Accounting Question

Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism.

College of Administration and Finance Sciences
Assignment (1)
Deadline: Saturday 12/10/2024 @ 23:59
Course Name: Cost Accounting
Student’s Name:
Course Code: ACCT 301
Student’s ID Number:
Semester: First
CRN:
Academic Year: 1446 H
(2024-25)
For Instructor’s Use only
Instructor’s Name:
Students’ Grade:
/15
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be
reduced for poor presentation. This includes filling your information on the cover
page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or
other resources without proper referencing will result in ZERO marks. No exceptions.
• All answers must be typed using Times New Roman (size 12, double-spaced) font.
No pictures containing text will be accepted and will be considered plagiarism.
• Submissions without this cover page will NOT be accepted.
College of Administration and Finance Sciences
Assignment Questions:
Marks 15)
1. In August 2024, Ahmed Co. incurred total cost of SAR 29,000 and made 3,100
units. In November 2024, it produced 1,600 units with a total cost of SAR
20,000.
(Mark1 x 5)
Requirement:
a) Find Per Unit Variable Cost
b) Find Total Variable Cost in the Month of August
c) Find Total Variable Cost in the Month of November
d) Find Total Fixed Cost
e) Determined Cost Function
2. ABC Company Ltd. has provided the following information for the year ended
December 31, 2023.
(Mark 1 X 5)
SAR
Total Sales Revenue
2,880,000
Total Variable Cost
1,080,000
Total Fixed Cost
1,500,000
Units Produced and Sold
3,600
Determine the following from the above information:
a) Contribution Per Unit
b) Contribution Margin Ratio
c) Break Even Point in units
d) Break Even Point in Sales
e) Margin of Safety in Sales
3. Suppose budgeted overhead was $ 120,000 fixed overhead plus variable
overhead of $ 12/DL hour. Expected DL hours were 60,000, so that the estimated
overhead rate was $ 14/DL hour. Actual DL hours totaled 50,000 for the year and
actual overhead was $ 740,000. At the end of the year, Work in Progress, Finished
Goods & Cost of Goods Sold had the account balances shown below.
College of Administration and Finance Sciences
Work in Progress
SAR 150,000
Finished Goods
250,000
Cost of Goods Sold
1,600,000
2,000,000
Requirement:
(1+2+2 Marks)
a) Prepare Overhead Cost Control Account
b) Assuming Misallocated Overhead as material, determine the ratio of the three
accounts to close overhead cost control account
c) Prepare a Journal Entry to Close Overhead Cost Control Account
Answer -1
Answer – 2
Answer -3