Understanding Various Management Tools | Report

Added on -2020-02-14

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MANAGEMENT ACCOUNTING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................5TASK 1............................................................................................................................................5Q1...........................................................................................................................................5a) Classify the costs into Fixed, Variable and Semi-variable cost.........................................5b) Explain other ways of classifying cost...............................................................................5Q2...........................................................................................................................................7a) Calculate total and unit costs.............................................................................................7b) Analyze the cost data.........................................................................................................7Q3. Calculation of inventory..................................................................................................81.FIFO Method ......................................................................................................................82.LIFO Method.......................................................................................................................83.Average Cost Method..........................................................................................................9Q4. Prepare report of cost of goods sold................................................................................9Q5.........................................................................................................................................10a) Suggest 2 critical factors and performance indicators .....................................................10B (1) How costs can be reduced...........................................................................................10B (2) How value and quality can be enhanced.....................................................................11TASK 2..........................................................................................................................................11Q6. Usefulness of preparing budget.....................................................................................11Q7. Preparation of budgets...................................................................................................12Q8. Preparation of cash budget............................................................................................13TASK 3..........................................................................................................................................14Q9) 4.2 Comparison of budgeted and actual profit for Smart Looks Ltd............................14Computation of selling price by considering the marginal costing technique.....................14CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................18
Index of TablesTable 1: Calculation of total costs and unit costs...........................................................................7Table 2: Analysis of cost data..........................................................................................................7Table 3: FIFO Method.....................................................................................................................8Table 4: LIFO Method.....................................................................................................................8Table 5: Average Cost Method........................................................................................................9Table 6: Sales Budget....................................................................................................................12Table 7: Production budget............................................................................................................12Table 8: Raw Material purchases budget.......................................................................................12Table 9: Labor budget....................................................................................................................13Table 10: overhead budget.............................................................................................................13Table 11: Cash Budget...................................................................................................................14
Illustration IndexIllustration 1: Cost Classificationsource:http://www.yourarticlelibrary.com..................................6

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