Accounting Assignment | Management Accounting Assignment
Added on 2020-05-16
21 Pages4412 Words132 Views
Running head: ACCOUNTING 1Accounting 1 Name of the Student: Name of the University: Author’s Note:
1ACCOUNTING 1Table of ContentsAnswer to Question No (a)..............................................................................................................2(i)Sales Budget......................................................................................................................2(ii)Production Budget.............................................................................................................2(iii)Direct Material Usage and Purchase Budget....................................................................3(iv)Direct Labour Budget........................................................................................................3(v)Manufacturing Budget......................................................................................................4(vi)Cost of Goods Sold Budget...............................................................................................5(vii)Ending Inventories Budget................................................................................................6(viii)Support Department Budget..........................................................................................6(ix)Budget Statement of Profit or Loss...................................................................................7Answer to Question (b)....................................................................................................................8Reference List................................................................................................................................17
2ACCOUNTING 1Answer to Question No (a)(i)Sales Budget Sales Budget:ParticularsAmountBudgeted Sales Volume (in units)100000Sales PriceRM800Budgeted Sales RevenueRM80,000,000(ii)Production Budget Production Budget:ParticularsAmountBudgeted Sales Volume100000Less: Opening Finished Inventory250097500Add: Closing Finished Inventory3500Budgeted Production Volume101000
3ACCOUNTING 1(iii)Direct Material Usage and Purchase Budget Direct Material Usage & Purchases Budget:ParticularsWheels &TyresComponentsFramesTOTALBudgeted Production Volume101000101000101000Direct Material Cost per UnitRM20RM70RM50Budgeted Direct Material UsageRM2,020,000RM7,070,000RM5,050,000RM14,140,000Less: Beginning Direct Material InventoryRM20,000RM70,000RM50,000RM140,000RM2,000,000RM7,000,000RM5,000,000RM14,000,000Add: Closing Direct Material InventoryRM25,000RM87,500RM62,500RM175,000Budgeted Direct Material PurchaseRM2,025,000RM7,087,500RM5,062,500RM14,175,000(iv)Direct Labour Budget Direct Labor Budget:ParticularsAssemblyTestingTOTALBudgeted Production Volume101000101000Labor Hour per unit1.50.15Total Labor Hours15150015150166650Cost per labor hourRM25RM15Budgeted Labor CostRM3,787,500RM227,250RM4,014,750
4ACCOUNTING 1(v)Manufacturing Budget Manufacturing Overhead Budget:ParticularsAmountBudgeted Production Volume101000Variable Manufacturing Overhead per unit:SuppliesRM20.00Indirect LaborRM37.50MaintenanceRM10.00MiscellaneousRM7.50Total Variable Manufacturing Overhead Cost per unitRM75.00Total Variable Manufacturing OverheadRM7,575,000Fixed Manufacturing Overhead:DepreciationRM4,040,000Property TaxesRM1,010,000InsuranceRM1,414,000Plant SupervisionRM5,050,000Fringe BenefitsRM7,070,000MiscellaneousRM1,616,000Total Fixed Manufacturing OverheadRM20,200,000Budgeted Manufacturing OverheadRM27,775,000
5ACCOUNTING 1(vi)Cost of Goods Sold Budget Cost of Goods Sold Budget:ParticularsAmountUnitCost per UnitDirect Material PurchasedRM14,175,000Add: Opening Stock of Direct MaterialRM140,000RM14,315,000Less: Closing Stock of Direct MaterialRM175,000Direct Material ConsumedRM14,140,000101000RM140.00Direct Labor CostRM4,014,750101000RM39.75PRIME COSTRM18,154,750101000RM179.75Manufacturing OverheadRM27,775,000101000RM275.00COST OF PRODUCTIONRM45,929,750101000RM454.75Add: Opening Stock of Finished InventoryRM1,136,8752500RM454.75COST OF GOODS AVAILABLE FOR SALERM47,066,625103500Less: Closing Stock of Finished InventoryRM1,591,6253500RM454.75COST OF GOODS SOLDRM45,475,000100000RM454.75
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