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Task Details: The test will consist of a combination of multiple choice, short answer and problem-style questions. Assessment 3 Assessment Type: Case study - 1500 + 10% word report and analysis - Individual Assignment Purpose: This assessment is designed to allow students to demonstrate their ability to analyse given financial information relating to a management accounting problem, and present their findings and analyse the information as it applies to accounting concepts. It relates to learning Outcomes a, b, c and d. Value: 15% Due Date: Week 10 Friday Submission: Students must upload their submission to the Moodle Assignment Link and Turnitin on the KOI Moodle Subject Home Page no later than 9:00 am Friday of Week 10. This is the submission due date and time. A printed copy should also be handed to the Tutor during that Week's tutorial to assist with marking. All submissions must be accompanied by a signed KOI Assignment Coversheet. Task details: Optic Vision Pty Ltd, a manufacturer of fibre-optic communications equipment, uses a job costing system. Since the production process is heavily automated, manufacturing overhead is applied on the basis of machine hours using a predetermined overhead rate. Estimated manufacturing overhead costs of $3 600 000 and an estimated cost driver level of 80 000 machine hours. Operations for the current year have been completed, and all the accounting entries have been made for the year except the application of manufacturing overhead to the jobs worked on during December, the transfer of costs from work in process to finished goods for the jobs completed in December, and the transfer of costs from finished goods to cost of goods sold for the jobs that have been sold during December Summarised data as at 30 November, and for December, are presented in the following tables. Job numbers T11-007, N11-013 and N11-015 were completed during December. All completed jobs except job number N11-013 had been turned over to customers by the close of business on 31 December Work in process: December activity Job numbers Balance 30 November Direct material Machine hours T11-007 $261000 N11-013 165000 NIT-015 0 D12-002 0 D12-003 78000 Totals $426000 $285000 300 $ 4500 12000 76800 113700 Direct labour $ 13500 36000 80100 60000 50-400 $240000 1000 1400 2.500 0 800 6000 December activity 5 27000 90000 66000 105000 $28.000 Operating activity Activity to 30 November Actual manufacturing overhead incurred: Indirect material $ 375000 Indirect labour 1035000 Utilities 735000 Depreciation 1 155000 Total overhead $300000 Other items Raw material purchases 52895000 Direct labour cost $2535000 Machine hours 73000 Account balances at beginning 1 January Raw material inventory $ 315000 Work in process inventory 180000 Finished goods inventory 375000 Raw material purchases and raw material inventory consist of both direct and indirect Thee of them ventory Account as at 31 December is $255 000 5294000 5240000 6000 Required: 1. Calculate manufacturing overhead rate per machine hour. 2. How much manufacturing overhead would Optic Vision have applied to jobs to 30 November? 3. How much manufacturing overhead would be applied to jobs by Optic Vision during December? 4. Determine the amount by which the manufacturing overhead is overapplied or underapplied as at 31 December 5. Determine the balance in Optic Vision's finished goods inventory account on 31 December 6. Prepare a schedule of cost of goods manufactured for Optic Vision for the year. (Hint: In calculating the cost of direct material used, remember that Optic Vision includes both direct and indirect material in its raw material inventory account.). 7. How much total cost of completed jobs T11-007, N11-013 and N11-015? 8. Management accountant of Optic Vision, Sam has noticed that some competitors have adopted ABC method for manufacturing overhead cost. Sam believes Optic Vision should also change its costing method. Provide support for Sam's proposed change. Research requirements: Students need to support their analyses with references from the text and a minimum of six (6) suitable, reliable and academically acceptable sources. Check with your tutor if you are unsure of the validity of sources. Students seeking Credit or above grades should support their analysis with increased number of reference sources comparable to the grade they are seeking. Marking Guide: Marks awarded will be based on the following criteria: Analyses-relevant to task specification Costing techniques applied and evaluated Written presentation Research 25% 25% 25% 25%