costingcw2november2007 - UNIVERSITY OF TECHNOLOGY, JAMAICA...

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UNIVERSITY OF TECHNOLOGY, JAMAICA SCHOOL OF BUSINESS ADMINISTRATION COURSE-WORK NO. 2 GROUP: BBA3/POM3 MODULE CODE: ACC3002 COURSE: INTRODUCTION TO COSTING DURATION: 2 HOURS DATE: November 16, 2007 SECTION I ANSWER ALL QUESTIONS IN THIS SECTION EACH QUESTION IN THIS SECTION IS WORTH 2 ½ MARKS 1. The entries to record indirect wages are a) Debit W.I.P and Credit Wages control account b) Debit Production Overheads and Credit Wages control account c) Debit Wages control account and Credit W.I.P. d) Debit W.I.P. and Credit Production Overheads e) None of the above 2. The entries to record direct wages are a) Debit W.I.P and CR Wages control account b) Debit Production Overheads and CR Wages control account c) Debit Wages control account and CR W.I.P. (d) Debit W.I.P. and CR Production Overheads (e) None of the above The following times have been worked on Job X. The Company's basic rate is $4 and its overtime rates are - Evening time: time and a third Weekends double time Job X clock hours Normal Time 6000 Evening Time 600 Weekend Time 200 3. What is the labour cost chargeable to the job when overtime is worked to meet normal production requirements a) $30,000 b) $32,000 c) $27,200 d) $27,000 e) None of the above 4. What is the labour cost chargeable to production overhead when overtime is worked specifically at the customer's request to expedite delivery a) $35,000 b) $29,500 c) $28,800 d) $0.00
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e) none of the above Component X passes through three successive machine operations Operation Time per component Grade of employee Wage rate per hr (seconds) 1 300 A $0.50 2 600 B $0.60 3 900 C $0.80 A 55 hour week is worked and a production target of 1,100 components has been set. 5. The total number of workers required is a) 100 b) 348 c) 55 d) 600 e) none of the above 6. The cost per week for operation 3 is a) $3500 b) $3200 c) $2200 d) $8250 e) none of the above 7. An employee is paid at $50 per hour for a normal work week of 40 hours. If he takes 40 hours to do a job which was expected to take 50 hours and his total pay including bonus scheme amounts to $2,400 then the bonus scheme in operation is: (a) Halsey (b) Halsey-Weir (c) Rowan (d) Cannot be determined (e) none of the above 8. X Ltd. has a labour turnover of 16.67%. This is as a result of 17 workers being replaced in the period. The average number of workers employed in the period is (a) 42 (b) 102 (c) 3 (d) cannot be determined (e) none of the above 9. A labourer is paid $8 per hour for an 8-hour day and 1½ times that rate for each hour in
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This note was uploaded on 02/26/2012 for the course ECON 101 taught by Professor Adam during the Three '11 term at University of Technology, Sydney.

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costingcw2november2007 - UNIVERSITY OF TECHNOLOGY, JAMAICA...

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