ACCT 322 Saudi Electronic University Fixed Overhead Absorption Rate Questions

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College of Administrative and Financial Sciences
Assignment 2
Deadline: 21/3/2020@ 23:59
Course Name: Managerial Accounting
Student’s Name:
Course Code:ACCT 322
Student’s ID Number:
Semester: 2
CRN:
Academic Year: 1440/1441 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade: Marks Obtained/Out of
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be
reduced for poor presentation. This includes filling your information on the cover page.
• 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 or
other resources without proper referencing will result in ZERO marks. No exceptions.
• All answered 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.
1
Assignment Question(s):
(Marks5)
Q1. Give a numerical example for Variable Costing Contribution Format Income
Statement that is used for the internal decision-making and compare with the traditional
income statement prepared by absorption costing that is used for the external reporting.
Prepare the two income statements assuming the following (2.5 marks)
1- There is no inventory.
2- There is beginning inventory.
3- There is end of period inventory
4- Explain and comment on the reasons for differences in the results
Answer:
Q2. Define the master budget and use your own figures to prepare the following quarter
budgets: (2.5 marks)
1- Sales budget
2- Production budget with ending inventory.
3- Raw material budget with ending inventory.
4- Direct labor budget
5- Manufacturing overhead budget.
Answer:
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