CIMA Official Learning System Management Accounting Decision by Jo Avis, Louise Burke, Colin Wilks

By Jo Avis, Louise Burke, Colin Wilks

The hot variation of CIMA's reputable studying platforms has been written along with the Examiner and the CIMA college to completely replicate what can be verified within the examination.

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Instead, the amount for each period ABSORPTION, ACTIVITY-BASED AND MARGINAL COSTING Data for the latest period in two of the cost centres of XY Limited are as follows: 21 ABSORPTION, ACTIVITY-BASED AND MARGINAL COSTING 22 STUDY MATERIAL P2 is transferred to a suspense account. At the end of the year the net balance on this account is transferred to the profit and loss account. This procedure is particularly appropriate when activity fluctuations cause under- and over-absorptions which tend to cancel each other out over the course of the year.

Solution Step 1 – Identify production-related activities Activities (1) (2) (3) (4) (5) (6) (7) (8) Machining Machine set-up Machining quality control Assembly Assembly quality control Resource procurement Customer liaison/expediting Factory management 100 2,200 ABSORPTION, ACTIVITY-BASED AND MARGINAL COSTING Table 6 37 ABSORPTION, ACTIVITY-BASED AND MARGINAL COSTING 38 STUDY MATERIAL P2 Total Step 2 – Identify the cost of activities £000 (1) Machining: Supervision Power Indirect materials Depreciation (2) Machine set-up: Indirect labour Indirect materials (3) Machining quality control: Indirect labour Indirect materials (4) Assembly: Supervision Power Indirect materials Depreciation (5) Assembly quality control: Indirect labour Indirect materials (6) Resource procurement: Indirect labour Indirect materials Depreciation (7) Customer liaison/expediting: Indirect labour Indirect materials Depreciation (8) Factory management (see note below): Indirect labour Indirect materials Depreciation Security Grounds maint.

The absorption rates can now be calculated. Production department A ϭ £ 71327 , /27,200 ϭ £ 2 . 82 per direct labour hour We can now extend the example a little further to practise using the calculated absorption rates. What is the total production cost of the following job? 54 See if you can calculate the under- or over-absorbed overhead in each of the departments using the following data: Actual results Overhead incurred Direct labour hours Machine hours Department A Department B £70,483 6,740 27,900 £52,874 18,300 850 ABSORPTION, ACTIVITY-BASED AND MARGINAL COSTING Suggested solution 23 ABSORPTION, ACTIVITY-BASED AND MARGINAL COSTING 24 STUDY MATERIAL P2 The first step is to calculate how much overhead would have been absorbed, based on the actual hours and the predetermined overhead absorption rate for each department.

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