F2 ASSESSMENT 2 evaluates understanding of costing principles in business scenarios. It tests skills in absorption and marginal costing, labor efficiency, and direct labor cost management, essential for accounting and financial decision-making.
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Allocation
Apportionment
Absorption
Reapportionment
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Group C
Group A
Group B
Group D
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Absorption costing profit will be $19,000 lower than marginal costing profit
Absorption costing profit will be $71000 lower than marginal costing profit
Absorption costing profit will be $19,000 higher than marginal costing profit
Absorption costing profit will be $71000 higher than marginal costing profit
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10.3%
16.5%
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Assembly workers in a company manufacturing televisions;
A stores assistant in a factory store;
Plasterers in a construction company;
An audit clerk in a firm of auditors.
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$38300
$76700
$37500
$77500
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89.7%
93.1%
96.3%
103.3%
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$810000
$739000
$218000
$199000
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$2000
$2500
$4000
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$300,000
$192000
$240,000
$288,000
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$216
$240
$288
$360
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Under-absorbed by $43,000
Under-absorbed by $7000
Over-absorbed by $43,000
Over-absorbed by $7,000
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7500
9500
10500
12500
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$214.20
$357.80
$381.88
$977.60
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Dr Work-in-progress control account Cr Overhead control account
Dr Income statement Cr Work-in-progress control account
Dr Income statement Cr Overhead control account
Dr Overhead control account Cr Income statement
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$1575
$1890
$1968.75
$2000.75
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$9.60 per machine hour
$9.90 per machine hour
$17.33 per labour hour
$18.33 per labour hour
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$30000
$20000
$140000
$130000
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Was 23
26
29
Cannot be determined
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$810
$5133.60
$5803.2
$6210
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Under-absorbed by $24000
Under absorbed by $11000
Over absorbed by $11000
Over absorbed by $24000
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$80,000 over absorbed
$84000 under absorbed
$80000 under absorbed
$96000 over absorbed
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