Management Accounting: Cost Analysis and Inventory Valuation

This report provides information on cost analysis and inventory valuation in management accounting. It discusses different types of costs incurred by Smart Looks clothing retailer and presents methods of inventory valuation. The report also includes calculations of total cost, unit cost, and cost of goods sold under FIFO, LIFO, and average cost methods.

Management
accounting

Table of Contents
INTRODUCTION...........................................................................................................................................4
Question 1...............................................................................................................................................4
a. Distinguishing various costs incurred by Smart looks..........................................................................4
b. Presenting different types of cost related to clothing retail firm.........................................................4
Q.2...........................................................................................................................................................6
(A) Calculation of total cost (TC) and unit cost (UC).................................................................................6
(B) Cost data analysis...............................................................................................................................7
Q.3 Inventory valuation...........................................................................................................................8
(1) First-in, first-out.................................................................................................................................8
(2) Last-in, First-out.................................................................................................................................8
(3) Average costs.....................................................................................................................................9
Q.4. Calculation of cost of goods sold under FIFO, LIFO and average cost method...............................10
Question 5.............................................................................................................................................10
A. Identifying critical success factors and performance indicators........................................................10
B............................................................................................................................................................11
1. Identifying the ways through which cost level can be reduced.........................................................11
2. Assessing the manner in which quality can be enhanced..................................................................12
TASK 2........................................................................................................................................................12
Q.6.........................................................................................................................................................12
(A). Meaning of budget..........................................................................................................................12
(B). Purpose or objectives of budgetary planning..................................................................................12
(C) Different methods of budget prearation for Smart Looks................................................................13
Question7..............................................................................................................................................14
a. Sales budget.......................................................................................................................................14
b. Production budget.............................................................................................................................15
c. Raw material budgets........................................................................................................................15
d. Labor budgets....................................................................................................................................15
e. Total overhead budget......................................................................................................................16
Q.8. Preparing cash budget and its analysis..........................................................................................16

TASK 3........................................................................................................................................................18
Question 9.............................................................................................................................................18
a. Computation of planned margin for March 2017..............................................................................18
b. Calculation of actual profit................................................................................................................18
c. Computation of material and labor variances....................................................................................19
d. Preparing reconciliation profit...........................................................................................................20
Question 10...........................................................................................................................................20
Finding causes of deviations and taking correction actions for improvement.......................................20
CONCLUSION.............................................................................................................................................21
REFERENCES..............................................................................................................................................22

INTRODUCTION
Management accounting includes several tools and techniques which in turn help in
preparing suitable reports for decision making. In the present times, each business unit lays
emphasis on employing varied tools for getting information about the extent to which each
business unit is performing in a well manner. Moreover, managerial reporting provides deeper
insight to the firm about the area which requires improvement. Thus, management accounting
system aids in the growth and profitability aspect of firm to a great extent. The present report is
based on Smart Looks which is the clothing retailer of UK. It provides customers with high
quality fashion apparel at affordable prices. In this, report will furnish information regarding the
different types of cost associated with the manufacturing of clothes. Further, it will also provide
understanding about the manner in which suitable plan can be developed in monetary terms.
Besides this, report will help in understanding the manner in which variance analysis technique
helps in taking strategic action for the purpose of improvement.
Question 1
a. Distinguishing various costs incurred by Smart looks
Cited case situation presents that Smart Looks has incurred following expenses which fall
in the category of either fixed, semi-variable or variable. Hence, category of cost incurred is
enumerated below:
 Material for clothes: Variable cost
 Factory rent: Fixed cost
 Power of sewing machines: Semi-variable cost
 Telephone expenses: semi-variable cost
 Office rates: Fixed cost
 Delivery drivers: Semi-variable cost
 Factory heating: Variable cost
b. Presenting different types of cost related to clothing retail firm
Cost may be defined as a sum of all the expenses which are incurred by firm to
manufacture clothes. In the business organization, firm has to incur several costs which in turn

place direct impact on the cost and profit level. From manufacturing to offering products or
services business entity has to incur several expenses which can be categorized in the following
manner:
Degree of Traceability
 Direct expenses: It refers to those which are highly associated with the manufacturing of
product such as clothes. Hence, material, labor cost is the main examples of direct
expenditure.
 Indirect expenses: Such category of expenses include selling and distribution,
administration expenses which business unit has to incur for offering high quality
products or services to the customers (Cost Classification, 2017). Hence, indirect
expenses are those which business unit to incur for ensuring the smooth functioning of
business operations.
Changes take place in activity or volume
 Fixed cost: Factory rent, insurance, rent etc. comes under the category of fixed cost.
Thus, fixed costs are the one which remains unchanged irrespective the level of output
produced. Hence, per unit cost decreases when production level inclines and vice versa.
 Variable cost: Such cost is directly associated with the number of unit produced. Variable
cost increases in line with the production level (Mohanty, 2014). Material, heating
expenses etc. are the main examples of variable cost.
 Semi-variable cost: It may be served as those whose specific portion remains fixed to a
specific unit and balance portion considered as variable. Electricity, promotional are the
main examples of semi-variable cost which Smart Looks needs to incur.
Based on product
 Direct material: In clothing business, retailer requires raw fabric to make finished
products. Hence, by multiplying the number of units manufacture with rate of per meter
direct material cost can be assessed.
 Direct labor: This cost may be defined as wages which are paid by clothing retailer to the
labor on the basis of hours spend by them while manufacturing the apparels.

 Overhead cost: Cost which is incurred by Smart Looks other than material and labor is
considered as overhead (Mungal and Garbharran, 2014). Hence, selling, administration
etc. are recognized as overhead cost that is vital for the business organization.
Q.2.
(A) Calculation of total cost (TC) and unit cost (UC)
Total costs, as name implies, consists of sum of expenditures that Smart looks has paid to
produce, warehouse or sell the total production output. However, in contrastm, unit cost is the
cost incurred on one unit of production. Here, cost comprises all the payments incurred in
relation with the material, labor and overheds including fixed & variable overheads.
Total costs of production = Total variable cost (TVC) + Total fixed cost (TFC)
Cost/unit = Total cost of production/Number of units produced
Particulars /units Formula 15000 20000 25000
Variable expenses
Purchase of material (£5 per unit*total units ) £75000 £100000 £125000
Wages of labor (£6 per unit*total units) £90000 £120000 £150000
Total variable cost (TVC) Material + labor £165000 £220000 £275000
Total fixed cost (TFC) Given £50000 £50000 £50000
Total cost of production TVC + TFC £215000 £270000 £325000
Units produced or
manufactured 15000U 20000U 25000U
Unit cost
(Total cost of
production/Number of
units produced)
£215,000/1
5,000
= £14.33
£270,000/2
0,000
= £13.50
£325,000
/25,000
= £13.00

(B) Cost data analysis
15000 units 20000 units 25000 units
0
50000
100000
150000
200000
250000
300000
350000
Total costs
Findings & analysis: The above column graph presents that with the high or low
production output, variable costs changes in the similar direction. At high output, TVC also
increased from 165,000 to 220,000 and 275,000 because Smart Look need more quantity of raw
material & require more labor for the production process. Unlike it, fixed costs founded no
relation with the output attained by the business becuse the graph represents the fixed cost of
50,000GBP. Thus, overall, TC goes up with the rising production otherwise dropped down.
15000 20000 25000
12
12.5
13
13.5
14
14.5
Unit cost

Findings & analysis: Unit costs at 15000 units is figured to 14.33 GBP which came
downward to 13.5 and 13 GBP at 20,000 & 25000 units of output. The reason is that TFC of
50,000 is allocated and spreaded to more number of units which resulted less cost each unit.
Q.3 Inventory valuation
(1) First-in, first-out
This method of stock valuation is based on the assumption that stock which has been bought first
by the Smart looks will be sold first before ther other items, as a result, stock which is left in the stock
will be valued at the price of latest goods bought.
Date
Particula
r
Purchase Sale Closing stock
Units
Unit
price TC Units Price TC
Unit Cost
Jan-1
Beginning
stock 500 £20 £10,000 500@20 £10,000
Jan-18 Purchasse 800 £24 £19,200
500@20
800@24
£29,200
Jan-25 Purchase 700 £26 £18,200
500@20
800@24
700@26
£47,400
Jan-25 Sales 500 £20 £10,000
800 £24 £19,200
100 £26 £2,600
1400 £31,800
Jan-31
Closing
inventory
600@26 £15,600
(2) Last-in, First-out
It is just inverse to the opposite one, which states that over the period, prices goes up,
therefore, goods that is bought latest will dispose off first (Li and Sun, 2016). However, on the
other side, material that remains left in the stock is the part of stock that bought initially.

Date
Particul
ar
Purchase Sale Closing stock
Units
Unit
price
Total
cost Units
Unit
price
Total
cost
Unit with
rate
Total
cost
Jan-1
Beginning
stock 500 £20 £10,000 500@20 £10,000
Jan-18 Purchase 800 £24 £19,200
500@20
800@24
£29,200
Jan-25 Purchase 700 £26 £18,200
500 units
at 20
800 units
at 24
700 units
at 26
£47,400
Jan-25 Sales 700 £26 £18,200
700 £24 £16,800
1400 £35,000
Jan-31
Closing
stock
100 at 24
500 at 20
£12,400
(3) Average costs
This method is a mid-way between both the approaches which use average prices for the
inventory sales and closing stock valuation as well (Harris and Harris, 2017). The average price
of the stock is computed by applying the following formula, presented below:
Averrage price = Total costs of material / total number of units
Date Items
Purchase Sale Closing stock
Units
Unit
price
Total
cost
Unit
s
Uni
t
pric
e
Total
cost Units
Unit
price
Total
cost
Jan-1
Beginnin
g stock 500 £20 £10,000 500 20
£10,00
0

Jan-
18 purchase 800 £24 £19,200
1,300 29,200/1300
= 22.46
£29,20
0
Jan-
25 Purchase 700 £26 £18,200
2,000 47,400/2000
= 23.7
£47,40
0
Jan-
25 Sales 1400 23.7 £33,180
Jan-
31
Closing
inventory
600 23.7 14,220
Q.4. Calculation of cost of goods sold under FIFO, LIFO and average cost method
First in first out Last in first out Average cost
Units
Unit
price COGS Units
Unit
price COGS Units
Unit
price COGS
Sales on
Jabn-25
500 £20 £10,000 700 £26 £18,200 1400 £23.7 £33,180
800 £24 £19,200 700 £24 £16,800
100 £26 £2,600
Cost of
sale 1400 £31,800 1400U £35,000 1400 £23.7 £33,180
Findings and analysis: From the outcom of the cost of goods sold under different
inventory valuation methods, it is founded lowest under FIFO to 31,800. It is so because items
that has been sold were valued at the inventory of first purchase which was 20 and 24. However,
in LIFO, inventory items were sold at high price of 26 and 24 therefore cost of sales is founded
high to 35,000. On the other side, average costs indicates avergae cost of 33,180 because in this,
sold items were valued at cost of 23.7 each unit.
Question 5
A. Identifying critical success factors and performance indicators
 Customer experience: Price and quality are the main two key success factors that Smart
looks needs to undertake for enhancing experience level of customers. Moreover, now
there are several retailers who offer clothes to the customers (Comans and et.al., 2013). In
this, by offering quality apparel at affordable prices Smart Looks can maximize customer

experience. Further, by making evaluation of sales revenue and profitability aspect with
the historical values Smart Looks can assess the impact of action undertaken.
 Supplier and product quality: Clothing retailer can build highly prominent relationship
with the suppliers by making payment on time. Besides this, smart looks can enhance and
maintain the quality of clothes by using relevant tools and techniques such TQM (Kaplan
and Atkinson, 2015). Company can measure the satisfaction level of customers in relation
to product quality by taking feedback from them.
 Operations efficiency: Smart looks can increase operational efficiency by making high
care of manufacturing equipments. Further, by encouraging personnel towards better
performance operational efficiency can be enhanced (Li, Richardson and Tuna, 2014).
Output generated by the firm is a main indicator which in turn helps in assessing the
extent to which operational efficiency is increased.
 Reducing maintenance spending: Smart Looks can control spending by using high tech
equipments and employing budgetary control tool. By comparing the current spending
level of maintenance with planned Smart Looks can assess the level of deviations. In this
way, by undertaking strategic action for improvement Smart Look can attain success.
 Cost reduction and profit maximization: By employing budgeting techniques Smart
Looks can make control on cost level. Further, by eliminating undesirable activities from
plan firm can reduce the level of cost significantly (Lord, 2007). This in turn helps in
maximizing profit to a great extent and thereby helps in achieving success.
B.
1. Identifying the ways through which cost level can be reduced
Cost is the one of the main elements that has direct impact on the profit margin
generated by firm. Hence, it is vital for Smart looks to make control on cost level and thereby
enjoys high profit margin. In this regard, by employing variance analysis or standard costing
method business unit make evaluation of performance of each department on a periodical basis.
By making assessment and identifying deviations Smart looks can strategic action for
improvement within the suitable time frame (What is Budgeting? What is a Budget, 2017). In
this way, by taking timely action level of overspending can be reduced to a great extent. In
addition to this, by employing zero bases budgeting technique clothing retailer can make suitable

allocation and thereby would become able to spend money in an effectual way. All such
techniques provide high level of assistance in avoid high spending and thereby helps in
maintaining suitable cost level.
2. Assessing the manner in which quality can be enhanced
Quality of the fabric is one of the main factors that have great impact on the decision
making of customers. Hence, by undertaking total quality management technique Smart Looks
can evolve high level of satisfaction among the customers. It is continual improvement technique
which places emphasis on making improvement in the process, products or services. Hence,
TQM may be served as a strategic and systematic approach which lays high level of focus on
identifying defects and thereby helps in taking action for improvement within the suitable time
fame (What is total quality management (TQM), 2017). Hence, expectation level of stakeholders
can be met by Smart Looks through the means of total quality management technique. Moreover,
such technique enables firm to enhance the efficiency level of operations.
TASK 2
Q.6.
(A). Meaning of budget
Budget is a financial plan that is prepared by the business manmagers to find out the
amount of money being available for the spending purpose and also estimates the projected
expenditures in the future period. Thus, the key focus of it is to figure out the amount of expected
earnings of the business from sales and the prospective expenses as a result of material purchase,
labor’s wages and other fixed & varible spending (Deegan, 2013). The excess of incoming of
revenues over the monetary outgoings, expenses is reported as surplus or deficit, and helps in
making proper planning & strategies for optimum allocation and use of funds for curtailing cost
and maximizing sales to assure adequate surplus.
(B). Purpose or objectives of budgetary planning
The main key objectives or purpose behind constructing budgets are enumerated here
below:

Setting short-term targets: Budget is a forecasting tool that assists Smart Looks
decision-makers in finding out the possible amount of future earnings and the monetary
requirement for making payments like material purchase, staff salary and other overheads. Thus,
in this way, it helps in setting out the short-term corporate targets and standards for the minimum
income and maximum expenses.
Monitoring: Budget is communicated by the top authority of Smart looks to each
functional area like Finance, HR, marketing, purchaes and sales. With the help of this,
departmental managers will continuously track the results of their day-to-day activities so as to
ensure it whether operations are going on in line with the set targets or not.
Control and remedial measures: By continuous monitoring of the actual outcome
against the set goals facilitiates executives and decision-makers in implementing right control at
the right time to improve the revenues & cut-down the spendings (Deegan, 2013). Thus, remedial
policies and rationalized plannings can be made on right time for bringing out success.
Motivate workers: Budgets set targets and communicated to each staff member and on
the basis of this, they are incentivized (Rubin, 2016). Thus, it leads to boost their motivation
which encourages and promote the members to work with the exceptional efforts to arrive the
goals so as to get the monetary incentives and appraisal from the senior authority.
Monitoring costs and revenue relationship: Regular analysis & evaluation of the
historical and current year’s budget assist decision-making authority of Smart Looks to find out
the exact relationship between costs & revenues (Simons, 2013). With the help of this, better
planning & decisions can be made to cut-down the expenditures & boost revenues.
(C) Different methods of budget prearation for Smart Looks
Incremental budgeting: It is the most common approach wherein current fiscal year’s
budget becomes the base for the purpose of setting incremental targets for the next accounting
year. This budgeting method assumes that all the current existing departments of the Smart
Looks will continue the currently running functions in the future period too. IB methods is
founded the best way of budgeting where managers do not want to conduct an extensive
budgetary analysis regularly.

Zero-based budgeting: It starts with zero base value and prepare budget to generates
adequate amount of revenues in order to cover the possible spendings in the next year. It requires
Smart Looks managers to conduct an extensive research for figuring out the anticipated revenues
& costs with the enough justification so as to present realistic projection (De Campos and
Rodrigues, 2016). Thus, it justifies each & every components included in the budget with right
justification for setting out challenging targets.
Fixed budgeting: CIMA (Chartered Institute of Management Accountant) defines fixed
budget as a budget, in which, target revenues and expenditures are set for a fixed volume
irrespective or irregardless of the level of production activities actually attained by the Smart
Looks. In practice, the method is used very rarely because actual output mostly significantly
differs from the targeted outcome, which does not provide helps in cost-controlling decisions.
Flexible budgeting: Budget which identifies the diferences between fixed, variable and
semi-variable costs and track the changes in these expenses relation to the actual production
volume attained by the business is termed as flexible budgeting (Rubin, 2016). Thus, alternative,
it can be said that in this, budget is created for a range of output and also can be adjusted by the
Smart looks for comparing the actual outcome with the targets for the actual volume of activity
attained. ‘
Taking into account all of the techniques of budgeting, zero based budgeting is identified
perfectly suitable method because, in this, the market conditions are analyzed through an
extensive research which enable managers to presents realistic anticipation of the revenues and
costs. Further, it set out challenging targets, which encourage & motivate staff from each
functional area to contribute their best efforts to get attractive incentives and results in business
success.
Question7
a. Sales budget
Particulars April May June
Sales (in units) 2000 1500 2500
Price (per unit) 30 30 30
Total sales revenue 60000 45000 75000

(in £)
b. Production budget
Particulars April May June
Budgeted sales (in units) 2000 1500 2500
Planned closing stock (in
units) 150 250 100
2150 1750 2600
Less: Opening stock (in units) 100 150 250
Planned production (in
units) 2050 1600 2350
c. Raw material budgets
Raw material budget of Smart Looks from April to June is enumerated below:
Particulars April May June
Planned production (in units) 2050 1600 2350
Direct material price (per unit) 5 5 5
Direct material required of production (in units) 10250 8000 11750
Add: Closing stock 750 1000 1200
Less: Opening stock 500 750 1000
10500 8250 11950
Cost per unit 1.5 1.5 1.5
Budgeted raw material purchase (in £) 15750 12375 17925
d. Labor budgets
Particulars April May June
Budgeted production (in units) 2050 1600 2350
Direct labor hours (per unit) 1.5 1.5 1.5
Budgeted direct labor hours 3075 2400 3525

(Cost per unit) direct labor
hour 6 6 6
Budgeted direct labor cost 18450 14400 21150
e. Total overhead budget
Particulars April May June Quarter
Production (In
units)
2050 1600 2350 6000
Direct labor hours 1.5 1.5 1.5 1.5
Total hours
required
3075 2400 3525 9000
Variable
Overhead rate
3 3 3 3
Total variable
overhead
9225 7200 10575 27000
Fixed overhead 2000 2000 2000 6000
Total overhead
budget
11225 9200 12575 33000
Q.8. Preparing cash budget and its analysis
Cash budget refers to a financial plan that express the results of other those business
activities and functions that either drive cash into the firm and results in outflow of cash. The
excess of cash inflows over outflows is reported as cash surplus otherwise it shows shortfall or
lack of cash which may leads to cause financial issues (Rubin, 2016).

Findings and analysis: From the cash budget, it is analyzed that Smart Look’s sales
performance reflects negative trend because it has been decreased from 60000 to 45000. For the
cash management, firm has decided to pay 80% of their material purchase on prompt basis and
remainder 20% in the successive period whist workers are paid with their wages in the same
month. In May, it dropped to 15,750 whereas after it, rose to 23400. Besides this, fixed costs
have no relation with the output, therefore, it remains unchanged from 2000. In all the years,
income is expected to be less than target spending resulted shortfall.
Recommendation:

 In order to maximize revenues, Smart Looks’s sales department must promote cash basis
sales by providing cash offers, so that, revenues can be obtained immediately at POS
(point of sale).
 Managers can negotiate with material suppliers so as to exceed their credit limit from
20%, so that, it will have to pay less charges on immediate basis as it can be paid delayed
(Deegan, 2013).
 Skilled & talented workers at an acceptable or affordable hourly wages rate must be hired
for curtailment of labor’s wages.
 Monitoring & controlling by each divisional manager of Smart Looks is also compulsory
to curtail cash outflow for the surplus funds.
TASK 3
Question 9
a. Computation of planned margin for March 2017
Particulars
Budgete
d figures
Actual
figure
s Variance
Direct material cost (per unit) 5 4.65 .35
Direct labor cost (per unit) 6 6.25 -2.5
Fixed production cost 12500 12500 0
Budgeted sales (in units) 5000 4800 200
Selling price (per unit) 87.6 87.6 0
Sales revenue (in £) 438000
42048
0 17520
Net Profit 73000 70080 2920
By making assessment it has been identified that budget profit for March, 2017 accounts
for £73000 respectively.

b. Calculation of actual profit
The above mentioned table presents that planned profit figure is £70080 significantly.
However, in comparison to the budgeted figure, actual profitability aspect is lower in terms of
£2920 respectively.
c. Computation of material and labor variances
Material variance
Particulars
Budgete
d figures
Actual
figure
s Variance
Material cost variance (per mtrs cost) 5 4.65 0.35
Material usage variance (in £) 30000 30400 -400
Total material variance (in £) 150000
14136
0 8640
Labor variance
Particulars
Budgete
d figures
Actual
figure
s Variance
Labor rate variance (per hour in £) 6
99000
/
15840
= 6.25 -0.25
Labor efficiency variance (in hours) 15000 15840 -840
Total labor cost variance
5000 *
18 =
90000
4800 *
20.63
=
99000 -9000
Working note

Particulars Figures
Fixed production cost (per unit) 25
Direct material cost (per unit) 30
Direct labor cost (per unit) 18
Total cost 73
Profit (cost per unit * 20%) 14.6
Selling price per unit 87.6
d. Preparing reconciliation profit
Question 10
Finding causes of deviations and taking correction actions for improvement
On the basis of variance analysis it is identified that there are number of areas where
improvement need to be made in the business. Some of them are explained below.
 Material variance: It can be seen from the table that material variance is negative which
is -400 and this means that over expenses are made by the firm on material in its
business. This happened because firm failed to make best use of raw material in its
business. Even raw material price declined from 5 to 4.65 then also poor performance
observed in case of company.
 Labor variance: Negative variance of 9000 is observed in case of the firm because labor
price and hours increased to great extent. More hours are taken by the employees to
produce target number of units and due to this reason negative variance comes in
existence. Thus, firm give poor performance in its business.
 Profit variance: Profit variance also reflects that firm perform poor in its business. This
happened because it failed to make proper use of material and labor in its business.
Hence, it needs to make efficient use of these resources in its business.
 Sales variance: Fewer amounts of units are sold in the market than budgeted value and
due to this reason negative variance of 17520 is observed in case of the business firm.
Thus, on this front firm needs to improve its performance.
Action of improvement

 Training must be given to the employees so that their efficiency level can be increased at
the workplace.
 Material must be purchased in limited quantity and on perfect time so that cost can be
controlled in the business (Mitchell, O'Donnell and Ramsay, 2005).
CONCLUSION
From the conducted study, it becomes clear that managerial accounting tools and
technqiues are of vital significance for the Smart Look to make informed plans and strategies for
attainment of goals. The report founded that there are different types of costs which behave
differently, some changes with the production whilst some remains fixed. Further, inventory
valuation considered that average costing method is a good method because it considers all the
prices at where goods were bought. However, for the forecasting purpose, zero based budgeting
method has been suggested. Lastly, it is recommended to the Smart Looks to inspect the material
quality before purchase to combat negative results, negotiate the wages rate witht the labor and
promote the sales by creating an excellent promotional campaign and train their workforce,
which leads to ensure sustainable growth.

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