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Question (i) Describe why the reciprocal method of allocating support department costs is conceptually superior to the direct and step-down methods.
Question (ii) What characteristics of the production process would lead a company to use process costing rather than job costing?
Question (iii) For the quarter just ended, BoSan Pty Ltd reported the following variances in one of its manufacturing departments:
Direct material price variance Unfavourable
Direct material quantity variance Favourable
Direct labour efficiency variance Favourable
Direct labour rate variance Negligible
The sum of the favourable variances above exceeded the unfavourable direct material price variance by a considerable amount. The quality of the output from the department was the same as usual. Practically all of the raw material used in this quarter was purchased in this quarter. Is there any connection between these variances? If so, explain.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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