Assignment #3 _ Product Costing
“Those who fail to prepare, are preparing to fail” Uriel Salmon
UNIVERSITY OF THE WEST INDIES
ACCT1003 (MS 15B) - Introduction to Cost & Management Accounting
Assignment #3- Problems (10%)
Assignment #3 is centred
on the topic “
”, which covers Job Costing & Process
. You are required to work in your sub-groups and apply the concepts learnt is solving the
problems given. The assignment seeks to examine the following selected course objectives:
State the journal entries necessary to record direct materials used, direct labour incurred and
manufacturing overheads incurred & applied in a JC system.
Account for the completion and sale of jobs, in a perpetual JC system
Dispose of any manufacturing overhead variance, assuming the variance is immaterial
Prepare a statement of equivalent production, clearly showing the cost per unit by cost
Value units completed, unexpected losses and ending WIP
Determine the true loss of a manufacturing entity
You are required to submit this assignment by
Monday, November 12, 2018 by 11:55 p.m.
This is a GROUP assignment, which will account for
of your overall mark. You are required to
workings where necessary.
MS Word or Excel Document
Font Size 12