| Country : | Australia |
|---|
Assignment Task:
Question 1
Supreme Manufacturing Company (SMC) manufactures its only product which goes through 2 processing departments, Cutting and Finishing. In the Finishing Department, direct materials (DM) are added at the end of the process, while conversion costs are added evenly throughout the whole process. Production data for the Finishing Department in December are as follows:
Prepare a physical flow schedule and compute the equivalent units for all inputs, assuming the weighted-average method is used.
Prepare a physical flow schedule and compute the equivalent units for all inputs, assuming FIFO method is used.
Using the FIFO method, calculate the costs per equivalent unit for all inputs.
Using the FIFO method, calculate:
a. the total cost of goods transferred out of the Finishing Department; and
b. the cost of ending Work in Process: Finishing Department.
Prepare journal entries (narrations are not required) to record the following transactions:
a. transferred-in costs incurred;
b. Transferred-out costs of goods completed.
Explain the difference in the equivalent units for WA method compared to the FIFO method.
Why are journal entries not required for the beginning balance in the Work-in- process account.
Question 2
Woden Furniture Ltd distributes children’s furniture products in the region. The following information pertains to inventory for the next year:
Required:
1. Determine the economic order quantity (EOQ) for Woden Furniture Ltd.
Question 2 contd.
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Using the EOQ determined in requirement 1, calculate:
-
total annual ordering costs, and
-
total annual carrying costs.
Round your answers to the nearest dollar
What is the annual savings in inventory costs to Woden Furniture Ltd, if it was to change its current order lot size of 2,250 to the economic order quantity calculated in requirement 1?
What is the reorder point assuming average demand and average lead time?
What is the safety stock needed to prevent stock-outs?
a. List two other inventory-related costs (excluding purchasing costs) that are ignored in the EOQ model, and give one example for each of the costs identified.
b. Describe two main characteristics of Just-in-time (JIT) purchasing.
QUES 3:
Required:
Assume TPW uses only one allocation base, number of pots, to allocate overhead costs to the pots. Compute the single predetermined overhead rate, i.e., cost per pot.
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