# cost accounting 22

Instructions:

• Assignments should be submitted in MS Word format
• Font should be Times New Roman with 14 points.
• You are required to work in this assignment individually.
• You should submit the assignment via the Blackboard.
• Students who submit assignments after deadline, will get ZERO.
• If you engaged in plagiarism, you will get ZERO marks in the assignment or course.

Question:

• Prepare the journal entries for the following:
• When raw materials are received, Give an example
• When raw materials are sent to the factory floor, Give an example
• When a job is completed, what happen to the cost, Give an example
• Overhead expenses ( salary)paid by cheque \$ 5000
• Utilities (Indirect expenses) paid in cash \$ 10000

f)Salaries totaling \$5,000 are accrued; 35% of these costs are direct labor,40% are indirect labor and 25% are overhead expense. Prepare the journal entry.

g)Overhead costs are allocated to work in process using an allocation rate of 150% of direct labor costs and 300% of overhead expenses.

Prepare the journal entry. (Give different examples- examples should not be same)

2- Riyadh Electricity Companymanufactures chandeliers .Following is information for next year’s operations, based on an estimated volume of 20,000 units: 4 marks

Expected revenues\$1,000,000

Unit costs:

Direct materials\$6.25

Direct labor15.75

Total\$30.00

Other fixed costs:

Income tax rate30%

a.What is the breakeven point for next year?

b.What is next year’s projected after-tax income?

c.Suppose the managers set a target after-tax income of \$100,000.Estimate the number of units that must be sold.

3-Ahmed has budgeted next year’s sales at 8,000 units.

Compute Ahmed’s degree of operating leverage. If P = 1,000, V = 400, F = 850,000.

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