Question 1

The Business Times reported on 17 March 2022 that “recovery in visitor arrivals to Singapore is expected to pick up further over the course of 2022 to benefit hotels in Singapore as usage of the Vaccinated Travel Lane (VTL) scheme continues to grow”.

New initiatives that will further boost visitor arrivals were also announced by the Singapore Tourism Board (STB) such as the planned expansion of Resorts World Sentosa, recent extension of Singapore’s contract to host the Formula One Singapore Grand Prix, and several major MICE (meetings, incentives, conferences and exhibitions) events for 2022.

However, challenges such as pandemic-driven cost increases, the risk of new Covid-19 variants and the delayed reopening of travel to and from China would mean that for hotel operators to remain viable, stringent cost saving measures are of paramount importance.

Required:

Question 2

The following cost data for the year ending 30 June 2022 relate to Aggro-tech Ltd.

Drone Division Fertiliser Division
Sales $ $
$600,000 ?
Inventories at 1 July 2021
Raw materials 18,750 ?
Work in process ? 175,000
Finished goods ? 250,000
Inventories at 30 June 2022
Raw materials 37,500 400,000
Work in process 6,250 ?
Finished goods 31,250 ?
Direct material used ? 475,000
Purchases of raw materials ? 575,000
Direct labour 156,250 ?
Actual manufacturing overhead 315,000 2,238,750
Selling and administrative expenses ? ?
Total manufacturing costs 537,500 3,850,000
Cost of goods manufactured 550,000 3,875,000
Cost of goods available for sale 575,000 ?
Cost of goods sold ? 3,963,750
Gross profit ? 661,250
Net profit (2,500) ?

The company uses normal costing and manufacturing overhead is applied at the rate of 200% of direct labor cost.

Over or under-applied manufacturing overhead is closed on an annual basis to the cost of goods sold and this has been included in the above data.

Required:

Present all workings in a clear and succinct manner.

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