QUESTION 1 (26 marks; 46.8 minutes) You are required to complete the attached crossword puzzle. Across of cust, airement 1. permitted to serve as an external auditor 2: costs associated with manufacturing of goods procluctust 3sum of direct materials and direct labour prime cost 4 expired cost expense 5. requires setting objectives planning e can do auditors report of (Pty) Ltd only if registered with PAAB 7. position that have direct responsibility line 8. ruling body for people who specialise in management and cost accounting (abbreviation) CA 9. also known as manufacturing overhead fucboy burcler Down 1. chief accounting officer Controller 2. choosing among competing alternatives decision making 3. direct labour added to overheads Cove So Gost 4. traceable cost direct cost 5. measuring and recording costs Geslaccumulating 6. a product, customer or geographic location Cost ect y changes as output change rarabe cost 8. partially completed goodskok-inprecess 9. unchanged in relevant range fixed cost 10. cash or cash equivalent sacrificed for goods asst 11. produce information for internal users management accounting 12. cost that cannot be easily traced inchrect cst 13. responsible for finance section Precisirer 14. behaviour that involves choosing actions that are right, proper and just ethical 18. costs that are not product costs per al cost 16. ruling body for chartered secretaries (abbreviation) CSSA 17. position that are supportive in nature siaff QUESTION 2 (24 marks; 43.2 minutes) The following information was taken from the books of Roux Manufacturers: Opening balances on 1 March 2015: Direct materials stock Work in process stock Finished goods stock Consumables on hand indirect materials) Factory plant and equipment (cost price) Accumulated depreciation on factory plant and equipment R 58 200 44 000 48 000 2 400 900 000 180 000 Summary of transactions for the year ended 28 February 2016: Direct materials to the value of R590 000 were purchased during the year and the cost of transporting (carriage) these raw materials amounted to R9 000-direct m eer Indirect materials purchased during the year amounted to R11 200 Depreciation on factory plant and equipment is calculated at 15% p.a, on the diminishing balance. Take into account that new equipment with a cost price of R24 000 was purchased on 1 November 2015. IO OD +120 Salaries and wages: drect The business employs 20 factory workers at a wage of R1 600 per month each. 3540 o The factory supervisor's salary is R3 200 per month. 384.00 Dverheid o The receptionist's salary is R4 000 per month. 18 30 The marketing representative's salary is R3 300 per month Unemployment Insurance Fund: The law requires a 1% deduction from the earnings 3840 of all employees. The business contributes an additional 1%. 500384 - The following expenses are for the factory, office and sales departments and must be distributed in the ratio 6:3:1 Over he , Insurance R 9 760 S8SG Water and electricity R12 an u Rent expense R104 400 1200 1320 0 Maintenance cost: R12 470 was paid during the year for the maintenance of factory equipment. overheac/ x During the year, 230 000 identical articles were manufactured A calculation error, which was made during the stocktaking of the direct materials stock, must still be corrected, where 7 000 articles were recorded at R5 instead of 50 cents. Cloo-25 ORD+ 352 (7000XS) (7000 XO, SO) Inventory according to the physical stocktaking on 28 February 2016: -3 + Direct materials stock Work in process Finished goods stock Consumables on hand indirect materials) 96 100 34 000 57 040 4 870 Required: 2.1 (24) Prepare the following: Calculation for the direct materials used in production - Calculation for the direct labour costs Calculation for the factory overhead costs Cost of goods manufactured statement Cost of goods sold statement 000 som 2 Duo IS QUESTION 1 (26 marks; 46.8 minutes) You are required to complete the attached crossword puzzle. Across of cust, airement 1. permitted to serve as an external auditor 2: costs associated with manufacturing of goods procluctust 3sum of direct materials and direct labour prime cost 4 expired cost expense 5. requires setting objectives planning e can do auditors report of (Pty) Ltd only if registered with PAAB 7. position that have direct responsibility line 8. ruling body for people who specialise in management and cost accounting (abbreviation) CA 9. also known as manufacturing overhead fucboy burcler Down 1. chief accounting officer Controller 2. choosing among competing alternatives decision making 3. direct labour added to overheads Cove So Gost 4. traceable cost direct cost 5. measuring and recording costs Geslaccumulating 6. a product, customer or geographic location Cost ect y changes as output change rarabe cost 8. partially completed goodskok-inprecess 9. unchanged in relevant range fixed cost 10. cash or cash equivalent sacrificed for goods asst 11. produce information for internal users management accounting 12. cost that cannot be easily traced inchrect cst 13. responsible for finance section Precisirer 14. behaviour that involves choosing actions that are right, proper and just ethical 18. costs that are not product costs per al cost 16. ruling body for chartered secretaries (abbreviation) CSSA 17. position that are supportive in nature siaff QUESTION 2 (24 marks; 43.2 minutes) The following information was taken from the books of Roux Manufacturers: Opening balances on 1 March 2015: Direct materials stock Work in process stock Finished goods stock Consumables on hand indirect materials) Factory plant and equipment (cost price) Accumulated depreciation on factory plant and equipment R 58 200 44 000 48 000 2 400 900 000 180 000 Summary of transactions for the year ended 28 February 2016: Direct materials to the value of R590 000 were purchased during the year and the cost of transporting (carriage) these raw materials amounted to R9 000-direct m eer Indirect materials purchased during the year amounted to R11 200 Depreciation on factory plant and equipment is calculated at 15% p.a, on the diminishing balance. Take into account that new equipment with a cost price of R24 000 was purchased on 1 November 2015. IO OD +120 Salaries and wages: drect The business employs 20 factory workers at a wage of R1 600 per month each. 3540 o The factory supervisor's salary is R3 200 per month. 384.00 Dverheid o The receptionist's salary is R4 000 per month. 18 30 The marketing representative's salary is R3 300 per month Unemployment Insurance Fund: The law requires a 1% deduction from the earnings 3840 of all employees. The business contributes an additional 1%. 500384 - The following expenses are for the factory, office and sales departments and must be distributed in the ratio 6:3:1 Over he , Insurance R 9 760 S8SG Water and electricity R12 an u Rent expense R104 400 1200 1320 0 Maintenance cost: R12 470 was paid during the year for the maintenance of factory equipment. overheac/ x During the year, 230 000 identical articles were manufactured A calculation error, which was made during the stocktaking of the direct materials stock, must still be corrected, where 7 000 articles were recorded at R5 instead of 50 cents. Cloo-25 ORD+ 352 (7000XS) (7000 XO, SO) Inventory according to the physical stocktaking on 28 February 2016: -3 + Direct materials stock Work in process Finished goods stock Consumables on hand indirect materials) 96 100 34 000 57 040 4 870 Required: 2.1 (24) Prepare the following: Calculation for the direct materials used in production - Calculation for the direct labour costs Calculation for the factory overhead costs Cost of goods manufactured statement Cost of goods sold statement 000 som 2 Duo IS