Exam (elaborations)
MAC1501 Assignment 6 Semester 1 2024
- Course
- MAC1501 (MAC1501)
- Institution
- University Of South Africa (Unisa)
MAC1501 Assignment 6 2024
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1. UNISA2. 2024
3. MAC1501-24-S1
4. Welcome Message
5. Assessment 6
QUIZ
Assessment 6
Question 1
Correct
Mark 10.00 out of 10.00
Choose the correct term from the options provided to match the following descriptions:
An inventory that was purchased with the intention to sell it again in unaltered form. Merchandise
A factory’s average level of activity for meeting the company’s production demands, considering expected Normal capacity
interruptions and seasonal fluctuations.
The principle that an amount of money is worth more today than the same amount of money will be worth Time value of money
in the future.
The costs relating to the preparation and processing of purchasing documentation, as well as receiving and Ordering costs
inspecting purchased items.
Costs that remain constant regardless of the number of units produced and sold. Fixed costs
The total gain or loss on an investment over a given period. Return
This method treats all manufacturing costs (i.e. direct materials, direct labour as well as fixed and variable Absorption costing
factory overheads) as product costs.
The company’s plan that will contain statements about its mission, vision, values, key strategies and long- Strategic plan
term objectives.
The manufacturing costs that we can easily trace to the products manufactured. Direct costs
The term used where the remuneration paid to employees could vary from one period to the next. Wages
, Question 2
Correct
Mark 15.00 out of 15.00
MENU
company pays Zonke normal time and a half for any work in excess of 45 hours per week. In the week ended 26 May 2023, Zonke worked
50 hours.
Additional information:
1. Zonke makes the following contributions:
Pension fund 8% of normal wage
Medical Aid 6% of normal wage
UIF 1% of gross wage
2. The company makes the following contributions:
Pension fund 15% of normal wage
Medical aid 9% of normal wage
UIF 1% of gross wage
3. Zonke pays PAYE at 18% of his taxable income.
Required:
Calculate the missing data and choose the correct answer from the options provided:
R
Normal wages 2 250,00
Add: Overtime premium 375,00
Total gross wages 2 625,00
Less: Pension fund 180,00
Taxable wages 2 445,00
Less: Other deductions
PAYE 440,10
Medical aid 135,00
UIF 26,25
Net wage payable 1 843,65
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