Budgeting and Control


QUESTION 1 (14 Marks)

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Classification of costs

Using the code letters below, indicate in the space provided how each of the following costs should be classified for a pen manufacturing company:

1.1. Property tax on the factory building =

1.2. The chief financial officer’s salary =

1.3. Plastic used to manufacture pens =

1.4. Janitors at the factory =
1.5. Manufactured pens waiting to be sold to customers =
1.6. Advertising logos =
1.7. Partially completed pens =



QUESTION 2 (10 Marks)

Product cost vs. period cost

Briefly define the terms product cost and period cost. Explain why the distinction between these two types of costs is important.



QUESTION 3 (18 Marks)

Indicate whether each of the following is a product cost or a period cost:

3.1. Electricity for lighting a factory building =
3.2. Costs of delivering finished bicycles to dealers =
3.4. Cost of a store detective in a retail establishment =
3.5. Cost of eggs in a bakery =
3.6. Cost of chocolate to a candy manufacturer =
3.7. Salary of injection molding machine operator in a plastics factory =
3.8.  Salary of a sewing machine operator in a clothing factory =
3.9. Depreciation of a freezer in an ice cream plant =


QUESTION 4 (20 Marks)

  1. There are two distinct types of cost accounting systems: job order costing systems and process costing systems. How does management decide whether to use a job order costing system or a process costing system in any given manufacturing situation? Explain briefly.


QUESTION 5 (15 Marks)

5.1. Define fixed costs and provide an example

5.2. Define variable costs and provide an example


QUESTION 6 (15 Marks)

Under- and over-applied overhead

6.1. What is meant by under-applied overhead? By over-applied overhead? Briefly explain each term.

QUESTION 7 (8 Marks)

Alice Blue is a wholesale dress manufacturer. In manufacturing dresses, the following costs were incurred in March:

Projected overhead for the year was $560,000 to be allocated based on project direct labor cost of $395,000. What are the total manufacturing costs for March (round your answers)? 


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