Download e-book for iPad: Cost Accounting: Analysis and Control by W. Armand Layne (auth.)

By W. Armand Layne (auth.)

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8. Moore, C. L. and Jaedicke, R. K. ) pp. 505. Most, K. S. (1967) 'The Value oflnventories', Journal of Accounting Research, vol. 5. no, 1, Spring, p. 46. 1 What do you understand by centralised and decentralised production planning decisions? 2 Describe the routine stages in a purchasing operation. 3 Describe the factors which influence the level of stockholding. 4 What are the advantages and disadvantages of the inventory methods used for valuing stock described in this chapter? 1 From the information shown below which relates to component ABC, prepare statements using each of the following methods of stock accounting: (i) weighted average cost (ii) standard cost to show the following (a) the amount to be charged to cost of production (b) the value of the closing stock (c) the difference, if any, between purchase cost and the aggregate of (a) and (b) Indicate how (c) would be dealt with in the accounts.

REQUIRED Calculate the income that the manufacturer is respectively expected to receive from the three countries. Cost Accounting 26 SOLUTION PRICE MATRIX Jamaica Trinidad St Lucia eoo Mahogany Pine Iron 205 210 120 125 135 105] 110 120 QUANTITY MATRIX 900 [ 1000 1500 J The income matrix is: $ $ $ X 200 X900 + 120 [ 205 900 125 210 900 135 X $ 1000 + 105 X 1500] = [457 500] 474500 1000 110 1500 504000 1000 120 1500 2*. 4. Call the price matrix A and the quantity matrix B. A close examination of the income matrix will reveal that AB will not give the same solution as BA.

12 Use of multiple overhead rates Instead of using one plantwide or blanket rate, the overhead rate can be divided into two (or more) parts. The logic behind the division of the overhead rate is to provide management with a 1 2 Cost can be pooled by department, natural category, or behavioural pattern. Cited in Marple, R. P. (1967). Cost Accounting 48 better per unit rate, which can be used for more accurate product costing. It should be noted, also, that overhead sub-divisions can be made: (i) (ii) (iii) (iv) rate for each product department rates for each cost centre rates for applying the material-related and the facility-related part of overhead cost rates for applying the fixed part of overhead and the variable part of overhead Of course, the choice of any one of the rates for costing purposes must rest on the answer to this vital question: do the benefits to be received from the decision exceed the cost of implementing it?

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