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QUESTION 1 - Gold Dust Ltd has produced the following budgeted data for its current financial year:-
£
Sales
2,900,000
Direct materials
400,000
Direct labour
500,000
Production overhead
1,200,000
Production cost
2,100,000
Gross Profit
800,000
Labour hours
48,000
Machine hours
60,000
Output in units
400
Job 227 has recently been completed and the job sheet shows the following details.
Direct materials - £1100
Direct labour - £3000
Labour hours used - 110
Machine hours used - 140
Required:- a) Calculate the overhead absorption rates (POAR) using the following methods:
b) Using the POARs calculated in part a) above, compute the production cost of Job 227 using each of the following methods:
QUESTION 2 - A company makes two products, Product X and Y. Each product is processed through two cost centers, CC1 and CC2. The following budgeted data is available.
CC1
CC2
Allocated and apportioned overheads (All overheads are fixed costs.)
$126,000
$180,000
Direct labour hours per unit
Product X
1.5 hrs
2.0 hrs
Product Y
1.2 hrs
2.6 hrs
The budgeted production is 12,000 units of Product X and 10,000 units of Product Y. Fixed overheads are absorbed into costs on a direct labour hour basis.
Required - Calculate the budgeted total fixed overhead cost per unit for Product X and for Product Y.
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