ACC1113 Cost Accounting Case Study Assignment Question & Answers

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Question 1

Question 2

Required:-

a).  Using the following methods to calculate the value of the stock as of 31 March

1. FIFO method (10 marks)
2. LIFO method (10 marks)
3. Average cost (10 marks)

b).  Prepare a trading account, in the columnar format using each of the inventory valuation methods in part (a) for the year ended 31 March (10 marks)

(Total=40marks)

Question 3

You are required to identify and calculate the total of:

1. Prime cost (3 marks)
2. Product cost (2 marks)
3. Period cost (2 marks)

b).  Briefly explain  what  cost accounting is. (3 marks)

c).  Describe the functions   for source documents.  (6 marks)

d).  In your opinion, which inventory pricing method will you recommend? Why? (9 marks)

e).  Define piecework system and time base States the advantages and examples for piecework system. (6 marks)

f).  Describe how LIFO and FIFO affect the cost of goods sold and the valuation of closing stock. (4 marks)

(Total=35 marks)

Coursework Requirements:-

• Include a cover page, solutions (from Excel), and references
• Mark will be deducted for late submission, errors in calculation, wrong format, and no workings
• Submission Date: 23 October 2020 (Friday) latest by m.
• Font & Spacing: Times New Roman (12), 5 Spacing
• Submission Format: Online via BB (draft and final)