Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hope you can help me solve this problem if you can can you give me the formula to calculate zero thanks a lot. Part 1:

Hope you can help me solve this problem if you can can you give me the formula to calculate zero thanks a lot.

image text in transcribed
Part 1: Select 1 real Vietnamese manufacturing firm and provide the following information: Direct materials [15 marks]: Direct labour 1. General information [05 marks] a. Company name, company tax number, address Variable manufacturing overhead b. Firm type (corporation, partnership, or proprietorship and so on) Variable selling expenses c. Company legal presentative d. Industry in which the company is operating Variable administrative expenses e. Main products: the company must produce at least two (02) products. f. Firm size in terms of assets, liability, equity, and number of employees Suppose that the companies cannot chase fixed manufacturing overhead, fixed selling expenses, fixed 2. Product, production and others. [10 marks] administrative expenses to each product. Provide the following information. a. Product features: describe main features of the products Product 1 and 2 b. Production process: describe production process Costs/Expenses c. Market and customers of the products. Budgeted costs/expenses Actual costs/expenses Part 2: Based on the above information, suppose the firm produces two products, develop an Fixed manufacturing overhead imaginative case of cost accounting for the year of 2021 as follows: 1. Products: [10 marks] Fixed selling expenses Name two products: names of the products must be aligned with characteristics of the chosen firm in Part 1. Fixed administrative expenses For each product: Suppose that there is no beginning inventory of the finished goods, give b. Classify above costs into different categories: product cost versus period cost, direct costs versus planned production units, actual units produced, sales volume, and selling prices. indirect costs, and variable costs versus fixed costs. Selling prices [10 marks] Planned Actual unit Sales volume Products production Vietnam Dong) c. Why costs are needed to classify into different categories? How cost classification links to produced (units) (units) units (units) absorption costing, variable costing, and cost allocation? [10 marks] Product 3. Calculating total COGM and COGM per unit for each product [30 marks] Suppose fixed manufacturing overhead is allocated based on direct labor cost, calculate COGM Product 2 using (1) absorption costing and (2) variable costing. Cost allocation must be applied and Schedule 2. Cost, cost category and application of cost classification [25 marks] of COGM must be prepared. [20 marks] a. List costs/expenses needed to produce and sell the products as required in the table below. Names b. Why cost allocation is important in cost accounting? [10 marks] of all costs and expenses must be aligned with characteristics of the chosen firm in Part 1. Amount 3. Prepare Income Statements: [20 marks] must be specified in Vietnam Dong. a. Prepare Income Statements for (1) absorption costing and (2) variable costing. [10 marks] [05 marks] b. Why do firms need both absorption costing and variable costing? [10 marks] Total marks [100 marks] Product 1 Product 2 Costs/Expenses Budgeted Actual Budgeted Actual costs/expenses costs/expenses costs/expenses costs/expenses

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

Accounting, The Financial Chapters

Authors: Tracie Miller Nobles

12th Edition

013449041X, 9780134490410

More Books

Students also viewed these Accounting questions

Question

The background knowledge of the interpreter

Answered: 1 week ago