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CMAC-Process Costing Math
COSTING METHODS
QUESTION 1: JOB COSTING
A company operates a job costing system. Job number 6789 will require $345 of direct materials and $210 of direct labour, which is paid $14 per hour. Production overheads are absorbed at the rate of $30 per direct labour hour and non-production overheads are absorbed at the rate of 40% of prime cost.
Required
What is the total expected cost of the job?
QUESTION 2 : PROCESS COSTING
XYZ Ltd Chemical Ltd processes a range of products including a detergent, `Washo', which passes through 3 processes before completion and transfer to the finished goods warehouse. During April, data relating to this product were as follows:
Process I
Process II
Process III
Total
Basic raw material (10,000 units)
$6,000
Direct raw material added in process
$8,500
$9,500
$5,500
$23,500
Direct wages
$4,000
$12,000
$22,000
Direct expenses
$1,200
$930
$1,340
$3,470
Production overhead
-
$16,500
Output (in Units)
9,200
8,700
7,900
Normal loss in process of input (per cent)
10%
5%
Scrap value sales per unit
$0.20
$0.50
$1.00
The production overhead is absorbed as a percentage of direct wages. There was no stock at the start or at the end of any process.
Required:
You are required to prepare the following accounts:
i) Process I,
ii) Process II
iii) Process III,
iv) Abnormal gain/loss
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