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A company manufactures three joint products and one by-product from a single process.

Data for May are as follows.

Opening and closing inventories Nil

Raw materials input $180,000

Conversion costs $50,000

Output Units Sales price $ per unit

Joint product L 3,000 32

M 2,000 42

N 4,000 38

By-product R 1,000 2

By-product sales revenue is credited to the sales account. Joint costs are apportioned on a sales value basis.

What were the full production costs of product M in May (to the nearest $)?

A

$57,687

B

$57,844

C

$58,193

D

$66,506

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Chapter12Processcosting,jointproductsandby-products

No costs are apportioned to the by-product. The by-product revenue is credited to the sales account, and so does not affect the process costs.

Apportioned

Units Sales value cost

$ $

L 3,000 (x $32) 96,000 ($230,000 x 96/332) 66,506

M 2,000 (x $42) 84,000 ($230,000 x 84/332) 58,193

N 4,000 (x $38) 152.000 ($230,000 x 152/332) 105,301

332,000 230,000

多做几道

Which of the following statements about management accounting information is/are true?

(i) They must be stated in purely monetary terms.

(ii) Limited companies must, by law, prepare management accounts.

(iii) They serve as a future planning tool and are not used as an historical record.

A

(i), (ii) and (iii)

B

(i) and (ii)

C

(ii) only

D

None of the statements is true

Which of the following statements is/are correct?

(i) A management control system is a term used to describe the hardware and software used to drive a database system which produces information outputs that are easily assimilated by management.

(ii) An objective is a course of action that an organisation might pursue in order to achieve its strategy.

(iii) Information is data that has been processed into a form meaningful to the recipient.

A

(i), (ii) and (iii)

B

(i) and (iii)

C

(ii) and (iii)

D

(iii) only

Good information should have certain qualities. Which of the following are qualities of good information?(i) Complete(ii) Extensive(iii) Relevant(iv) Accurate

A

(i), (ii) and (iii)

B

(i), (iii) and (iv)

C

(ii) and (iv)

D

All of them

Monthly variance reports are an example of which one of the following types of management information?

A

Tactical

B

Strategic

C

Non-financial

D

Operational

Which of the following statements is/are correct?

(i) Information for decision-making should incorporate uncertainty in some way

(ii) The data used to prepare financial accounts and management accounts are the

A

(i) is true and (ii) is false

B

(ii) is true and (i) is false

C

Both are true

D

Both are false

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