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Develop Skills in Costing Systems

01 / 10 / 2021 Assignment

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QUESTION 1 Job costing
Create a spreadsheet solution to the following problem. Follow the template provided.
Play the Job cost podcasts and work through the example problem in those podcasts.
QUESTION 2 Process costing
Prepare a spreadsheet to solve the following process costing problem.
Review the four process costing videos provided in Interact Resources. Note that in the situation below there
are two production departments.
QUESTION 3 Joint costing
Create a spreadsheet to solve the following joint cost problem.
Joint cost allocation: additional processing beyond splitoff
ABC Company produces three joint products: A, B and C. The material is added at the beginning of the process. At
the end of Process 1, the splitoff
point, the three intermediate products enter three separate further processes.
Product A enters Process 2, Product B enters Process 3 and Product C enters Process 4. None of the products can
be sold unless the subsequent processing is carried out.
The following information relates to the month of June:
(i) Direct material issued to Process 1, $26 000.
(ii) Conversion costs incurred:
Labour Overhead
Process 1 $10 000 $14 000
Process 2 3 000 2 000
Process 3 1 000 1 000
Process 4 600 400
(iii) There was no work in process at the beginning or end of the month, and no finished goods inventories at the
beginning of the month.
(iv) Details of production and sales:
Question 4 Variance analysis
A. Solve using a spreadsheet. See the requirements embedded in the spreadsheet. Include the IF function to
determine Favourable and Unfavourable variances.
B. Prepare a Business Report as if for senior management:
1. Critically evaluate the purpose of variance analysis,
2. Explain why the materials price variance should be calculated on purchase,
3. Identify other areas in an organisation where variance analysis would be useful and
4. Evaluate the practical relevance of detailed overhead variance analysis.

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