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ACC 202 Saudi Electronic University Uppermost vs Lowermost Hour Questions

ACC 202 Saudi Electronic University Uppermost vs Lowermost Hour Questions

Question Description

Assignment 1 acct 322

ABC Corporation applies job order costing system and the information drawn from its costing records as follows 🙁 2 Marks)

Particular

Job 100

Job 200

Total

Direct material per unit

50 SR

75 SR

Direct labour rate per hour

15 SR

20 SR

Direct labour hour per unit

2

4

Yearly estimated direct labour hour

20,000 hours

Yearly estimated fixes overhead

100,000 SR

Overhead variable cost per direct hour

5 SR

Yearly estimated machine hours

5,000 hours

During January 2021, the corporation produced and sold 3000 units from job order no. 100 and 3500 units from job order no. 200 respectively. The corporation uses normal costing system that charge applied overhead to jobs.

Required:

1-Compute the pre determine overhead using direct labour hour as accost driver.

2-Compute total product costs for the two jobs.

3-Pass journal entries to record cost flow, namely direct material, direct labour and overhead to work in process inventory.

Q2. The following information drawn from ABC Corporation about maintenance costs in 2020. (1.5 Marks)

Month

Total maintenance costs (SR)

Maintenance hours

July

75,000

5,000

August

81,000

5,500

September

63,000

4,000

October

51,000

3,000

November

87,000

6,000

December

84,600

5,800

Required:

1.Estimate the cost function for ABC using the high- low method.

2.Predict maintenance costs if maintenance hours are 7,000 hours in January 2021.


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