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Cost & Management Accounting
Jun 2025 Examination
PLEASE NOTE: This assignment is application based, you have to apply what you have learnt in this subject into real life scenario. You will find most of the information through internet search and the remaining from your common sense. None of the answers appear directly in the textbook chapters but are based on the content in the chapter
Q1. ABC Manufacturing Ltd. produces a single product and operates a factory where both direct labor costs and overhead costs are incurred. The company provides the following data for February:
– Labour Costing Data: Total direct wages paid: Rs.50,000
Number of direct labor hours worked: 10,000 hours
Overtime premium included in wages: $2,000
Employer’s contribution to benefits (social security, insurance, etc.): 10% of direct wages
– Overhead Costing Data: Total factory overhead costs: $40,000
Overheads are absorbed based on direct labor hours
Required:
- Calculate the total direct labor cost, considering the employer’s contribution.
- Compute the direct labor cost per hour.
- Determine the overhead absorption rate per labor hour.
- If a job requires 50 labor hours, calculate the total labor and overhead cost assigned to the job. (10 Marks)
Q2A. Elaborate on the implementation of a Just-in-Time (JIT) inventory system impact the material cost control process in a manufacturing company and explain its importance. (5 Marks)
Q2B. Analyze how the method of valuing work-in-progress (prime cost vs. works cost) influences the final cost of goods sold and the financial reporting of a manufacturing company. (5 Marks)
Dear Students,
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