I have an Urgent accounting homework

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2104AFE Management Accounting Semester 1, 2015 Assignment 2104AFE MANAGEMENT ACCOUNTING ASSIGNMENT QUESTION – SEM 1, 2015 Assignment due date: In class - 22nd May , 2015 (Mt Gravatt) Weighting: 10% This assignment requires students to: (i) Prepare a cash budget showing a schedule of cash receipts (ii) Prepare a variance analysis Requirements: 1. 2. 3. 4. Students are required to complete the assignment individually. Complete Part A and B (see below). A hardcopy of the assignment is to be submitted with a QIBT assignment coversheet at the start of class in week 11. Please do not bind your assignment. Staple the assignment in the top left-hand corner. 2104AFE Management Accounting Semester 1, 2015 Assignment Assignment Information Part A – Practical Question (4 Marks) XYZ Pty Ltd is preparing a cash budget for March, 2015. The following information relates to sales and purchases for the business: 1. Sales a) The sales are made up of 20% cash sales and 80% on credit. b) 30% of invoices are collected in the month they are invoiced. 65% are collected in the month after the sale and 5% are uncollectible Required: Prepare the following schedules for XYZ Pty Ltd for March, 2015: i. Cash collections schedule Projected monthly sales are: $ ____________________________________ January February March 235,200 242,400 248,000 2104AFE Management Accounting Semester 1, 2015 Assignment Part B – Practical Question (6 Marks) D & C Pty Ltd make household products which they sell to shops and households. One of its most popular products is a washing detergent called Clean All. D & C Pty Ltd use a traditional standard costing system and below are the materials, and labour standard costs to produce one box of Clean All detergent. Direct Materials 1.5 kg @ $12 per kg Direct manufacturing labour 0.5 hr @ $24 per hr $18.00 $12.00 During the year 3000 boxes of Clean All detergent were produced and sold. The actual costs of materials and labour to produce 3000 boxes were as follows:Direct materials 5000 kg @11.50 per kg Direct manufacturing labour 1450 hrs @ $25 per hr $52,500 $36,250 Required: i. ii. Calculate price and efficiency variances for direct materials and direct manufacturing Labour variances (4 marks) Explain one reason for each of the material and labour variances (2 marks)
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