Overview
In August 2024, Ahmed Co. incurred total cost of SAR 29,000 and made 3,100 units. In November 2024, it produced 1,600 units with a total cost of SAR 20,000. (Mark1 x 5)
Requirement:
- Find Per Unit Variable Cost
Find Total Variable Cost in the Month of August
Find Total Variable Cost in the Month of November
- Find Total Fixed Cost
- Determined Cost Function
- ABC Company Ltd. has provided the following information for the year ended December 31, 2023.(Mark 1 X 5)
- SAR
- Total Sales Revenue2,880,000
Total Variable Cost 1,080,000
- Total Fixed Cost1,500,000
Units Produced and Sold 3,600
Determine the following from the above information:
Contribution Per Unit
Contribution Margin Ratio
Break Even Point in units
Break Even Point in Sales
Margin of Safety in Sales
Suppose budgeted overhead was $ 120,000 fixed overhead plus variable overhead of $ 12/DL hour. Expected DL hours were 60,000, so that the estimated overhead rate was $ 14/DL hour. Actual DL hours totaled 50,000 for the year and actual overhead was $ 740,000. At the end of the year, Work in Progress, Finished Goods & Cost of Goods Sold had the account balances shown below.
Work in Progress
SAR150,000
Finished Goods
250,000
Cost of Goods Sold
1,600,000
2,000,000
- Requirement:
Prepare Overhead Cost Control Account
Assuming Misallocated Overhead as material, determine the ratio of the three accounts to close overhead cost control account
- Prepare a Journal Entry to Close Overhead Cost Control Account