ScholarMatic: Explanation & Answer
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1. In fisher Ltd, direct materials are 12 000, direct labour 15 000 and manufacturing overhead is 9 000. What is the amount of (a) prime costs and (b) conversion costs?
2. Below are three functions of the management of an entity:
(a) Planning (b) directing and motivating (c) Controlling
Identify which of the following statements best describes each of the above functions.
(1)_______Require(s) managements to look ahead and to establish objectives. A key objective of management appears to be to add value to the business.
(2)_______Involve(s) coordinating the diverse activities and human resources of an entity to produce a smooth-running operation. This function relates to the implementation of planned objectives.
(3)_______Is the process of keeping the actives on track. Management must determine whether goals are being met and what changes necessary when there are deviations.
3. Presented below are Office Mate Pty Ltd’s monthly manufacturing cost data relating to its stationery product:
(a) Power for manufacturing equipment 116 000
(b) Raw material (plastic, ink etc.) 85 000
(c) Depreciation on manufacturing building 880 000
(d) Wages for production workers 191 000
Enter each cost item on the following table, placing an ‘X’ under the appropriate heading.
Product costs
Direct Direct Factory Prime Conversion
materials labour overhead costs costs
(a)
(b)
(c)
(d)
4. Indicate whether each of the following costs of a motor vehicle manufacturer would be classified as direct materials, direct labour or manufacturing overhead:
(a) Windshield.
(b )Engine.
(c) Wages of assembly line worker.
(d) Depreciation of factory machinery.
(e) Factory machinery lubricants.
(f) Tyres.
(g) Steering wheel.
(h) Salary of painting supervisor.
ScholarMatic: Explanation & Answer
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