ACC 221 UNILAG DLI

Introduction to Cost Accounting (Elements of Cost Accounting I)
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Economic Order Quantity (EOQ) & Stock Control Levels

Computed Stock Thresholds

Economic Order Quantity (EOQ): 500 units
Re-order Level (ROL = Max Ɨ Max): 4,500 units
Minimum Stock Level (Safety Stock): 2,100 units
Maximum Stock Level: 4,000 units
Average Stock Level: 2,350 units

Halsey (50%) & Rowan Premium Bonus Scheme Comparator

Remuneration Breakdown

Time Saved: 4.0 hrs
Basic Day Wage (Taken Ɨ Rate): ā‚¦3,000
Halsey 50% Bonus: ā‚¦1,000
Halsey Total Earnings: ā‚¦4,000
Halsey Effective Hourly Rate: ā‚¦666.67/hr
Rowan Bonus (TT/TA Ɨ TS Ɨ Rate): ā‚¦1,200
Rowan Total Earnings: ā‚¦4,200
Rowan Effective Hourly Rate: ā‚¦700.00/hr

Breakeven & Cost-Volume-Profit (CVP) Model

CVP Analysis Results

Unit Contribution (SP - VC): ā‚¦40
Contribution to Sales (C/S) Ratio: 40.00%
Breakeven Point (Units): 5,000 units
Breakeven Point (Naira Revenue): ā‚¦500,000
Margin of Safety (MOS): 2,000 units (28.6%)
Required Sales for Target Profit: 8,000 units

High-Low Method Cost Separation & Predictor

Cost Function & Estimates

Variable Cost per Unit (b): ā‚¦3.00 per unit
Total Fixed Cost (a): ā‚¦6,000
Derived Cost Equation: y = ā‚¦6,000 + (ā‚¦3.00 Ɨ x)
Predicted Total Cost at Target: ā‚¦27,000

Standard Costing Variance Calculator (Materials & Labour)

DIRECT MATERIALS:

DIRECT LABOUR:

Calculated Variances

Material Price Variance (MPV): ā‚¦7,360 (FAVOURABLE)
Material Usage Variance (MUV): ā‚¦6,000 (ADVERSE)
Total Material Variance: ā‚¦1,360 (FAVOURABLE)
Labour Rate Variance (LRV): ā‚¦6,900 (ADVERSE)
Labour Efficiency Variance (LEV): ā‚¦5,000 (ADVERSE)
Total Labour Variance: ā‚¦11,900 (ADVERSE)

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Challenge 1 of 35 šŸ”„ Streak: 0
Direct materials plus direct labour plus direct expenses equals ________.

šŸ“š Cost Accounting Key Concepts Glossary

108 precise, university-grade definitions covering cost classification, material control, overhead absorption, process costing, variance analysis, and managerial budgeting.

šŸ“ University-Grade Essay & Computational Problems

7 full 20-mark typical UNILAG examination problems with complete step-by-step model solutions, official marking rubrics, and accounts ledger presentations.