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 Arab Open University BE310: TMA – 2nd Semester 2014-2015 – Cut-Off Date: 30th April 2015 About TMA: The TMA covers the cost accounting concepts and practices in the businesses. It is marked out of 100 and is worth 20% of the overall assessment component.

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مُساهمةموضوع: Arab Open University BE310: TMA – 2nd Semester 2014-2015 – Cut-Off Date: 30th April 2015 About TMA: The TMA covers the cost accounting concepts and practices in the businesses. It is marked out of 100 and is worth 20% of the overall assessment component.    الأحد مارس 01, 2015 3:34 am

Arab Open University
BE310: TMA – 2nd Semester 2014-2015 –
Cut-Off Date: 30th April 2015
About TMA:
The TMA covers the cost accounting concepts and practices in the businesses. It is marked out of 100 and is worth 20% of the overall assessment component. It is intended to assess students’ understanding of some of the learning points within chapters 1 to 5. This TMA requires you to apply the course concepts. The TMA is intended to:
 Assess students’ understanding of key learning points within chapters 1 to 5.
 Increase the students’ knowledge about the reality of the cost and management accounting as a profession.
 Develop students’ communication skills, such as essay writing, analysis and presentation of material.
 Develop the ability to understand and interact with the nature of the managerial accounting tools in reality.

The TMA:
The TMA requires you to:
1- Review various study chapters of ’Cost Accounting’ Book and apply some of the concepts within it.
2- Conduct a simple information search using the internet.
3- Present your findings in not more than 1,100 words (600 words for Part A and 500 words for Part B). The word count excludes headings, references, title page, and diagrams.
4- You should use a Microsoft Office Word and Times New Roman Font of 12 points.
5- You should read and follow the instructions below carefully. Each part of the process will carry marks for the assignment.

Criteria for Grade Distribution:
Criteria Content Referencing Structure and Presentation of ideas Total marks
Part A Part B
Key Success Factors & Cost planning Traditional Costing & ABC
Marks 50 50 (5) (5) 100








The TMA Questions

Part A

Key Success Factors, Cost Planning & Management for Five Star Company LLC

Five star Company is a cement manufacturing company located in Kuwait. It has selling divisions throughout gulf countries. The company has been successful since it came to the market. The profitability of the company has been growing at an increasing rate year after year. The key success factors attributed to growth are cost and efficiency, innovation and quality. Five Star is increasing applying the key success factors to promote sustainability – the development and implementation of strategies to achieve long-term financial, social and environmental performance.

Product A of Five Star Company

Following are some of the details about material, labour and manufacturing costs of making one (1) Product A of Five Star Company: (per unit cost)

(a) Prime Cost details

Information Quantity/Hours Cost/Rate per unit/hour
Materials
Material X 5 units $ 3 per unit of material
Material Y 5 units $ 2 per unit of material
Labour
Unskilled labour 10 hours $ 2 per hour
Semi- Skilled labour 8 hours $ 3 per hour

(b) Manufacturing Overheads

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
$ 200,000 $ 200,000 $ 250,000 $ 300,000

(c) Expected Level of output

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
20,000 units 25,000 units 30,000 units 40,000 units

Product B of Five Star Company

Five Star Company sold 205,000 units of its product B for $ 34 per unit in 2014. Variable cost per unit is $ 30 per unit and the total fixed costs are $ 1,640,000 for Product B.


Sustaining key success factors for Five Star Company

The CEO of Five Star Company wants to sustain its key success factors and he instructs the company staff to plan and implement strategies that strengthen those key success factors. The CEO is requesting accountants and management accountants of Five Star Company to track performance of competitors on the key success factors. He feels that competitive information serves as benchmark and will alert managers to market changes.

Required

(1). Five Star Company is applying the key success factors of cost, efficiency, quality and innovation to promote sustainability.

In light of the above, discuss the role of management accounting in sustaining and strengthening the key success factors of an organization like Five Star Company. (15 marks) (300 words)

(2). Using the information given above for Product A, ascertain the following:

(i) Total Cost of Manufacturing the required output level of Product A in different quarters respectively

(ii) Total Cost per unit in different quarters (25 marks) (150 words)


(3) Calculate BEP for product B in units. Prove your answer. Also, prepare a simple income statement for product B for the given output level (i.e.205, 000 units)
(10 marks) (150 words)

Part B

Job Costing & Activity Based Costing in Apex Limited

Apex Ltd manufactures three different types of products (A, B & C). The cost and output details of the company for the year 2015 will be as follows:

Product A Product B Product C
Direct Materials 50 60 70
Direct Labour 40 40 60
Direct Labour Hours per unit 10 15
Machine hours per unit 12
Output 500 units 500 units 1000 units






Manufacturing Overheads for Apex Ltd for the year 2015 is expected to be as follows:

Overheads Cost Driver Overheads ($)
Inspection Number of inspections 50,000
Set – ups Number of set ups 100,000
Materials movements Number of material moves 40,000
Material Receiving Number of material order 60,000
Total overheads 250,000

The activity details for all the products are as below:

Activities Product A Product B Product C
Inspections 50 70 80
Set ups 10 20 20
Material movements 50 100 50
Number of materials orders 20 40 20

Expected amount of Total Direct Labour & Machine hours for the year 2015 for making all three products is 25,000 and 50,000 respectively.

Company has been following traditional costing method to allocate overheads to products. They used direct labour hours for allocating overhead costs to Product A & B and machine hours for Product C.

Required

(1) Prepare the product cost statement (cost per unit) for products A, B and C using traditional absorption costing (15 marks) (100 words)

(2) Prepare the product cost statement (cost per unit) for products A, B and C using Activity Based Costing (ABC). (25 marks) (250 words)

(3) Explain why the costs reported under traditional costing and activity based costing differ from one another? (10 marks) (150 words)




END OF TMA QUESTIONS

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Arab Open University BE310: TMA – 2nd Semester 2014-2015 – Cut-Off Date: 30th April 2015 About TMA: The TMA covers the cost accounting concepts and practices in the businesses. It is marked out of 100 and is worth 20% of the overall assessment component.
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