# Accounting

Assignment Requirements

UNIVERSITY OF MODERN SCIENCES

Semester: Summer-2014
Course Code: ACCT 201
Activity: Mini Case – 2
Topic: C-V-P Analysis/Break Even Analysis
MaximumMarks: 7.5
PLOs Examined

The Barbie Company is engaged in manufacturing and marketing of Toys for the age group of 6 to 12 years. The company has successfully completed one year of its operations. Since the company is relatively new the management of company is interested in carrying out Break-even analysis. You are retained as a consultant by the company and provided with the following particulars for the year 2013.

The Barbie Company sold 160,000 Toys at AED 50 each, Variable cost is AED 25 (Manufacturing AED 18 & Marketing AED 7), Fixed Cost is AED 1,600,000 annually This occurs evenly throughout the year (Manufacturing AED 1,000,000 & Marketing AED 600,000).

You are required to calculate:

i)                    Contribution Margin per Toy
ii)                  Breakeven point in units
iii)                Breakeven point in Dollars
iv) Number of Toys to be sold to earn profit before tax of AED 2,5000,000
v)The breakeven point in units if selling price is increased by AED 3 and
Variable cost by AED 2 per unit
vi) Margin of Safety (Both in units and AED )

UNIVERSITY OF MODERN SCIENCES
Semester: Summer-2014
Course Code: ACCT 201
Activity: Mini Case-1
Topic: Flexible Budget
MaximumMarks: 7.5
PLOs Examined

INNA Corporation is engaged in manufacturing and marketing of different lifestyle products. Management of the company are interested in preparing flexible budget for different levels of Machine hours. The company’s management is of the opinion that preparation of flexible budget is useful for performance evaluation as it provides an idea regarding cost per unit at different levels of activity and also reveals variances due to good cost control or lack of cost control. The company retained you as an expert advisor. You are asked to perform the following tasks.

1)    Prepare a flexible budget?
2)    Find out overhead cost per hour at each level of operation?

UNIVERSITY OF MODERN SCIENCES

Semester: Summer-2014
Course Code: ACCT 201
Activity: Assignment -2
Topic: Standard Costing – Variance analysis
MaximumMarks: 7.5
PLOs Examined
The following information is available from the cost records of Alberta Corporation for the month of March, 2014.
Material Purchased 26,000 Kg AED 105,600
Material consumed 23,800 Kg
Actual Wages paid for 5,950 hours AED 29,750
Units Produced : 2170 units
Standard Rates and Prices are as follows:
Direct Material rate is AED 4 per unit
Direct Labor hour rate is AED 4 per hour
Standard Input is 10 Kg for one unit
Standard requirement is 2.5 hours per unit
Calculate the following:
1)      Material cost variance
2)      Material Price variance
3)      Material usage/quantity variance
4)      Labor cost variance
5)      Labor rate variance
6)      Labor efficiency variance
UNIVERSITY OF MODERN SCIENCES

Semester: Summer-2014
Course Code: ACCT 201
Activity: Assignment -1
Topic: Job Order Costing
MaximumMarks: 7.5
PLOs Examined

A)     Explain in brief the differences between Job order costing and Process costing?
B)     Sharon Corporation applies overhead based on direct labor hours. Total estimated overhead for the year is \$780,000. Total estimated labor cost is \$1,600,000 and total estimated labor hours are 160,000.
What is Sharon’s predetermined overhead rate per hour?
C)     Sharon’s actual overhead for the year was \$690,000 for a total of 180,000 direct labor hours.
How much total overhead was applied to Sharon’s jobs during the year? Use Sharon’s predetermined overhead rate of \$4.10 per direct labor hour.

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