CIMA - C01 Fundamentals of Management Accounting: Revision by BPP Learning Media

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The mark-up which needs to be added to marginal cost to allow the product to break even is 5 A company uses limiting factor analysis to calculate an optimal production plan given a scarce resource. The following applies to the three products of the company: Product Direct materials (at $6/kg) Direct labour (at $10/hour) Variable overheads ($2/hour) Maximum demand (units) Optimal production plan I $ 36 40 8 84 2,000 2,000 II $ 24 25 5 54 4,000 1,500 III $ 15 10 2 27 4,000 4,000 How many kg of material were available for use in production?

If actual production overheads were $295,000 what was the overhead absorption rate per machine hour (to the nearest cent)? 35 The following information relates to questions 9 and 10 A company has the following actual and budgeted data for year 4. Production Variable production overhead per unit Fixed production overheads Sales Budget 8,000 units $3 $360,000 6,000 units Overheads are absorbed using a rate per unit, based on budgeted output and expenditure. 9 The production overhead absorbed during year 4 was A B C D 10 Production overhead was A B C D 14 $384,000 $405,000 $432,000 $459,000 Questions under absorbed by $27,000 under absorbed by $72,000 under absorbed by $75,000 over absorbed by $27,000 Actual 9,000 units $3 $432,000 8,000 units 6 Overhead costs – absorption costing III 1 Overhead apportionment is used to (tick the correct answer): Charge whole items of costs to cost centres Charge cost units with an appropriate share of overheads Charge whole items of costs to cost units Spread common costs over cost centres Ensure budgeted overheads are not exceeded 2 A company absorbs overheads on the basis of machine hours.

The budgeted overhead absorption rate was $ 3 per machine hour (to the nearest $). A firm had opening inventories of 33,480 units and closing inventories of 25,920 units. Profits using marginal costing were $228,123 and using absorption costing were $203,931. The fixed overhead absorption rate per unit (to the nearest cent) was $ 4 Budgeted overheads Budgeted machine hours Actual machine hours Actual overheads $690,480 15,344 14,128 $679,550 Based on the data above, the machine hour absorption rate is (to the nearest $) $ hour.

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