ACCTG 221-Cost & Management Accounting Report – Accounting & Finance Assignment Help

Assignment Task

Task 

Cost & Management Accounting

Assignment Questions

Q1: Process costing
Johnson LTD produces sensitive COVID-19 rapid antigen self-test kits (RAT), which involve two stages:
preparation (the first department) and finishing (the second department). The company uses the weightedaverage method of process costing for both departments.
The second department receives the outputs of the first department and calls them ‘transferred-in’. The second department starts the process by working on ‘transferred in’ units and, at a later stage, adds its own materials into the process. The conversion costs are incurred evenly during the process, but the packing is added towards the end of the process. Normal spoilages are based on goods units that passed the inspection. Additional information regarding the percentage of normal spoilage and the stages in which materials and packaging are added is provided in the following table. Spoiled units are disposed of at zero net disposal value.

During March of the current year, the following data were recorded for the second department (Finishing Department):

Required:
Please use the above information to answer questions 1 to 23 on Canvas.

Q2: ABC Costing
OEM Company manufactures and sells two Models of Laser Photocopy Machines, P1 and P2. It sells P1 for $2,000 and P2 for $2,500 each.
According to the marketing department’s report, the sales agents sell P2 very quickly but struggle to sell any P1. They have invited a management accountant consultant to review their current costing and pricing policies. The management accountant consultant recommends reducing the sale price of P1 and increasing the sale price of P2. The company currently uses traditional costing systems. It used the number of productions to allocate overhead costs. You have been asked to prepare a costing report using traditional absorption costing and activity-based costing (ABC) to determine the accurate production costs for these two products and express your view regarding the recommendation made by the consultant. The available information concerning the last month’s operations appears below: From the centre’s management information system, you extract the following information on activities, costs, and activity drivers for the current period:

Required:
Please use the above information to answer questions 24 to 40 on Canvas.

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