# Cost Assignment

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Budgeted profit and loss statement for the year ending 31 December (£) (£) Sales Cost: Direct materials Direct wages Prime cost Fixed production overhead Production cost Selling, distribution and administration cost 750 000 100 000 50 000 ––––––– 150 000 300 000 ––––––– 450 000 160 000 ––––––– Profit Budgeted data: Labour hours for the year Machine hours for the year Number of jobs for the year 610 000 –––––––– £140 000 –––––––– –––––––– 25 000 15 000 300 An enquiry has been received, and the production department has produced estimates of the prime cost involved and of the hours required to complete job A57.

(£) Direct materials Direct wages Prime cost Labour hours required Machine hours required 250 200 –––– £450 –––– 80 50 You are required to: (a) calculate by different methods six overhead absorption rates; (6 marks) (b) comment briefly on the suitability of each method calculated in (a); (8 marks) (c) calculate cost estimates for job A57 using in turn each of the six overhead absorption rates calculated in (a).

If the standard cost assignment in one of these infotypes is maintained, this cost assignment is used instead of the assignment in the Organizational Assignment (0001) and Cost Distribution L'affectation de cots standard gre dans un de ces infotypes remplace l'affectation des cots dfinie dans les infotypes Affectation (0001) et Ventilation des cots (0027); cette dernire aurait t utilise si les comptes The cost assignment specification per miles/kilometers (per trip segment) makes it possible for you to specify, for a trip segment, a percentage cost assignment that differs from the travel expenses assignment guideline.

Cost assignment Question IM 3.1 Intermediate (a) Explain why predetermined overhead absorption rates are preferred to overhead absorption rates calculated from factual information after the end of a financial period.

(6 marks) (Total 20 marks) CIMA Foundation Cost Accounting 1 10 COST ASSIGNMENT (b) Calculate, for the year ended 31 March 2001, the overhead absorption rates (to three decimal places of a £) to be applied to: (i) senior professional staff hours; (ii) junior professional staff hours.

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• ###### Cost assignment. Question IM 3.1 Intermediate. Question IM 3.2.

Cost assignment question im intermediate explain why predetermined overhead absorption rates are preferred to overhead absorption rates calculated from.…