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Question

Answered

Task:

Question 1
 
Required:

a) Which job(s) are still in process at the end of January, and what is the cost of this job(s)? 
b) Which job(s) were completed at the end of February, and what is the cost of this completed job(s)? 
c) What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for March? 
d) How does job costing in a service organisation differ from job costing in a manufacturing organisation?

Question 2
 
a) Discuss the circumstances that would require a business to change from traditional costing to ABC costing? 
b) Takulah Co. Ltd has traditionally allocated its overhead based on machine hours but had collected this information to change to activity-based costing:

Required:
 
i) How much overhead would be allocated to each unit under the traditional allocation method? 
ii) How much overhead would be allocated to each unit under activity-based costing?
iii) Would you recommend a change to ABC costing for this company? Justify your answer

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Accounting Transactions for Companies

On 1 May 2015, your company acquired a machine at a cost of $300,000. This machine has an expected a useful life of 20 years in normal conditions, and a residual amount of $10,000. The financial year ends on 30thJune every year. Assume the tax rate is 30%. For tax purposes the asset is deprecia ...

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ACCT207 Financial Accounting

Question: Read through the 2020 general purpose consolidated financial statements of BHP Group (BHP) and African Rainbow Minerals (ARM). Based on your reading and independent research, answer the following questions: What similarities and differences do you observe between the two sets of f ...

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Explaining Accounting

ACT 301 Assignment 1, Semester , 20 21 Page 1 ACT 301 Accounting Theory , Semester 1, 20 21 Assignment 1 Marks - Weight 15 % Due Date : Sunday 18 th April Midnight (week 6) Instructions: ➢ This assignment consists of two question s. The due da ...

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Accounting and Evaluate

1 CDU Harvard Referencing Style Guide (February 202 1) 2 Contents Referencing Checklist ................................ ................................ ......... 3 Examples ................................ ................................ ............................ ...

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