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Subject Name is Cost Accounting.

Question:

Casual sports limited has two production departments which are Machining and Assembling and one maintenance service department . The below budgeted estimates are for year 1.

Particulars Machining Assembly Maintenance Total

No of employees 160 120 120 400

Floor Area (Sq/mtr) 7,000 5,000 4,000 16,000

Power (Kilowatt hours) 70,000 52,500 17,500 140,000

Direct Machine Hours 14,000 400 - 14,400

Direct Labor hours 1,000 6,000 - 7,000

Information:

Indirect material $300 $268 $320 $888

Indirect wages $2,720 $1,480 $860 $5,060

Value of machinery $52,000 $48,000 $100,000

Below is annual budgeted overheads in: USD ($)

Rent 12,800

Machine depreciation 10,000

Power 7,200

Supervision of employees 6,400

Indirect material 888

Indirect Labor 5,060

Total overheads 42,348

Required:

1. Prepare overhead allocation sheet and reapportion maintenance department cost to the two production departments on the basis of value of machinery.
2. Calculate overheads absorption rates for each production department based on machine hours for Machining department and direct labor hours for Assembling department.
3. Make a job order cost sheet for Job no 001 and calculate selling price if the profit margin is 20% of selling price. Consider the below information.

Machining Assembly

Direct material in $ 3,500 100

Direct labor in $ 500 1,400

Machine hours 100 10

Direct Labor hours 20 60