HI5017: Managerial Accounting - Mel Snow - Toys World - Report Writing - Accounting Assignment Help
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Unit Learning Outcomes Assessed:
1. Critically evaluate the various approaches to performance measurement and control in various types of organisations, and devise and evaluate indicators of performance;
2. Demonstrate the need for a balance between financial and non-financial information in decision making, control and performance evaluation applications of management accounting;
3. Analyse a company’s financial statements and/or management reports and identify the strengths and weaknesses of the company and articulate these to the various stakeholders.
Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions for weeks 1 to 5 inclusive and submit these answers in a single document.
a) Prepare the schedule of cost of goods manufactured for Nani’s fashion.
b) Prepare the schedule of cost of goods sold for Nani’s Fashions and explain the information provided by the schedule of cost of goods sold.
c) Prepare an income statement for the current year.
Week 2 Brisbane Indoor Sports, a sporting complex, has opening hours that fluctuate from month to month. The electricity costs and hours of operation for past six months is listed below:
a) Use the high-low method to estimate the cost behaviour for the complex’s electricity costs, assuming that the variable costs vary in proportion to the hours of operation. Express the total cost behavior in formula form (Y = a + bx). What is the variable electricity cost per hour of operation?
b) During July, the complex will open for 570 hours. Predict the complex’s total electricity costs for July using the cost estimation method employed in above requirement a).
c) What is the main drawback of the high-low method of cost estimation?
Week 3 Toys World started and finished job number A26, a batch of 1,000 cuddly koalas, during March 2020. The job required $4,850 of direct material and 32 hours of direct labour at $20 per hour. The predetermined overhead rate is $10.50 per direct labour hour. On 31st March, 900 of the cuddly koalas were shipped to a local toy shop.
a) Prepare journal entries to record the incurrence of production costs, completion of job number A26 and the shipment of 900 cuddly koalas to local toy shop.
b) Calculate the cost per cuddly koala for job number A26.
c) How might the managers at Toys World use this information?
Week 4 Rigby Ltd accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. The following is a partially completed production report for May.
a) Complete the following process costing steps using the weighted average method:
i Calculation of equivalent units.
ii Calculation of unit costs.
iii Analysis of total costs.
b) Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May.
Week 5 Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of income tax returns. The firm offers two basic products: the preparation of income tax returns for wage and salary earners, and the preparation of income tax returns for small businesses. Any clients requiring more complex services are referred to Snow’s brother Roger, who is a partner in a large firm of chartered accountants.
The processing of wage and salary tax returns is quite straightforward, and the firm uses a software package to process data and print the return. A software package is also used to prepare returns for small businesses, although more information is required, particularly about business expenses.
Snow has only recently joined Taxation Matters and he is concerned about the firm’s pricing policy, which sets flat fees of $60 per return for wage and salary clients and $300 for small businesses. He decides to use activity-based costing to estimate the costs of providing each of these services.
At the end of the year, Snow reviewed the firm’s total costs and activities, resulting in the following list:
a) Use activity-based costing to estimate the cost of preparing:
i A wage and salary tax return.
ii A business tax return.
b) In the light of your answers to requirement 1, evaluate the firm’s pricing policy.
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