Look around you and pick up an object. Name the object and answer all the following questions keeping in mind the production and costing of the object.

Question 1: Identify the main manufacturing costs of the object and with assumed values create an Income Statement, clearly showing the Schedule of Cost of Goods manufactured and Cost of Goods Sold for the object for one month.

Question 2: Create a scenario where some of the units produced of the object are spoiled. Using assumed values and identifying them clearly, prepare the journal entries (a) to take the manufacturing costs into production (b) and then record the loss as job specific cost (c) and then as an overall cost.

Question 3: Using assumed values create a scenario of a modified wage plan for an employee for each working day for a week. Clearly identified the wage plan and units produced. Calculate the employees wages and prepare journal entry to take the labor cost into production.

Question 4: Create a scenario, using assumed values, and distribute the costs from two service departments to two production departments. Calculate the total factory overheads of the production departments.

Question 5: Take a part of production of the chosen object and identify at least 4 different activities undertaken during the production process. Choose an appropriate base for each activity and using assumed values, calculate the Pre determined overhead rate for each activity. Also apply it to calculate the total factory overhead for the product.