Task The purpose of Assessment item 1 is to establish the skills needed in the workplace for costing products and services using the appropriate processes and tools and apply analytical processes to construct accounting systems and models using workplace tools. Each question uses realistic data and the professional practices similar to that found in workplaces. Your assignment consists of different question styles including discussion questions, reports, exercises, problem questions and spreadsheet questions. It assesseslearning outcomesas listed in the assignment rationale below. QUESTION 1 Management accounting Describe the three factors that drive management accounting work. Give examples (about 150 words). QUESTION 2 Control What is meant by the control function of management accounting? Give examples (about 150 words). QUESTION 3 Cost concepts Which of the following statement is false? A. Cost accumulation to determine the cost of goods sold is an example of the control function of management accounting work. B. Cost represents the value of resources consumed to achieve a specific objective. C. A cost object is an activity for which a cost is required. D. A cost driver is an activity that causes costs to change. E. A variable cost varies proportionately with changes in the cost driver. Explain your answer. QUESTION 4 Manufacturing statement and income statement Spreadsheet. See the Spreadsheet Advice PDF in Interact2 Resources and the examples in your textbook. See the requirements within the spreadsheet template below. Check the assignment requirements below paying particular attention to the spreadsheet requirements. Ensure you have separate data and report areas showing only formulas. Use IF functions to allow for the possibility of either a net income or a net loss. Show row and column headings and paste both a normal view and a formula view. The following information has been obtained from the books of Ponting Manufacturing Co. Ltd at 30 September, 20X7: Inventories, 30/9/X6: Finished Goods $300 000 Raw Materials 500 000 Work in Process: Material 80 000 Labour 30 000 OH Expense 20 000 Inventories, 30/9/X7: Finished Goods 120 000 Raw Materials 70 000 Work in Process: Material 30 000 Labour 20 000 OH Expense 10 000 Summary of transactions for year Raw material purchases 2 000 000 Inward Charges on raw materials 80 000 Direct labour 660 000 Manufacturing expense 200 000 Sales of finished goods 6 000 000 Advertising 45 000 Audit Fee 3 000 Discounts to debtors 10 000 Discounts from creditors 8 000 Cartage Outwards 20 000 Insurance 15 000 Light and power (Office) 28 000 General Expenses 25 000 Rates 30 000 Salaries (Office) 450 000 Salaries (Factory) 550 000 Travellers’ Commission 150 000 Adjustments are to be made in respect of the following: (a) Accrued expenses: Salaries (Office) $2000, Salaries (Factory) $3000 (b) Insurance paid in advance, $500 (c) Estimated taxation liability for current year, $340 000 (d) Depreciation of factory plant, $25 000 (e) Insurance and rates are to be apportioned three-quarters to the factory and one-quarter to the office. Required: Spreadsheet. (a) manufacturing statement for the year. (b) income statement for the year. QUESTION 5 Cost concepts “If a perpetual inventory system is used for recording movements of raw materials there is no need to conduct a physical stocktake.” Do you agree? Why? (about 150 words). QUESTION 6 Understanding the entries in the Materials Control account with GST The Materials Control account balances were $20 000 on 1 August and $10 000 on 31 August. Raw materials issued to production during August cost $60 000. (All direct materials). Required: Show the Materials Control, Accounts Payable and GST Clearing accounts in the ledger for August and a general journal entry to record the cost of raw materials purchased (all on credit) during August, given that a 10% GST is paid on purchases. QUESTION 7 Understanding the entries in the Accrued Payroll account Salaries and wages payable to factory employees were $10 000 on 1 March and $4000 on 31 March. Gross salaries and wages paid during March totalled $40,000. March’s direct labour totalled $18 000. Required: T-account for Accrued Payroll and general journal entries for recording salaries and wages earned by, and paid to, factory employees during March. QUESTION 8 Payroll entries The Ajax Company has a gross payroll of $20,000 per day. Withholdings for PAYG taxes are $6,000 per day. There are no other deductions from employees’ earnings. The firm works five days per week, Monday to Friday inclusive. The payroll period covers Thursday to Wednesday inclusive and the payroll for the week is paid on the following Friday. Gross payroll consists of $12 000 direct labour, $3000 indirect factory labour, $3000 selling expenses and $2000 general and administrative expenses each day. The following calendar should be used to answer the questions: (a) What is the total amount to be credited to Accrued Payroll in respect of July earnings? (b) If balance day adjustments are performed at the end of each month, what would be the balance in Accrued Payroll account at the close of business on July 31? (c) Suppose that a single journal entry is made on the last day of each month to record the distribution of total labour costs for the month, but that entries are made each Friday to record payment of wages and withholdings. Also, PAYG taxes withheld are remitted to the Taxation Department at the end of each month. (i) Show the weekly journal entry. (ii) Construct the necessary ledger accounts to show all entries in respect of labour costs during the month of July. QUESTION 9 Activity Based Costing Your employer is contemplating changing the existing traditional costing systems used in the business to adopt activity based costing (ABC). See your text page 81. Prepare a business report outlining the traditional costing system and evaluate arguments for and against ABC. Use the Internet as a resourceandacademic journal articles (about 400 words excluding references). The following CSU resource will help you prepare and format your report:eportfolio.csu.edu.au/pebblepad/viewasset.aspx Or see this resource.unilearning.uow.edu.au/report/4b.html QUESTION 10 Service department cost allocation Review the examples in your textbook. Direct, step and reciprocal methods of overhead allocation: moderately difficult A company has two production departments (Component Manufacture and Assembly) and two service departments (Staff Cafeteria and Materials Handling). The budgeted costs of these departments are: ComponentAssemblyCafeteria Materials Handling Manufacture $ $$$ Direct (to centre) Material & labour200 000150 0005 00015 000 Indirect costs120 000110 0003 000 5 000 The services of the Cafeteria are allocated according to the number of employees in the other departments: Materials Handling has 20 employees, Component Manufacture 50 employees and Assembly 40 employees. The services of the Materials Handling department are allocated according to the number of budgeted requisitions per period. These are estimated as 30 for the Cafeteria, 40 for Component Manufacture and 30 for Assembly. Required: Allocate service department costs to the production departments using (a) the direct method (b) the step method (c) the reciprocal services method. You can choose if you wish to answer with a spreadsheet. Or not. report writing, activity based costing, (ABC) and the allocation of overhead including service department costs.
The post Task The purpose of Assessment item 1 is to establish the skills needed in the workplace for costing products and services using the appropriate processes appeared first on Homework Aider.
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but you proved you are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 11***| Rating: ⭐⭐⭐⭐⭐
"This company is the best there is. They saved me so many times, I cannot even keep count. Now I recommend it to all my friends, and none of them have complained about it. The writers here are excellent."
"Order a custom Paper on Similar Assignment at essayfount.com! No Plagiarism! Enjoy 20% Discount!"
