accounting analysis the case study finish the excel and write a 1000 words report

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accounting analysis the case study finish the excel and write a 1000 words report

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PART 1 A) Cost of Production Report for the Month of August CF Department Weighted Average Method Equivalent Units Physical Units Direct Materials Total Dollars ($) DM($) Work-in-process, August 1 Started during August 2017 Units in Production Completed in August and transferred out to bottling Work-in-process, August 31 Units Accounted For Work Done to Date Costs Work-in-process, August 1 Costs added during August 2017 Costs to be Allocated Divide by Equivalent Units Cost per Equivalent Unit Allocation of Costs Completed in August and transferred out to bottling Work-in-process, August 31 Total Costs Allocated Note: All monetary values are in U.S. dollars. Equivalent Units Direct Labour+ OHD (Conversion) Conversion ($) PART 1 A) Cost of Production Report for the Month of August Bottling Department Weighted Average Method Physical Units Transferred-In Total Dollars ($) Transferred-In ($) Work-in-process, August 1 Started during August 2017 Units in Production Completed in August Work-in-process, August 31 Units Accounted For Work Done to Date Costs Work-in-process, August 1 Costs added during August 2017 Costs to be Allocated Divide by Equivalent Units Cost per Equivalent Unit Allocation of Costs Total Cost of Goods Completed Work-in-process, August 31 Total Costs Allocated Note: All monetary values are in U.S. dollars. What is the cost per bottle? Cost per Bottle = Total cost of goods completed / Total number of bottles Equivalent Units Direct Labour+ OHD Direct Materials (Conversion) DM($) Conversion ($) PART 1 A) Cost of Production Report for the Month of August CF Department FIFO Method Equivalent Units Physical Units Direct Materials Work-in-process, August 1 Started during August 2017 Units in Production Completed in August Work-in-process, August 1 Started and completed during August Work-in-process, August 31 Units Accounted For Work Done in the Current Period Costs Work-in-process, August 1 Costs added during August 2017 Costs to be Allocated Divide by Equivalent Units Cost per Equivalent Unit Allocation of Costs Cost of Work-in-process, August 1 Cost to complete Work-in-process in August Total cost of completed Work-in-process, August Completed in August and transferred out to bottling Total Costs of Goods Completed Work-in-process, August 31 Total Costs Allocated Note: All monetary values are in U.S. dollars. Total Dollars ($) Direct Material ($) Equivalent Units Direct Labour+ OHD (Conversion) Conversion ($) PART 1 A) Cost of Production Report for the Month of August Bottling Department FIFO Method Physical Units Transferred-In Total Dollars ($) Transferred-In ($) Work-in-process, August 1 Transferred in during August 2017 Units in Production Completed in August Work-in-process, August 1 Started and completed during August Work-in-process, August 31 Units Accounted For Work Done in Current Period Costs Work-in-process, August 1 Costs added during August 2017 Costs to be Allocated Divide by Equivalent Units Cost per Equivalent Unit Allocation of Costs Cost of Work-in-process, August 1 Cost to complete Work-in-process in August Total cost of completed Work-in-process, August Cost of goods completed in August and transferred out Total Costs of Goods Completed Work-in-process, August 31 Total Costs Allocated Note: All monetary values are in U.S. dollars. What is the cost per bottle? Cost per Bottle = total cost of goods completed / Total number of bottles Equivalent Units Direct Labour+ OHD Direct Materials (Conversion) Direct Material ($) Conversion ($) PART 2 a) Achieving targets under the current process costing method (Weighted Average) Sales (Selling Price x No. Bottles) Cost of Goods Sold (Cost per unit x No. Bottles) Gross Profit (Sales - COGS) Gross Profit % (Gross Profit / Sales) Less AVS's Administrative Expenses Net Income (Gross Profit - AVS Admin. Expenses) Net Income % (Net Income / Sales) Note: All monetary values are in US dollars. Achieving targets under the current process costing method (FIFO) Sales (Selling Price x No. Bottles) Cost of Goods Sold (Cost per unit x No. Bottles) Gross Profit (Sales - COGS) Gross Profit % (Gross Profit / Sales) Less AVS's Administrative Expenses Net Income (Gross Profit - AVS Admin. Expenses) Net Income % (Net Income / Sales) Note: All monetary values are in US dollars. Decision Analysis Based on Weighted Average Method: Sales x Target Gross Profit = Targeted Costs Total Cost / Number of Bottles = Target cost per bottle Compare the Target cost per bottle with the cost per bottle that you calculated in PART A 1A) the current process costing method (Weighted Average) under the current process costing method (FIFO) cost per bottle that you calculated in PART A 1A) Hint: Is the cost per unit less than or greater than the target cost per bot Queensland University of Technology QUT Business School School of Accountancy AYN414: Cost and Management Accounting Summer 2 Assessment item 1: Written Assignment (Weighting total: 20%) Due Date and Time: Submission: Sunday 24th January 2021 @11.59pm Submission via Turnitin Blackboard – See Assessment area of the AYN 414 Blackboard Site Length: counted Maximum 1000 words (+/-10%) for the entire uploaded document via the word count dialogue function on Microsoft Word. Team or individual: Individual Business Capabilities: (AoL goals): KS (1.1), HO (2.1), PC (3.1), TS (4.1) The Case Study Process Costing: Application in a Wine Producer Required: This is a Process Costing Assignment. This topic was covered in Seminar 4 this semester. To complete the assignment you may find it helpful to read Chapter 5 of the textbook including the appendix (process costing in sequential production departments). In this document, you will find instructions for the assignment. To complete the assignment, you will need two additional files: 1. The Case Study: 'À Votre Santé (B): Process Costing and Decision Analysis in the Wine Industry'. The case study is available using the link provided in Blackboard in the Assessment Folder. 2. An Excel worksheet. An Excel template is available for download in the Assessment Folder. You are required to complete all the requirements outlined below. You will be able to upload ONE Word document to Blackboard, and this should include your answers to all parts of the assignment. Please note that the word limit does not include calculations. 1|Page Once you have read the case, you should complete the requirements below. For Part A, insert your answers in the Excel spreadsheet included in the Assignment Folder in Blackboard. Once you have completed the Tables in Excel, you will need to embed them into your word document. You must paste the Excel tables as a "picture" to avoid any words in the spreadsheet counting as part of the 1000-word limit. (This will require you to select "picture" when pasting in the word document not “keep source formatting"). Note that this assignment will be marked out of a total of 165. Your final grade for this piece of assessment will be scaled to 20%. PART A - See the Excel spreadsheet to complete your answers. [Total 115 MARKS] 1) Using the information provided in the case study, prepare a cost of production report of both the CF and Bottling departments under the weighted average and the FIFO method. Note that the company currently ignores spoilage. In the Excel worksheet provided, you will find 4 sheets to help you complete this assessment requirement. What is the cost per bottle under each method? (Total 92 marks) 2) Myka would like to maintain a 50% gross profit to cover AVS’s administrative expenses of US$125,000 and target a 15% net profit. What should the target cost per bottle be in order to achieve these goals? You are required to: a) Calculate the target cost per case using the weighted average and FIFO method. In the Excel Worksheet, you will find a 5th sheet to help you complete your calculation. (Total16 marks) b) Based on PART A 2a) explain if the current production report (Weighted Average) helps the company achieve the target cost per bottle? Should Myka recommend the company change its methods to FIFO? Explain your answer. (7 marks) PART B – Write your answer in MS Word. [Total 29 MARKS] Myka is concerned about the spoilage. She has asked you to help her understand what is considered normal and abnormal spoilage in the winemaking process. You are required to write a memo to Myka explaining the company spoilage. In that memo, you should address the following questions: a) Discuss why a company should measure the cost of spoilage. (7 marks) b) How should the company treat the costs associated with normal and abnormal spoilage? Explain whether these costs need to be accounted for. (7 marks) c) What is a possible reason for managers to state that all spoilage is normal? (7 marks) d) Identify 3 pieces of additional information that you need from the department managers of the CF and Bottling departments to confirm that there is no abnormal spoilage and that all spoilage is normal. (2 marks each; total 6 marks) e) If you fail to get information from the CF and Bottling managers, list one other piece of information could you use to help understand the level of spoilage. (2 marks) 2|Page PART C – Reflection (Individual submission) [14 MARKS] A successful accounting professional uses the idea of self-reflection to improve their skills in the workplace. Reflecting on your experience of completing this assignment, you will write a selfreflection that discusses your learning experiences. You should follow the guidelines provided in QUT cite/write on Reflective Writing: https://www.citewrite.qut.edu.au/write/reflectivewriting.jsp Presentation [7 MARKS] You will need to submit your assignment as a WORD document, with page numbers. Please use the Excel worksheet provided in Blackboard to complete PART A and embed each sheet into your word document, by pasting it as a 'picture'. You will need to consider how you present your answers to this case study and take into consideration your written communication, spelling, presentation, and that the submission is within the max 1,100-word limit. Consider using photos (with references) to improve the visual presentation of your report. You will upload your report assignment via the link on Blackboard by the due date. Additional Guidance 1. Word Limit To clarify: Part A, Part B and Part C together have a maximum word limit of 1,100 words as per QUT policy (1,000 words max +/- 10%). That means that if you go over this limit in your submission, you will lose ONE mark. Total words are the amount shown on the bottom left-hand side of your word document. How you decide to split your word limit between each REQUIREMENT is up to you to decide. 2. The Excel Worksheet The worksheet should provide some guidance; however, you can edit it, including the headings, etc., if you feel it is helpful. 3. Academic Integrity 3|Page Students who are suspected of plagiarising their work (including using online solutions etc.) will be referred to the academic misconduct committee. Please do not search for online solutions as you do not need them. If you have problems completing your assignment, you can ask for help from fellow students, Business School academic advisors or the unit coordinator. Students are expected to engage in learning and assessment at QUT with honesty, transparency and fairness. Maintaining academic integrity means upholding these principles and demonstrating valuable professional capabilities based on ethical foundations. Failure to maintain academic integrity can take many forms. It includes cheating in examinations, plagiarism, self-plagiarism, collusion, and submitting an assessment item completed by another person (e.g., contract cheating). It can also include providing your assessment to another entity, such as to a person or website. You are encouraged to make use of QUT's learning support services, resources, and tools to assure the academic integrity of your assessment. This includes the use of content matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process. Further details of QUT's approach to academic integrity are outlined in the Academic integrity policy and the Student Code of Conduct. Breaching QUT's Academic integrity policy is regarded as student misconduct and can lead to the imposition of penalties ranging from a grade reduction to exclusion from QUT. QUT Late Assessment Policy Assessment submitted after the due date without an approved extension will not be marked and will receive a grade of 1 or 0%. If special circumstances prevent you from meeting the assessment due date, you can apply for an extension. https://www.student.qut.edu.au/studying/assessment/late-assignments-and-extensions. If you don't have an approved extension, you should submit the work you have completed by the due date. It will be marked against the assessment criteria. References Venkatesh, R, Fredin, A., Riley, J. (2019). 'À Votre Santé (B): Process Costing and Decision Analysis in the Wine Industry'. IMA Educational Case Journal, 12(2) 1-3. 4|Page AYN414 Cost and Management Accounting Assignment Item 1: Written Assignment (20%) Marking Criteria Grade PART A Accuracy and completeness of Process Costing calculations and analysis (KS1.1) PART B Critical analysis of how to apply Process Costing to real-world costing problem (HO2.1) Parts A&B: Written expression, presentation and academic skills (PC3.1) Part C: Self-reflection on assignment process (TS4.1) TOTAL 7 Provides accurate calculations that demonstrate an exceptional level understanding of process costing. 6 5 4 Partially correct calculations. Provide limited understanding of Process Costing methods. <4 Significant calculation errors that demonstrate poor understanding of process costing techniques. Confused answer that does not demonstrate an understanding of how to calculate process costing methods. Very little evidence of critical analysis or professional judgement being applied. Provides mostly accurate calculations. Demonstrates a high level of understanding of Weighted Average Method and FIFO Method. Few calculation errors. Shows a basic level of understanding of Process Costing methods. A logical and coherent approach in the analysis of the issues. Demonstrates an exceptional level of professional judgement in using appropriate process costing techniques applied to solve real world costing problems. Professionally presented using highly appropriate formats (word and excel spreadsheet embedded into word document) with substantial attention to detail. Contains no errors in use of grammar, syntax and spelling. Within word limit. Demonstrates a high level of critical analysis and professional judgement in using appropriate process costing techniques to help solve complex business problems. Demonstrates critical analysis and adequate professional judgement, but scope to improve the discussion. Some attempt is made to use critical analysis and professional judgement, but the analysis lacks depth and is difficult to follow. Carefully and logically organised using appropriate formats. Contains a high standard of grammar, syntax and spelling. Excel format is clear and calculations are clearly laid out. Shows organisation and coherence and uses appropriate formats. Although some errors and omissions are evident. Maintains a good standard of grammar, syntax and spelling. Shows some attempt to organise material and use appropriate formats. A number of errors and omissions are evident. Average standard of grammar, syntax and spelling throughout. Not in word limit. Presentation of answers disorganised and illogical. Contains a very limited use of knowledge of grammar, syntax and spelling. Response demonstrates all elements of critical reflection: Reporting/responding, relating, reasoning and reconstructing. Clear, detailed examples were provided as applicable. Response demonstrates three elements of critical reflection: Reporting/responding, relating, reasoning and reconstructing. Clear, examples were provided as applicable. Response demonstrates two elements of critical reflection: Reporting/responding, relating, reasoning and reconstructing. Some examples were provided as applicable, but scope to expand the discussion. Response demonstrates one element of critical reflection: Reporting/responding, relating, reasoning and reconstructing. Examples were not provided or lacked relevance to the assignment. Response demonstrates a lack of reflection on the assignment process with little explanation of strategies employed to address issues that arose. Examples were either not provided or were of little or no relevance. /115 /29 /14 /7 /165 ...
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