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Assessment item 2 Assessment item 2 Value: 20% Due date: 18-May-2018 Return date: 12-Jun-2018 Submission method options Alternative submission method Task Your assignment consists of different question styles including discussion questions, reports, exercises, problem questions and spreadsheet questions. It assesses learning outcomes as listed in the assignment rationale below. The purpose of this assignment is to continue to develop skills in costing systems with an emphasis on the role of control in managing the production of goods and services efficiently in the workplace. Each question builds on the knowledge gained through the first assignment to develop the concepts of management accounting control through costing. Each question uses realistic data and professional practices similar to that found in workplaces. QUESTION 1 Job costing (20 marks) A. Create a handwritten/manual solution AND a spreadsheet solution to the following problem. Follow the template provided. Play the Job Cost podcasts from Interact Resources and work through the example problem in those podcasts. The example problem in the podcasts is similar to the Obese problem. Create a spreadsheet solution showing the row and column headings and the formula view. Your report section should be completely formula driven. Scan or use your phone to copy and paste an image of your handwritten attempt into your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose. Design your spreadsheet to meet the assignment requirements. In particular, check the spreadsheet requirements and the Spreadsheet Advice PDF. See your text for a similar example. B. Management accounting and history. Taking the Roman Coliseum as an example, describe how modern cost management accounting could be applied to a current attempt to recreate this structure. Be creative in your discussion (about 200 - 300 words). Add images to your answer. QUESTION 2 Process costing (15 marks) Create a handwritten/manual solution AND a spreadsheet solution to the following problem. Scan or use your phone to capture an image and paste a copy of your manual solution in your assignment submission. Consider using a smart phone scanning app. Also paste a spreadsheet solution showing the row and column headings and the formula view. Your report should be completely formula driven. Design your spreadsheet to meet the assignment requirements. In particular, check the spreadsheet requirements and the Spreadsheet Advice PDF. See your text for examples. Review the four process costing videos provided in Interact Resources. QUESTION 3 Joint costing - decision making (15 marks) Create a handwritten/manual solution AND a spreadsheet solution to the following problem. Scan or use your phone to capture an image and paste a copy of your manual solution in your assignment submission. Also paste a spreadsheet solution showing the row and column headings and the formula view. Your report should be completely formula driven. Design your spreadsheet to meet the assignment requirements. In particular, check the spreadsheet requirements and the Spreadsheet Advice PDF. See your text for examples. Joint cost allocation: additional processing beyond split-off point In a certain production process 100 000 kg of a single raw material were processed at a cost of $350 000. At split-off two intermediate products, A and B emerged, weighed as 60 000 kg of A and 40 000 kg of B. A was processed further at a cost of $45 000 to produce C, and B was processed further at a cost of $25 000 to produce D. C sold for $4.50 per kg. Required: (a) If A was allocated $187 500 of the joint production costs under the net realisable value method, what was the selling price of D? (b) Suppose the firm receives an offer to buy all of product A for $2 per kg at the split-off point. Would the firm be better off selling A or processing further to produce C? By how much? Question 4 Variance analysis (20 marks) Create a handwritten/manual solution AND a spreadsheet solution to the following problem. Scan or use your phone to capture an image and paste a copy of your manual solution in your assignment submission. Also paste a spreadsheet solution showing the row and column headings and the formula view. Your report should be completely formula driven. Design your spreadsheet to meet the assignment requirements. In particular, check the spreadsheet requirements and the Spreadsheet Advice PDF. The problem is adapted from P7-13 in your text page 202. Required: A. Calculate the materials price variance (on purchase) and materials usage variance. What is the actual direct labour rate per hour? Answer the requirements using both a manual and spreadsheet solution. In your spreadsheet, include the IF function to determine Favourable and Unfavourable variances. B. Prepare a Business Report as if for senior management critically evaluating the purpose of variance analysis and other areas in an organisation where variance analysis would be useful and the practical relevance of detailed overhead variance analysis. See the reading by Murray Wells. Search the CSU library for the ACC512 readings. Also find and use at least one other academic reading. Suggested word limit about 500 words. Ensure that your answer is in business report format. Read the following online reference regarding business report writing www.business.unsw.edu.au/Students-Site/Documents/Writingareport.pdf or find other guidance online re business report writing. QUESTION 5 Budgeting (20 marks) Create a handwritten/manual solution AND a spreadsheet solution to the following problem. Scan or use your phone to capture an image and paste a copy of your manual solution in your assignment submission. Also paste a spreadsheet solution showing the row and column headings and the formula view. Your report should be completely formula driven. Design your spreadsheet to meet the assignment requirements. In particular, check the spreadsheet requirements and the Spreadsheet Advice PDF. A. Budget (10 marks) B. How can budgeting be viewed as a choice process? (10 marks) Use your text as a reference - see page 249. Find a cartoon/comic strip image on the Internet to illustrate your discussion. Explain the relevance of this image to your answer. Find and use at least one academic article relevant to your discussion. Rationale This assignment assesses your achievement of learning outcomes including: · the application of cognitive skills in the design and operation of costing systems; · the design and operation of performance management systems; · the role of management accounting in organisational contexts: · the implications for management accounting of different paradigms; · the application of analytical and synthetical skills in report writing; · quantitative techniques and computer software; · using the Internet as a professional source; · the history of management accounting · the creation and implementation of computerised decision models; and · to critique how managers make decisions. In particular, this assignment is designed to assess your application of knowledge, understanding and skills in certain topics including cost flows in management accounting, spreadsheet construction, job and process costing, variance analysis, joint costing and budgeting. For spreadsheet problems, good answers will comply with the spreadsheet requirements including the separation of data entry and report/solution areas, pasted normal and formula view with row and column headings and the use of the IF function where appropriate. Review the examples in the Spreadsheet Advice PDF provided online in Interact2 Resources. Marking criteria For spreadsheet questions formula views showing row and column headings are important. Your assignments will be marked as a whole with recognition being given to application of knowledge, quality thinking and application of skills. For some questions, students have a chance to demonstrate some creativity, or provide their own examples or give evidence of wider reading or structure a computer spreadsheet model in an innovative manner. We also need to avoid the snowballing effects of cumulative errors - that is, an error early in a practical question which carries through. Thus, a marking system is used with deductions for errors and omissions. Full marks are possible for well structured, complete, quality answers. Any assignments with evidence of plagiarism may be referred to the university's academic misconduct processes and will receive a grade of zero. See www.csu.edu.au/faculty/business/studentresources/plagiarism The marking criteria for your assignments will be based on the content of the subject as identified by the learning objectives as outlined above and at the beginning of each of the various topics as outlined at the beginning of each Interact2 topic. Good spreadsheet answers will comply with the assignment requirements. Example criteria used in marking essays/discussion questions/case studies/business reports Note that business reports are normally more structured than essays. Find guidance on business report writing structures on the Internet. Here is one example: www.business.unsw.edu.au/Students-Site/Documents/Writingareport.pdf Criteria Relevance of the answer. Are the important issues raised in the question identified? Did the student answer the questions? Critical capacity. Has reference material been carefully analysed or critically accepted? Structure of the answer. Is the answer well-structured and the argument logically developed? Writing style. Is the style concise and lucid or confused, making it difficult for the reader to get the point? Scope of reading. Does the answer indicate a satisfactory coverage of literature relevant to the questions? Answers should: · be well planned with arguments flowing logically; · use correct sentence structure, punctuation and spelling; · present original ideas where appropriate; · and present a justified conclusion and acknowledge all sources. Note: Normal distribution curves for grades are not utilised in this subject. You can discuss your work with each other prior to submission using the discussion forum. However, please do not post complete versions of answers to the discussion forum. Do not leave assignments until the last minute. Marking Criteria Assignment 2 Criteria High Distinction Distinction Credit Pass Criteria for expected learning outcomes to be achieved include critical evaluation of cost and control systems, understanding and applying cost concepts in management accounting, creating computer models to solve costing and decision situations such as job costing, process costing, joint costing variance analysis, authentic scenarios for cash budgeting and business report writing. Be the result of your original work, complete without any omissions and correct. Evaluate all the issues raised in questions. Provide examples where appropriate Accurate answers complying with all spreadsheet requirements relevant to each scenario. Be the result of your original work, be mostly complete without any omissions, and be mostly correct Evaluate most of the issues raised in questions Provide some examples where appropriate Comply with the majority of spreadsheet requirements relevant to each scenario. Be the result of your original work, be mostly complete with few omissions, and be partially correct. Evaluation of some of the issues raised in questions. Provide examples where appropriate. Comply with some of the spreadsheet requirements relevant to each scenario. Be the result of your original work, be mostly complete with some omissions, and be partially correct. Discuss some of the issues raised in questions Provides some examples where appropriate Comply with some spreadsheet requirements relevant to each scenario. The discussion answers and business reports meet academic standards of syntax, vocabulary, spelling and punctuation and reflects an awareness of audience needs. Accurate use of syntax,