Sweet And Sour Ltd Finance Assingment Help With Solution
Costing Methods Exercises
Exercise 1: Activity Based Costing
Sweet & Sour Ltd has done a cost analysis for its production of heaters.
The following activities and cost drivers have been developed:
|Maintenance||$5,000 + $8 per machine hour|
|Machining||$25,000 + $4 per machine hour|
|Inspection||$90,000 + $1,000 per batch|
|Setups||$5,000 per batch|
|Purchasing||$100,000 + $100 per purchase order|
- List cost drivers for each activity.
- Prepare activity based reports for the following;
- 60,000 units (10,000 machine hours, 30 batches and 20,000 purchase orders)
- 100,000 units (18,000 machine hours, 40 batches and 30,000 purchase orders)
- Discuss some of the benefits of ABC system when compared to traditional costing systems.
- Discuss some of the drawbacks of ABC system.
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Exercise 2: Absorption And Variable Costing
Cost Busters Ltd began operations on 1 January. The company sells a single product for $100 per unit. During the year, 12,000 units were produced and 9,000 units were sold. There was no work-in-process inventory at 31 December.
The company uses an actual cost system for product costing, and actual costs for the year were as follows:
|Direct materials||0||$24.00 per unit produced|
|Direct labour||0||$30.00 per unit produced|
|Manufacturing overheads||$192,000||$6.00 per unit produced|
|Selling and administrative expenses||$40,000||$4.00 per unit sold|
- Determine the cost per unit using absorption costing.
- Determine the cost per unit using variable costing.
- Determine the finished goods inventory cost on 31 December using absorption costing.
- Determine the finished goods inventory cost on 31 December using variable costing.
- Explain why absorption costing and variable costing amounts differ
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