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MAC1501 Assignment 4 2021 AS PER UPDATED TUTORIAL LETTER

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  • August 25, 2021
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  • 2021/2022
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Business Management IB
MAC1501
Department of Management Accounting
Assignment 04 for 2021 (compulsory)
Due Date: 26 August 2021



QUESTION 1 (25 marks)

This question consists of two separate parts, both of which must be answered.

PART 1.1 {15}

Maphitha Limited produces a single type of a product. The company uses an actual costing
system. The following information has been taken from the company’s production and sales
records for the month of April 2021:




Additional information:

, • The finished goods are carried at the average unit production cost for the month.
• Raw material is valued according to the FIFO method of inventory valuation.
REQUIRED:
Calculate the following for April 2021:
1.1.1 Number of units produced (3)
1.1.2 Cost of raw materials transferred to production (4)
1.1.3 Cost of goods manufactured (3)
1.1.4 Cost of each completed unit (2½)
1.1.5 Cost of goods sold (2½)
Answer: ALSO SEE MAY JUNE EXAM 2020
Costs of purchase (including taxes, transport, and handling) net of trade discounts received costs
of conversion (including fixed and variable manufacturing overheads) and other costs incurred in
bringing the inventories to their present location and condition.
1.1.1 Number of units produced (3)
The number of units produced is an output activity that will drive the total cost of both direct
material and direct labour: the more units the company produce, the higher the total cost of
direct materials and direct labour will be. The driver of the cost of renting factory space will be the
size of the space rented; if more space is rented, the cost of rent will increase.

Sales units 4 000
Closing inventory 2 000
Total units required 6 000
Less opening inventory 1 000
Number of units produced 5 000

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