Level 3 Accounting, 2005

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1 For Supervisor s Level 3 Accounting, Process financial information for a manufacturing job cost subsystem Credits: Three 2.00 pm Tuesday 22 November 2005 Check that the National Student Number (NSN) on your admission slip is the same as the number at the top of this page. You should answer ALL the questions in this booklet. If you need more space for any answer, use the page(s) provided at the back of this booklet and clearly number the question. Check that this booklet has pages 2 6 in the correct order and that none of these pages is blank. YOU MUST HAND THIS BOOKLET TO THE SUPERVISOR AT THE END OF THE EXAMINATION. For Assessor s Achievement Prepare and / or explain accounting entries correctly for the majority of straightforward fi nancial information for a manufacturing job cost subsystem. Achievement Criteria Achievement with Merit Prepare and / or explain accounting entries correctly for the majority of straightforward and complex fi nancial information for a manufacturing job cost subsystem. Achievement with Excellence Prepare and / or explain accounting entries correctly for all or nearly all straightforward and complex fi nancial information for a manufacturing job cost subsystem. Overall Level of Performance New Zealand Qualifi cations Authority, 2005 All rights reserved. No part of this publication may be reproduced by any means without the prior permission of the New Zealand Qualifi cations Au thor i ty.

2 You are advised to spend 25 minutes answering the questions in this booklet. 2 Study the information below and answer the questions that follow. specialises in the manufacture of novelty chocolates. Chocolate Delights Ltd worked on three jobs during July The costs of these jobs are summarised on the job cost cards below: Job Number T475 Date Started 24 June 2005 Item Chocolate Rabbits Date Completed 20 July 2005 Date Particulars Amount 01/07/05 Balance /07/05 Materials 2500 Labour 2000 Overhead Applied 600 Cost of completion Job Number T476 Date Started 7 July 2005 Item Chocolate Teddies Date Completed 28 July 2005 Date Particulars Amount 28/07/05 Materials 5000 Labour 3500 Overhead Applied 300 Cost of completion 8800 Job Number T477 Date Started 24 July 2005 Item Chocolate Turtles Date Completed Date Particulars Amount 31/07/05 Materials 6000 Labour 500 Overhead Applied 120 Balance 6620

3 3 QUESTION ONE (a) Explain what the balance of $ on Job T475 s job cost card represents. Assessor s (b) Explain why overheads are an indirect cost of production for. (c) Overhead is allocated to jobs using machine hours as the cost driver. Calculate the overhead rate given that Job T476 took 50 machine hours during July. $ per machine hour. (d) Prepare Work-in-Progress Control account for the month of July. Use EITHER the 3-column format OR the T-form format. DO NOT write in both versions. EITHER 3-column General Ledger Work-in-Progress Control OR T-form Work-in-progress Control

4 4 On 20 July 2005, paid $ including GST, in cash, for the purchase of raw chocolate. Assessor s (e) Show the entry to record the cash purchase of raw chocolate in General Journal form. General Journal 20/07/05 The following information relates to Finished Goods Inventory for the month of October, Job T501 Balance 1 October 2005 $ Delivered to Choc Shop on 24 October 2005 Mark-up 50% plus GST Job T502 Completed at a cost of $ and transferred to Finished Goods on 21 October 2005 (f) Complete Finished Goods Control account for the month of October. The opening balance has been entered for you. Use EITHER the 3-column format OR the T-form format. DO NOT write in both versions. EITHER 3-column General Ledger Finished Goods Control 01/10/05 Balance Dr OR T-form Finished Goods Control 01/10/05 Balance

5 (g) 5 Prepare the General Journal entry for the sale of Job T501 on credit to Choc Shop. The entry for the transfer to cost of goods sold is NOT required. General Journal Assessor s 24/10/05 For the year ended 31 December 2005 total overhead expenses incurred amounted to $ total overheads applied to production amounted to $ (h) Complete the Factory Overhead Control account in the General Ledger showing the summary of overhead expenses incurred and applied for the year ended 31 December Under- or over-applied overhead is transferred to Cost of Goods Sold at the end of the year. The factory overhead expenses incurred have been entered for you. Use EITHER the 3-column format OR the T-form format. DO NOT write in both versions. EITHER 3-column General Ledger Factory Overhead Control 31/12/05 Factory Expenses Dr OR T-form Finished Overhead Control 31/12/05 Factory Expenses

6 6 Extra paper for continuation of answers if required. Clearly number the question. Assessor s Question number

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