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1467 Words May 6th, 2012 6 Pages
ACC00146 – 2012 S1

Assignment 1
Due: Monday 26 March 2012 (Week 6)
Weighting: 20%

Question 1 (5 marks)
You have been employed as an entry-level management accountant for a little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of company assets to personal use. Briefly describe the steps you might take to resolve this dilemma and use a real world example (not hypothetical) to support your approach.

Question 2 (5 marks)
Lismore Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted:

Work-in-process inventory (January 1) $ 140,400 Work-in-process inventory (March 31) 171,000 Finished goods inventory
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The company uses a budgeted overhead rate for applying overhead to production.

Required:
a. Determine the budgeted manufacturing overhead rate for each department.
b. Prepare the necessary journal entries to summarize the March transactions for Department 100.
c. What is the total cost of Job A
d. What are the major cost objects that managers focus on in organizations.

Question 4 (5 marks)

The Alex Miller Corporation operates one central plant that has two divisions, the Flashlight Division and the Night Light Division. The following data apply to the coming budget year:

Budgeted costs of the operating the plant for 10,000 to 20,000 hours: Fixed operating costs per year $240,000 Variable operating costs $10 per hour
Practical capacity 20,000 hours per year
Budgeted long-run usage per year: Lamp Division 800 hours × 12 months = 9,600 hours per year Flashlight Division 450 hours × 12 months = 5,400 hours per year

Assume that practical capacity is used to calculate the allocation rates. Further assume

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