Joint product and by – Product costing

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  • The Assignment must be submitted on (WORD format only).
  • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation.
  • Students must mention question number clearly in their answer.
  • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
  • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).

Q 1 Provide numerical example of assigning support department cost and discuss the purpose of assigning support department costs (Chapter 8, Measuring and Assigning Support Department Costs).

 

Q 2 LMN Compagny produces three products K, L and M.During the year, the joint costs

of processing the three products were $480,000.

Production and sales value information were as follows:

Sales Value

Product Units at Split-Off Separable Costs Selling Price

K 500,000 $13 per unit $6.00 per unit $40 per unit

L 300,000 $12per unit $4.00 per unit $37 per unit

M 200,000 $8 per unit $3.00 per unit $28 per unit

Allocate the joint costs using the physical output method.

(Chapter 9, Joint product and by – Product costing)

Q 3Provide numerical examples of static and flexible budget and discuss how these budgets could be used to evaluate the performance of the managers (Chapter 10, Static and flexible budgets).

All required chapters and question file attached.

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