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Assessment
Type Group Assignment
(Maximum 3 students)

Due
Date Friday of Week 11 at
4 PM

1st June 2012

Weight 30% of the total
assessment

The assignment must be typed, and the students must
attach a group cover sheet duly signed and dated by every group member. All the
students in the same group will get the same mark.

Students are reminded to follow the Plagiarism
Guidelines, and any suspicious assignments would be further investigated.

Any
queries regarding this assessment task should be directed towards your
lecturer. All the assignment must be submitted via
email at(shagunkhemka@hotmail.com).

I will send a
confirmation email as soon as I receive the assignment.

Subject Outline

Management
Accounting ACC 205

Version:
1

Implemented: July 09

Responsibility
: Executiv e Director of Education

©
Copyright, Carrick Education Group Pty Ltd

1
of 4

.gif”>Snowy
Peak (SP)

Snowy Peak (SP) makes two types of Sleeping
bags, Alpha Sleeping bags and Beta Sleeping bags. Two types of direct materials
– goose down filling and silk liner – are used in manufacturing both types of
sleeping bags and each sleeping bag has one zipper. The Alpha Sleeping bags are
suitable for temperatures below zero degrees celcius and the Beta Sleeping bags
are suitable for temperatures above zero degrees celcius. The following data
are available for the 2012 budget:

The direct-cost inputs for
each sleeping bag are:
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Direct-cost inputs

Alpha sleeping bag

Beta sleeping bag

Goose down filling

1.6 kg

0.8 kg

Silk liner

5 metres

4 metres

Zip

1 unit

1 unit

Direct manufacturing labour

3 hours

4 hours

The
Marketing manager of SP projects the following monthly sales and estimated
selling prices of the two sleeping bags:

Months

Alpha Sleeping
bags

Beta Sleeping bags

Projected sales

Selling price

Projected sales

Selling price

January to April

2,200

per month

$360

each

2,400

per month

$280

each

May to June

3,000

per month

$420

each

3,400

per month

$320

each

July to December

2,400

per month

$380

each

2,000

per month

$300

each

The actual inventory of
finished goods as at 31 December 2011 is as follows:
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Inventory
31/12/2011

Alpha sleeping bag

Beta sleeping bag

Units

3,000 units

3,400 units

Total costs

$650,000

$700,000

The actual inventory of raw material as at
31 December 2011 is as follows:

Inventory
31/12/2011

Goose down

Silk lining

Zippers

filling

Units

6,080 kgs

22,900 metres

5,100 units

Total costs

$231,040

$458,000

$51,000

Subject Outline

Management
Accounting ACC 205

Version: 1

Implemented: July 09

Responsibility :
Executiv e Director of Education

© Copyright, Carrick
Education Group Pty Ltd

2 of 4

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The firm has a policy of carrying an end-of-month
finished goods inventory of 100% of the following month’s sales plus 50% of the
second following month’s sales. It is also company policy to keep raw material
inventory at the end of a period at levels sufficient for manufacturing the
number of sleeping bags required for production of the following month.

Unit costs of direct materials purchased and
unit costs of finished goods sold remain unchanged throughout each budget year
but can change from year to year. The actual and estimated unit costs for goose
down filling, for silk liner and for zippers are as follows:

Actual for 2011

Estimated for 2012

Goose down filling

$38 per kilogram

$42 per kilogram

Silk liner

$20 per metre

$20 per metre

Zipper

$10 each

$10 each

SP has a labour contract that calls for a
wage increase of 5% per hour on 1 July every year. The current wage rate is $15
per hour. In addition to wages, direct manufacturing labour-related costs
include superannuation contributions of $0.75 per hour and w orker’s
compensation insurance of $0.20 per hour. These costs also increase by 5% per
hour on 1 July every year. The cost of employee benefits paid by SP for its
employees is treated as a direct manufacturing labour cost.

Manufacturing overhead (both variable and
fixed) is allocated to each sleeping bag on the basis of budgeted direct
manufacturing labour hours (DMLH) per sleeping bag. The budgeted variable
manufacturing overhead rate for 2012 is the same as that for 2011 namely $8 per
DMLH hour. The fixed manufacturing overhead for 2011 was $15 000 per month and
is budgeted to be $18 000 per month for 2012. Both variable and fixed
manufacturing overhead costs are allocated to each unit of finished goods.

Assume the following in your
answer:

·
Direct materials inventory and finished
goods inventory are costed using the FIFO method.

· There is no
work-in-process inventory at any given point in time.

Subject Outline

Management
Accounting ACC 205

Version:
1

Implemented: July 09

Responsibility
: Executiv e Director of Education

©
Copyright, Carrick Education Group Pty Ltd

3
of 4

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Required:

Prepare
the following nine (9) budgets:

Prepare
the following six (6) budgets by month for June, July and August of 2012 and
the totals for these three months: Show all your calculations and use 3 (three)
decimal places in your calculations.

·
Revenue budget

·
Production budget in units

·
Direct material usage budget

·
Direct material purchases budget in units
and in dollars

·
Direct
manufacturing labour hours and cost
budget

·
Manufacturing overhead budget

Prepare
the following three (3) budgets for the three months ending 31 August 2012
only.

·
Opening and ending inventories budget for
direct materials for the three months ending 31 July 2012.

·
Opening and ending inventories budget for
finished goods for the three months ending 31 July 2012.

·
Cost of goods sold budget for the three
months ending 31 July 2012

Subject Outline

Management
Accounting ACC 205

Version:
1

Implemented: July 09

Responsibility
: Executiv e Director of Education

©
Copyright, Carrick Education Group Pty Ltd

4
of 4

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