Here is TUT Exam Questions with answers for practise download PDF-103 1
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The questions below have been provided for students to:
Practice time management techniques
Get additional practice applying some of the principles taught in the study guides
These extra questions are all written questions – we have not provided any additional multiple-
choice questions as students already have quite a variety of multiple-choice questions in their
assignments.
From enquiries, assignments, etc., the lecturers have noted that students are often struggling with
some of the topics and we have decided to provide you with the opportunity for additional practice
with regard to some of the principles addressed in these topics. Also, none of the assignments
contain written questions on the topics in study guide 2 (topics 9 – 12) and we have therefore also
provided additional questions about these four topics. Please note that these questions are NOT
an indication of what will be asked in the exam – they are simply for additional practice.
All twelve topics will be examined!
QUESTION 1 – JOB COSTING (23 marks) (28 minutes)
Ntabalanga (Pty) Ltd. uses a job costing system. Manufacturing overheads are allocated to jobs on the
basis of a predetermined rate of 50% of direct labour cost. The budget for April 2013 estimated that
direct labour would be 12 500 hours at a budgeted rate of R50 per hour.
On 1 April 2013, the ledger of the companyrevealedthe following information:
R
Materials on hand 150 000
Finished goods
Job J 117 000
Job L 6 000
Work in progress control account
Job M 64 000
Job N 72 000
Job P 56 000
The following transactions took place during April 2013:
1. Jobs Q and R were started in the current month.
2. Jobs N and R were completed during April 2013 and Job N was invoiced to a customer at a profit of
25% of cost price
MAC2601/103
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(c) Calculate and allocate the Rand value of the normal loss for purposes of the
cost allocation statement of scenario 7. (8)
(d) Prepare the cost allocation statement for scenario 7. (8)
PART H – Scenario 8 (27 marks) (32 minutes)
Additional information:
Wastage occurs at the end of the process.
The company uses the FIFO method of inventory valuation.
Closing WIP is 90% complete.
REQUIRED
(a) Prepare the quantity statement for scenario 8. (8)
(b) Prepare the production cost statement for scenario 8. (3)
(c) Calculate and allocate the Rand value of the normal loss for purposes of the
cost allocation statement of scenario 8. (8)
(d) Prepare the cost allocation statement for scenario 8. (8)
QUESTION 3 – BUDGETING (10 marks) (12 minutes)
Rayi (Pty) Ltd. is a retail distributor of after-market automotive parts. The management accountant
has prepared sales budgets for the six months from July to December 2013. These are presented
below: