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Flinders Ltd. has three production departments supported by the two service departments. The management accountant of Flinders Ltd. has given the following budgeted overhead costs for the coming year.

1551_budgeted overhead cost.jpg

Other budgeted data are as shown below:

1135_budgeted data.jpg

Flinders Ltd. has the policy of apportioning the cost of service department X between the other four departments to remove those costs before apportioning the cost of service department Y among the production departments.

The percentage of apportionment is as shown below:

2129_percentage of apportionment.png

Required:

a) Make a statement to show the total overheads for each production department, exhibiting the basis of apportionment chosen.

b) Compute an Overhead Absorption Rate (OAR) for each production department, by using the most appropriate basis of absorption.

c) Computed Overhead Absorption Rate (OAR) is Rs17. The actual overheads for Assembly Department were Rs 195 211 and direct labor hours worked were 11 542. Compute the amount of over or under absorbed overheads.

d) In brief describe four differences between the management and financial accounting.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M96731

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