t4_2009_jun_q
- 格式：pdf
- 大小：216.13 KB
- 文档页数：10
P a p e r T 4Section A – ALL 20 questions are compulsory and MUST be attemptedPlease use the Candidate Registration Sheet provided to indicate your chosen answer to each multiple choice question. Each question in this section is worth 2 marks.1Consider the following statements relating to management information:Statement 1:Management information should have some value otherwise it would not be worth the cost of collecting and communicating itStatement 2:Management information only needs to be accurate enough for its purposeAre the statements TRUE or FALSE?Statement 1Statement 2A T rue T rueB T rue FalseC False T rueD False False2Which of the following is a cost centre manager?A A person responsible for costs onlyB A person responsible for revenue onlyC A person responsible for costs and revenue onlyD A person responsible for costs, revenue and investment3In a large business which of the following activities is most likely to be the responsibility of a trainee accounting technician?A Coding invoicesB Determining selling price strategyC Interpreting cost variancesD Making capital investment decisions4What is a cost ledger control account?A An account in the cost ledger to record financial accounting itemsB An account in the financial ledger to record cost accounting itemsC An account that summarises outstanding payables balancesD An account that summarises outstanding receivables balances23[P.T.O.8The following data refers to a particular inventory item:Receipts (units)Issues (units)Total cost ($)Day 12001,100Day 3140Day 6150840Day 7140The weighted average method is used to value inventory issues. A revised weighted average price is calculated after each purchase.At what cost price per unit (to two decimal places of $) will the issue on Day 7 be made?A$5·54B$5·56C$5·57D$5·609The following statements relate to the use of different raw material pricing methods in a period of consistently rising prices:Statement 1:Production costs will be higher using Last-in First-out (LIFO) rather than First-in First-out (FIFO) Statement 2:Raw material inventory values will be lower using Last-in First-out (LIFO) rather than weighted average Which of the statements is/are true?A Neither statementB Statement 1 onlyC Statement 2 onlyD Both statements10In an interlocking accounting system what is the double-entry in the cost accounts to record the purchase of raw materials on credit?Debit CreditA Cost ledger control Materials controlB Materials control Cost ledger controlC Materials control PayablesD Payables Materials control11Which of the following is a calculation of the minimum inventory control level (buffer inventory)?A Re-order level minus average usage in average lead timeB Re-order level minus maximum usage in maximum lead timeC Re-order quantity minus maximum usage in maximum lead timeD Re-order quantity plus re-order level minus minimum usage in minimum lead time412Holding costs are included in the Economic Order Quantity formula.Which of the following are examples of holding costs?1.Warehouse rent2.Interest on inventory investment3.Carriage inwards4.Inventory theftA 1 and 2 onlyB 1 and 3C 3 and 4D1, 2 and 413The following are examples of labour costs incurred in production cost centre X in a factory:1.Basic wages of machine operatives2.Cost centre supervisor’s wages3.Wages (including overtime premium) of cleaning staffWhich of the labour costs are direct product costs?A 1 onlyB 1 and 2 onlyC 1 and 3 onlyD1, 2 and 314 A new fixed asset, costing $10,000, has a four year life with an estimated value at the end of its life of 20% of theoriginal investment amount. T wo alternative depreciation methods are being considered for the asset:(i)Reducing balance at 30% per annum(ii)Machine hour utilisation based on:Year 11,500 hoursYear 21,000 hoursYear 31,000 hoursYear 4500 hoursThe following statements relate to the above data:Statement 1:The depreciation charge in Year 1 would be higher using the machine hour methodStatement 2:The depreciation charge in Year 3 would be lower using the reducing balance methodAre the statements TRUE or FALSE?Statement 1Statement 2A T rue T rueB T rue FalseC False T rueD False False5[P.T.O.15 A company sold 10,000 units of its single product in a period during which finished goods inventory increased by2,000 units.Based on absorption costing, how would the profit in the period and the inventory value at the end of the period compare with those calculated using marginal costing (MC)?Profit Inventory valueA Higher than MC Higher than MCB Higher than MC Lower than MCC Lower than MC Higher than MCD Lower than MC Lower than MC16The conversion costs in a process totalled $47,620 for a period. There was no opening work-in-progress. During the period 9,000 units of product completed production and a further 1,000 units remained, 60% complete.What was the conversion cost per unit (to 2 decimal places) in the period?A$4·76B$4·96C$5·07D$5·2917 A single-product business has the following results for a period:$Sales revenue268,000(at $25 per unit)Less:variable costs139,360––––––––Contribution128,640Less:fixed costs87,480––––––––Net profit41,160––––––––What is the break-even point in units?A3,499B7,290C8,645D9,07418The following forecasts relate to a single-product business for a period:Variable costs$38,640Fixed costs$39,975Sales revenue$84,000Sales units6,000What sales revenue is required to achieve a profit of $12,000 in the period?A$74,030B$90,615C$96,250D$112,990619An investment project has net present values as follows:Discount rate 10% per annum, net present value $24,760 positiveDiscount rate 20% per annum, net present value $16,110 negativeWhat is the internal rate of return?A10·6%B12·9%C16·1%D28·6%20 A business is considering a project requiring an investment of $200,000 now and with estimated cash inflows of$23,000 per annum in perpetuity. The first cash inflow would be received in one year’s time. The cost of capital is 10% per annum.What is the net present value of the investment?A$2,300B$3,000C$20,000D$30,000(40 marks)7[P.T.O.Section B – ALL FOUR questions are compulsory and MUST be attempted1Company XYZ produces two components (C1 and C2) and is planning the allocation of its available resources for the next period.75 units of component C1 and 60 units of component C2 are required to be produced but machine hour capacity isrestricted to a total of 300 hours. Any deficit of components produced in-house can be made up by the purchase of any quantity of either component from an outside supplier. The objective of Company XYZ is to satisfy the requirement for components at minimum total cost.The following information is available concerning each component:ComponentC1C2Costs ($ per unit):Direct materials6·208·70Direct labour5·107·50Variable production overheads1·201·30Fixed production overheads4·806·40––––––––––––17·3023·90Machine hours (per unit)2·03·0Price from outside supplier ($ per unit)18·5025·90Required:For the next period:(a)Calculate the variable costs of producing each component in-house. (1 mark)(b)Calculate the extra costs of buying-in each component.(2 marks)(c)Determine which component should have production priority. Show workings clearly and justify yourconclusion.(5 marks)(d)Calculate the number of units of each component that should be manufactured by Company XYZ.(3 marks)(11 marks)82 A company refines crude oil into two grades (Grade A and Grade B) in a single process. The normal loss in refiningis 2% of input and process costs are apportioned to the joint products on the basis of volume of output. The following information is provided for the period just ended:Input of crude oil800,000 litres at a cost of $130,000Conversion costs$105,200Output of Grade A468,000 litres, sold for $280,800Output of Grade B312,000 litres, sold for $87,360There was no opening or closing inventory in the period and losses of raw material have no value.Required:For the period just ended:(a)Prepare the process account, showing both litres and value.(11 marks)(b)Prepare a statement showing the sales, joint costs and gross profit/(loss) of each product and in total.(5 marks)(16 marks) 3(a)Define the term ‘cost unit’. (2 marks)(b)Suggest a suitable cost unit for each of the following:(i) a manufacturer of canned food products; and(ii) a house builder. (3 marks)(c) A company manufactures to customer order and operates a job costing system. Job X3 remained incomplete atthe end of Month 4 with the following production costs incurred:Prime costs$4,360Overheads$2,890The company worked on two jobs in Month 5. Prime costs incurred were:Job X3Job X4$$Direct materials issued from stores1,6608,240Direct materials returned to stores Nil(470)Direct materials transferred between the two jobs(180)180Direct labour7203,690Direct labour is paid at a rate of $9.00 per hour. Production overheads are absorbed at a rate of $17·50 per direct labour hour. 10% of the total production cost of each job is added in order to recover general administration costs. Job X3 was completed in Month 5 and the customer paid the agreed sum of $13,400.Required:(i)Prepare a profit statement for Job X3. (8 marks)(ii)Calculate the value of work-in-progress for Job X4 at the end of Month 5.(4 marks)(17 marks)9[P.T.O.4There are two production cost centres (P1 and P2) and one service cost centre (S1) in a factory. Overheads are absorbed in each production cost centre on the basis of machine hours.The following budgeted information is available for a period:1.Overhead costs allocated and apportioned:Production cost centre P1$65,800Production cost centre P2$85,500Service cost centre S1$28,0002.Service cost centre overheads are re-apportioned to the production cost centres as follows:Production cost centre P140%Production cost centre P260%3.Machine hours in cost centre P1 are 5,500.4.Overhead absorption rate in cost centre P2 is $16·50 per machine hour.The following actual information is available for the same period:1.Overhead costs incurred in cost centre P1 (including the re-apportionment of cost centre S1 costs) totalled$75,840.2.Machine hours worked:Production cost centre P15,340Production cost centre P26,4503. Overheads were over-absorbed by $3,550 in cost centre P2.Required:(a)For production cost centre P1, calculate the period’s:(i)budgeted production overhead absorption rate; and(4 marks)(ii)over or under absorption of overhead. (4 marks)(b)For production cost centre P2, calculate the period’s:(i)budgeted machine hours; and(4 marks)(ii)actual overhead incurred.(4 marks)(16 marks)End of Question Paper10。
