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A company operates an integrated standard cost accounting system. The standard price of raw material A is $20 per litre. At the start of period 1, the inventory of 500 litres of raw material A was valued at $20 per litre. During period 1, 100 litres of raw material A were purchased at an actual price of $21 per litre. During period 2, 550 litres of raw material A were issued to Job 789.

In respect of the above events, which TWO of the following statements are correct? (Choose two.)

Options:

The raw material inventory at the end of period 1 should include 100 litres valued at $21 per litre.

An adverse material price variance should be recorded in the statement of profit or loss for period 1.

The raw material inventory at the end of period 2 should be valued at $20 per litre.

An adverse material price variance should be recorded in the statement of profit or loss for period 2.

The first 500 litres of raw material A issued should be debited to the Job 789 account at $20 per litre, and the remaining 50 litres at $21 per litre.

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Question 2

Refer to the exhibit.

SL manufactures a single product, the cost and selling price of which are given below:

Fixed overheads per unit are based on a budgeted production volume of 25,000 units.

Budgeted sales are assumed to be 25,000 units.

If all costs increase by 5% but selling price remains the same, by how much must sales change from the budgeted volume to achieve the same budgeted profit?

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Question 3

Which one of the following is an advantage of business partnering roles for the management accounting function within an organisation?

Options:

The management accountant is more likely to be focused on the objectives of the organisation as a whole

Communications are improved between the managers and the management accountant

Costs are reduced

Management accounting practices are more likely to be consistent throughout the organisation

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Fundamentals of management accounting Questions and Answers

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