Exam (elaborations)
MAC1501 Assignment 6 Due May 2024
- Course
- MAC1501 (MAC1501)
- Institution
- University Of South Africa (Unisa)
MAC1501 Assignment 6 2024
[Show more]
Content preview
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
,Question 3
Correct
Mark 15.00 out of 15.00
MENU
T
Part A
Mohlwanyane Company’s activity for the last six months is as follows:
Month Machine hours Electrical costs
January 2 000 R15 600
February 2 600 R22 500
March 2 400 R17 500
April 1 900 R15 200
May 1 800 R14 500
June 2 100 R16 000
July 2 200 ?
Required:
Using the high-low method calculate the following and choose the correct answer from the options provided:
Variable cost per unit R10.00
Fixed cost R3 500
The estimated electrical cost of 2 200 machine hours R25 500 .
Part B
Consider the information provided in the following two (2) independent cases A and B. Assuming that overhead costs are absorbed to
production work at the rate of R7,20 per direct labour hour, calculate the missing values and choose the correct answer from the options
provided.
Case Direct labour Absorbed Actual Over /under-absorbed
hours overheads overheads overheads
A 10 000 R72 000 R75 600 R3 600 under absorbed
B 12 000 R86 400 R84 600 R1 800 over absorbed
3
, Question 4
Partially correct
Mark 13.33 out of 15.00
MENU
I mited for the year
ended 28 February 2023:
Inventories 01 March 2022 28 February 2023
R R
Raw materials…………………………………. 112 500 150 000
Work in process………………………………. 262 500 ?
Finished goods……………………………….. 165 000 ?
Additional information:
Raw materials to the value of R1 425 000 were issued to production.
Current manufacturing costs comprising direct material, direct labour, and absorbed manufacturing overheads, amount to R4 695 000.
Manufacturing overheads absorbed to production amount to 60% of conversion costs.
Actual manufacturing overhead costs incurred in the current period amount to R1 950 000. Manufacturing overhead variances are
adjusted against the cost of goods sold.
Required:
Calculate the missing data in the following statement of cost of goods manufactured and sold; and choose the correct answer from the
options provided.
R
Opening raw materials inventory 112 500
Add: Purchases 1 462 500
Available for use 1 800 000
Less: Closing raw materials inventory 150 000
Direct materials issued to production 1 425 000
Direct labour 1 308 000
Manufacturing overheads 1 962 000
Total current input costs for the year 4 695 000
Add: Opening WIP 262 500
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 Hometutor. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R70,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72841 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now