page 10 of 12 Depreciation of building and equipment N$1 575 100 Electricity and water N$1 229 185 Total N$6 921 485 Factory overheads are absorbed on the basis of direct labour hours. Prepare each of the following budgets for Glide-Rite for the year ended 2007: (a) Sales budget (2 Marks) (b) Production budget (3 Marks) (c) Direct material budget (8 Marks) (d) Direct labour budget (8 Marks) (e) Manufacturing overheads budget (per product, round off to the nearest N$) (4 Marks) QUESTION 3 25 MARKS Lido Company's standard and actual costs per unit for the most recent period, during which 400 units were actually produced, are given below: Standard Materials: Standard: 2 m at N$1.50 per m ..... N$ 3.00 Actual: 2.1 m at N$1.60 per m...... Direct labor: Standard: 1.5 hrs. at N$6.00 per hr. ... 9.00 Actual: 1.4 hrs. at N$6.50 per hr. ....... Variable overhead: Standard: 1.5 hrs. at N$3.40 per hr. ... 5.10 Actual: 1.4 hrs. at N$3.10 per hr. .... Total unit cost .......................................... N$17.10 Actual N$ 3.36 9.10 4.34 N$16.80 Required: From the foregoing information, compute the following variances. Show whether the variance is favorable (F) or unfavorable (U): a. Material price variance (5) b. Material quantity variance (5) c. Direct labor rate variance (5) d. Direct labor efficiency variance (5) e. Variable overhead spending variance (5) Page 11 of 12 QUESTION 4 4.1 25 MARKS Softex Ltd manufactures a single product that goes through three processing departments: Cracking, Blending and Packing. The information below is applicable to the Cracking Department for September 2008: Opening WIP Units in process Stage of completion with respect to materials Stage of completion with respect to conversion Cost in opening WIP: Material Conversion Units started during September Units completed and transferred Costs added during September: Material Conversion Closing WIP Units in process Stage of completion with respect to materials Stage of completion with respect to conversion 200 55% 30% N$4 750 N$3 155 N$7 905 5 000 4 800 N$373 450 N$353 320 N$726 770 400 40% 25% 4.1.1 You are required to prepare a production cost report for September in the Cracking Department using the weighted average method. (13 Marks) 4.2 Caps Ltd produces four joint products. Joint costs for January 2008 were N$140 000. Data pertaining to the four products are as follows: Product A B C D Production Further costs Selling price (per Weighting units (N$) unit) 10 000 3 000 N$5.50 3 40 000 6 000 N$1.60 2 30 000 5 000 N$1.50 4 20 000 10 000 N$3.00 2.5 4.1.2 Allocate the joint costs to each product using the net realisable value method. (12 Marks) Page 12 of 12