THIS DOCUMENT CONTAINS MAC1501 ASSESSMENT 6 SEM 2 0F 2023 EXPECTED QUESTIONS AND SOLUTIONS. USING IT CORRECTLY AS A GUIDE WILL HELP YOU SCORE ABOVE 80%
Started on Tuesday, 7 November 2023, 2:18 PM
State Finished
Completed on Tuesday, 7 November 2023, 3:56 PM
Time taken 1 hour 38 mins
Grade 89.73 out of 100.00
Question 1
Partially correct
THIS QUESTION CONSISTS OF TWO SEPARATE QUESTIONS, BOTH OF WHICH MUST BE ANSWERED
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Part A
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Flag question Mohlwanyane Company’s activity for the last six months is as follows:
Month Machine hours Electrical costs
January 2 000 R15 600
February 2 600 R22 500
March 2 400 R17 500
April 1 900 R15 200
May 1 800 R14 500
June 2 100 R16 000
July 2 200 ?
Required:
Using the high-low method calculate the following and choose the correct answer from the options provided:
Variable cost per unit R10.00
Fixed cost R3 500
The estimated electrical cost of 2 200 machine hours R22 000 .
Part B
Consider the information provided in the following two (2) independent cases A and B. Assuming that overhead costs are absorbed to production work at the
rate of R7,20 per direct labour hour, calculate the missing values and choose the correct answer from the options provided.
Case Direct labour Absorbed Actual Over /under-absorbed
hours overheads overheads overheads
A 10 000 R72 000 R75 600 R3 600 under absorbed
B 12 000 R86 400 R84 600 R1 800 over absorbed
Question 2 Choose the correct term from the options provided to match the following descriptions:
Correct
M ark 10.00 out Time value of money
of 10.00 The principle that an amount of money is worth more today than the same amount of money will be worth in the future.
Flag question
This method treats all manufacturing costs (i.e. direct materials, direct labour as well as fixed and variable factory Absorption costing
overheads) as product costs.
The total gain or loss on an investment over a given period. Return
, The costs relating to the preparation and processing of purchasing documentation, as well as receiving and inspecting Ordering costs
purchased items.
The company’s plan that will contain statements about its mission, vision, values, key strategies and long-term objectives. Strategic plan
A factory’s average level of activity for meeting the company’s production demands, considering expected interruptions Normal capacity
and seasonal fluctuations.
The term used where the remuneration paid to employees could vary from one period to the next. Wages
An inventory that was purchased with the intention to sell it again in unaltered form. Merchandise
Costs that remain constant regardless of the number of units produced and sold. Fixed costs
The manufacturing costs that we can easily trace to the products manufactured. Direct costs
Question 3
Zipho is employed by Jek Limited. The normal working week of the company is 45 hours. Zipho’s basic wage rate is R50 per hour. The company pays Zipho
Partially correct
M ark 13.75 out normal time and a half for any work in excess of 45 hours per week. In the week ending 22 October 2023, Zipho worked 50 hours.
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Flag question Additional information:
1. Zipho makes the following contributions:
Pension fund 8% of normal wage
Medical Aid 6% of normal wage
UIF 1% of gross wage
2. The company makes the following contributions:
Pension fund 15% of normal wage
Medical aid 9% of normal wage
UIF 1% of gross wage
3. Zipho pays PAYE at 18% of his taxable income.
Required:
Calculate the missing data and choose the correct answer from the options provided:
R
Normal wages 2 250,00
Add: Overtime premuim 375,00
Total gross wages 2 625,00
Less: Pension fund 180,00
Taxable wages 2 445,00
Less: Other deductions
PAYE 440,10
, Medical aid 135,00
UIF 26,25
Net wage payable 1 843,65
Question 4
Kok (Pty) Ltd manufactures stylus pens. An extract from a company's first-quarter sales budget for 2024 is as follows:
Correct
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January 1 094 700
Flag question
February 867 150
March 1 040 580
Twenty percent (20%) of sales are paid for immediately in cash. Of the credit customers, forty percent (40%) pay in the month following the sale and are
entitled to a two percent (2%) discount. The remaining customers pay two months after the sale is made. The budgeted sales for December 2023 amount to
R1 007 370.
The production budget for pens from January 2024 to March 2024 is as follows.
January February March
Production units 3 100 2 935 3 260
Each unit of stylus pen requires 1,5 direct labour hours. The direct labour rate is R33,30 per hour. Wages are paid 70% in the month of production and 30% in
the following month. Production units of 2 650 pens are planned to be produced in December 2023.
The budgeted raw material purchases are as follows.
January February March
R R R
275 525 292 000 285 050
Forty percent (40%) of material purchases are paid for immediately in cash. Credit purchases are paid for in the month following purchase. The raw material
purchases with the value of R250 670 are budgeted for the month of December 2023.
All other costs are paid as incurred.
Required:
Calculate the missing data in the following cash budget and choose the correct answer from the options provided. (Round off to the nearest R1, where
, 148 102 149 076 157 967
Direct labour payment
Payment of other expenses 278 144 274 381 348 285
261 286 471 324
Net cash surplus/(deficit) (33 408)
Question 5
The following are the inventory transactions of Ibali (Pty) Ltd, a retailer, for the month ended 31 October 2023. Ibali (Pty) Ltd uses the perpetual inventory
Partially correct
M ark 13.27 out system. The company applies a mark-up of 25% of cost on all goods sold.
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R
Flag question
Purchased inventory on account 304 722
Paid for delivery of the inventory in cash 5 346
Sold inventory for cash 276 650
Purchased inventory for cash 111 375
Returned unwanted goods to the supplier 12 555
Sold inventory on account 79 040
Paid for delivery of sold goods to the customer in cash 3 645
Required:
Complete the journal entries for the above-mentioned transactions by selecting the appropriate accounts and related data.
Debit Credit
R R
Inventory of merchandise
304 722
Trade creditors
304 722
Inventory purchased on account
Debit Credit
R R
Delivery expenses
5 346
Bank
5 346
Paid delivery cost of purchases
Debit Credit
R R
Bank 276 650
Sales 276 650
Cash sales
Debit Credit
R R
Cost of sales 221 320
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