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Subject Code : ACCM4100
Country : Australia
Assignment Task:

TASK:

Your Task You need to prepare and submit an excel spreadsheet which answers the questions below.

Assessment Description Prepare an excel spreadsheet to help satisfy Learning Outcome 2: Formulate budgets and construct a cost-volume-profit analysis using practical scenarios. Assessment Instructions Messi Ltd manufactures wardrobes. You work in the accounting department and have been tasked with preparing the Budget for the next month. Messi makes two products: Premium wardrobes - large wardrobes with mirrors De Luxe wardrobes - medium sized wardrobes with an innovative shelving solution and mirrors Direct manufacturing labour is 3 hours for the Premium wardrobe and 5 hours for the De Luxe.

The budgeted direct material usage for each product in 2021 is: Square metres Premium De Luxe Mirrors 2 3 Softwood 1 5 Opening direct materials inventory for January 2021 is: Square metres Premium De Luxe Mirrors 40 15 Softwood 10 30 Page 2 Kaplan Business School Assessment Outline Target ending direct materials inventory (January 31) is: Square metres Premium De Luxe Mirrors 24 20 Softwood 6 40 Unit cost data is expected to be the same for January as it was in December 2020 for labour and all materials as below: December 2020 (actual) January 2021 (budgeted) $ $ Mirrors per square metre 160 160 Softwood per square metre 125 125 Manufacturing labour cost per hour 30 30 Manufacturing overhead (both variable and fixed) is allocated to each wardrobe on the basis of budgeted direct manufacturing labour hours. The budgeted variable manufacturing overhead rate for January 2021 is $35 per direct manufacturing labour-hour.

The budgeted fixed manufacturing overhead for the month is $42,500. Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods on the basis of direct manufacturing labour-hours. Data relating to finished goods inventory for January 2021 are: Premium De Luxe Opening Inventory (units) 20 5 Opening Inventory (dollars) $10,840 $4,850 Target Ending Inventory 30 15 Budgeted sales for January 2021 are 740 units of the premium and 390 units of the De Luxe. The budgeted selling prices per unit in January 2021 are $1,020 for the Premium and $1,600 for the De Luxe. For the purposes of calculating COGS and Closing Inventory of finished goods, cost per unit for January 2021 is $670 for the Premium wardrobe and $1,480 for the De Luxe wardrobe. Assume the following in your answer:

• Work-in-process inventories are negligible and ignored.

• Direct materials inventory and finished goods inventory are costed using the FIFO method.

• Unit costs of direct materials purchased and finished goods are constant in January 2021.

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  • Uploaded By : Pearl
  • Posted on : June 02nd, 2019

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