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Extra resources for CIMA Official Exam Practice Kit Fundamentals of Management Accounting, Third Edition: CIMA Certificate in Business Accounting
Of workers Machine maintenance labour – Machine maintenance hours Supervision – No. of workers. Rent apportionment Total occupancy ϭ 100,000 sq. metres Annual rent ϭ £500,000 Cost per sq. metre ϭ £5 Department A occupancy ϭ 30,000 sq. 5 Production and services department Production (£) Service (£) A B C X Y 100,000 75,000 50,000 25,000 10,000 Apportion X 7,500 7,500 5,000 (25,000) 5,000 Apportion Y 7,500 1,500 4,500 1,500 (15,000) Apportion X 450 450 300 Apportion Y 150 30 90 30 Apportion X 11 11 8 *(30) – 115,611 84,491 59,898 – – Initial Allocation Total charge for overhead (1,500) 300 (300) * When the service department cost reduces to a small amount, the final apportionment is adjusted for roundings.
10 Arguments for and against departmental absorption rates: For (i) Costings of products are more accurate since each product can be charged with the relevant amount of overheads from each department. (ii) Cost control is improved since under/over absorption can be calculated for each department. Against (i) A single factory-wide rate is simpler, less time-consuming and cheaper. (ii) If departmental rates are not kept under constant review, they may give misleading costing information. 1 What are the three objectives of accounting for overhead costs?
9 What is a perpetual inventory? 10 State four advantages of using a material code. 1 A material requisition is used to authorise and record the issue of material from stores to production or for indirect purposes. 2 The three methods of inventory valuation are (i) FIFO – First In First Out (ii) LIFO – Last In First Out (iii) Weighted average cost. 4. 66 13,333 Advantages and disadvantages of FIFO Advantage (i) Produces realistic inventory values. Disadvantages (i) Produces out-of-date production costs.