Questions from Cost Accounting

Q: (a). You are required to explain and discuss the alternative

(a). You are required to explain and discuss the alternative methods of accounting for normal and abnormal spoilage. (b). Weston Harvey Ltd assembles and finishes trapfoils from bought-in components...

Q: On 30 October the following were among the balances in the cost

On 30 October the following were among the balances in the cost ledger of a company manufacturing a single product (Product X) in a single process operation: The raw material ledger comprised the fo...

Q: XYZ plc, a paint manufacturer, operates a process costing system

XYZ plc, a paint manufacturer, operates a process costing system. The following details related to process 2 for the month of October: Opening work in progress 5000 litres fully complete as to transfe...

Q: Bushmills Irish Whiskey, a world-renowned brand of Diageo plc

Bushmills Irish Whiskey, a world-renowned brand of Diageo plc, is distilled in County Antrim in Northern Ireland. The Old Bushmills distillery has been in operation since 1608 and currently markets fi...

Q: (a). A company uses a process costing system in which

(a). A company uses a process costing system in which the following terms arise: conversion costs work in progress equivalent unit’s normal loss abnormal loss. Required: Provide a definition of each o...

Q: A company manufactures four products from an input of a raw material

A company manufactures four products from an input of a raw material to process 1. Following this process, product A is processed in process 2, product B in process 3, product C in process 4 and produ...

Q: Milo plc has a number of chemical processing plants in the UK

Milo plc has a number of chemical processing plants in the UK. At one of these plants, it takes an annual input of 400 000 gallons of raw material A and converts it into two liquid products, B and C....

Q: (a). Describe the distinguishing characteristics of production systems where:

(a). Describe the distinguishing characteristics of production systems where: (i). job costing techniques would be used, and (ii). process costing techniques would be used. (b). Job costing produces...

Q: On 1 October Bland Ltd opened a plant for making verniers.

On 1 October Bland Ltd opened a plant for making verniers. Data for the first two months’ operations are shown below: At 31 October the units in closing work in progress were 100 p...

Q: The Isis Engineering Company operates a job order costing system which includes

The Isis Engineering Company operates a job order costing system which includes the use of predetermined overhead absorption rates. The company has two service cost centres and two production cost cen...