Exam (elaborations)
Mac1501 Assignment 6 Semester 2 2023
- Institution
- University Of South Africa (Unisa)
The document contains Assignment question Together with answers Distinction Guaranteed 100% multiple Attempts done Whtsapp
[Show more]
Content preview
11/7/23, 1:59 PM Assessment 6: Attempt reviewUNISA 2023 MAC1501-23-S2 Welcome Message Assessment 6
QUIZ
Started on Tuesday, 7 November 2023, 12:01 PM
State Finished
Completed on Tuesday, 7 November 2023, 1:59 PM
Time taken 1 hour 57 mins
Grade 93.92 out of 100.00
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14455345&cmid=624515 1/11
,11/7/23, 1:59 PM Assessment 6: Attempt review
Question 1
Correct
Mark 15.00 out of 15.00
Majazana Pty LTD is preparing its budget for the next four (4) months. The
following information has been drawn from the budgets prepared in the
planning exercise so far:
Sales volume
November R120 500
December R130 600
January R170 000
February R160 800
Direct material purchases
November R13 450
December R13 780
January R12 890
February R13 150
Direct wages amount to R13 150.
Majazana sells 10% of its goods for cash. The remainder of customers receive
on month’s credit.
Payments to material suppliers are made in the month following purchase.
Wages are paid as they are incurred.
Production overheads are R13 200 per month.
Majazana takes one month credit on production overheads.
Included in the amount for overheads is depreciation charge of R1 300.
Selling, distribution and administrative expenses amount to R10 890 per month.
The company plans to purchase a delivery vehicle December for a cash
purchase of R60 000.
The net balance at the end of November was R5 000.
Required:
Complete the following cash budgets by choosing the correct answers from the
options provided.
December January
Opening balance R5 000 R76 270
Cash sales R13 060 R17 000
Credit sales R108 450 R117 540
Total receipts R126 510 R210 810
Less: payments R50 240 R110 570
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14455345&cmid=624515 2/11
,11/7/23, 1:59 PM Assessment 6: Attempt review
Material purchases R13 450 R13 780
Direct wages R13 000 R13 000
Production overheads R11 900 R11 900
Selling, distribution and 11 890 11 890
administrative expenses
Delivery vehicle 60 000
Closing balance R76 270 R100 240
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14455345&cmid=624515 3/11
, 11/7/23, 1:59 PM Assessment 6: Attempt review
Question 2
Partially correct
Mark 12.00 out of 15.00
Mzwandile Pty Limited is a manufacturing rm that uses the job costing. The
company’s inventory balances were as follows at the beginning and end of the
year:
1 January 31 January
Direct materials 26 000 30 000
Work in process ? 59 000
Finished goods 124 000 ?
The applies overhead to jobs using a predetermined overhead rate based on
machine hours. At the beginning of the year, the company estimated that it
would work 24 000 machine hours and incur R216 000 in the manufacturing
overhead cost.
The following transactions were recorded for the year.
Direct materials were purchased, R434 000.
The following labour costs were incurred: direct labour R207 000, indirect
labour R79 000, and administrative salaries, R171 000.
Selling costs, R103 000.
Factory utility costs R120 000.
Depreciation for the year was R106 000 of which R97 000 is related to factory
operations and R9 000 is related to selling and administrative activities.
Manufacturing overheads were absorbed to jobs. The actual level of activity for
the year was 25 800 machine hours. Manufacturing overheads are closed off
against cost of goods sold.
Sales for the year amounted to R1 147 000.
Required:
Complete the following statement of goods manufactured and sold by
choosing the correct from the options provided.
Direct materials
opening inventory 26 000
Add: purchases 436 000
Total direct materials available 460 000
Less: closing inventory 30 000
Total materials used in production 436 000
Direct labour 207 000
Prime costs 637 000
Manufacturing overhead 232 200
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14455345&cmid=624515 4/11
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SmartTutors. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R85,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73216 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now