College of Administration and Finance SciencesAssignment (1)Deadline: Saturday 12/10/2024 @ 23:59Course Name: Cost AccountingStudent’s Name:Course Code: ACCT 301Student’s ID Number:Semester: FirstCRN:Academic Year: 1446 H(2024-25)For Instructor’s Use onlyInstructor’s Name:Students’ Grade:/15Level of Marks: High/Middle/LowInstructions – PLEASE READ THEM CAREFULLY• The Assignment must be submitted on Blackboard (WORD format only) via allocatedfolder.• Assignments submitted through email will not be accepted.• Students are advised to make their work clear and well presented, marks may bereduced for poor presentation. This includes filling your information on the coverpage.• 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 orother 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 SciencesAssignment Questions:Marks 15)1. In August 2024, Ahmed Co. incurred total cost of SAR 29,000 and made 3,100units. In November 2024, it produced 1,600 units with a total cost of SAR20,000.(Mark1 x 5)Requirement:a) Find Per Unit Variable Costb) Find Total Variable Cost in the Month of Augustc) Find Total Variable Cost in the Month of Novemberd) Find Total Fixed Coste) Determined Cost Function2. ABC Company Ltd. has provided the following information for the year endedDecember 31, 2023.(Mark 1 X 5)SARTotal Sales Revenue2,880,000Total Variable Cost1,080,000Total Fixed Cost1,500,000Units Produced and Sold3,600Determine the following from the above information:a) Contribution Per Unitb) Contribution Margin Ratioc) Break Even Point in unitsd) Break Even Point in Salese) Margin of Safety in Sales3. Suppose budgeted overhead was $ 120,000 fixed overhead plus variableoverhead of $ 12/DL hour. Expected DL hours were 60,000, so that the estimatedoverhead rate was $ 14/DL hour. Actual DL hours totaled 50,000 for the year andactual overhead was $ 740,000. At the end of the year, Work in Progress, FinishedGoods & Cost of Goods Sold had the account balances shown below.College of Administration and Finance SciencesWork in ProgressSAR 150,000Finished Goods250,000Cost of Goods Sold1,600,0002,000,000Requirement:(1+2+2 Marks)a) Prepare Overhead Cost Control Accountb) Assuming Misallocated Overhead as material, determine the ratio of the threeaccounts to close overhead cost control accountc) Prepare a Journal Entry to Close Overhead Cost Control AccountAnswer -1Answer – 2Answer -3
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