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.