Mathematics · Cost Accounting & Budgeting
Calculate the figures that should be entered into Gap 1, Gap 2, and Gap 3 (to the nearest whole kg):
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- 1(i) Steel required for production = 220 × 1.5 kg + 170 × 2 kg = 670 kg (ii) Opening inventory = (220 × 1.5 kg + 170 × 2 kg) × 0.5 = 335 kg (iii) Closing inventory = (240 × 1.5 kg + 180 × 2 kg) × 0.5 = 360 kg✓
- 2(i) Steel required for production = 220 × 1.5 kg + 170 × 2 kg = 780 kg (ii) Opening inventory = (220 × 1.5 kg + 170 × 2 kg) × 0.5 = 455 kg (iii) Closing inventory = (240 × 1.5 kg + 180 × 2 kg) × 0.5 = 270 kg
- 3(i) Steel required for production = 220 × 1.5 kg + 170 × 2 kg = 770 kg (ii) Opening inventory = (220 × 1.5 kg + 170 × 2 kg) × 0.5 = 445 kg (iii) Closing inventory = (240 × 1.5 kg + 180 × 2 kg) × 0.5 = 220 kg
- 4(i) Steel required for production = 220 × 1.5 kg + 170 × 2 kg = 770 kg (ii) Opening inventory = (220 × 1.5 kg + 170 × 2 kg) × 0.5 = 435 kg (iii) Closing inventory = (240 × 1.5 kg + 180 × 2 kg) × 0.5 = 260 kg
Correct answer
(i) Steel required for production = 220 × 1.5 kg + 170 × 2 kg = 670 kg (ii) Opening inventory = (220 × 1.5 kg + 170 × 2 kg) × 0.5 = 335 kg (iii) Closing inventory = (240 × 1.5 kg + 180 × 2 kg) × 0.5 = 360 kg
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