Management Accounting Report: Financial Analysis and Case Studies

This comprehensive management accounting report delves into various aspects of financial analysis and strategic decision-making. The report begins with a cost of goods sold schedule and then examines the Australian dairy industry's advantage in China, highlighting the impact of the China-Australia Free Trade Agreement. It contrasts Western and Chinese approaches to management accounting, considering cultural factors like guanxi and power distance. The report then assesses a production capacity upgrade, using capital budgeting techniques to determine its financial viability. Key concepts such as fixed and variable costs, as well as product and period costs, are defined and differentiated. Finally, the report analyzes a strategic management accounting case study involving the Empire's Group, evaluating the impact of strategic decisions on sales, costs, and profitability. The report concludes with an overview of financial performance and strategic implications.

Running head: MANAGEMENT ACCOUNTING
Management Accounting
Name of the Student:
Name of the University:
Author’s Note:

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Table of Contents
Answer to Question No 1................................................................................................................2
Answer to Question No 2................................................................................................................3
Answer to Question No 3................................................................................................................7
Requirement a:.............................................................................................................................7
Requirement b:.............................................................................................................................9
Requirement c:.............................................................................................................................9
Answer to Question No 4..............................................................................................................10
Answer to Question No 5 (Strategic Management Accounting Case Study)................................12
Requirement i:...........................................................................................................................12
Requirement ii:..........................................................................................................................13
Requirement iii:.........................................................................................................................13
Answer to Question No 5 (Case Study).........................................................................................14
Reference List................................................................................................................................15

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Answer to Question No 1
Particulars Amount Amount
$ $
Direct Material Consumption:
Purchases of Manufacturing Raw Materials 86,51,500
Add: Freight Inwards 1,00,500
Add: Opening Raw Material Inventory 4,86,000
92,38,000
Less: Closing Raw Material Inventory 7,86,500
Total Direct Material Cost 84,51,500
Direct Labour 43,28,500
PRIME COST 1,27,80,000
Manufacturing Overhead:
Indirect Labour 1, 250,000
Direct Manufacturing Overhead 22,55,500
Other Manufacturing Overhead 8,47,000
Factory Rent 2,50,000
Factory heat,light & power 15,67,500
Total Manufacturing Overhead 49,20,000
TOTAL MANUFACTURING COST 1,77,00,000
Add: Opening WIP Inventory 6,20,000
1,83,20,000
Less: Closing WIP Inventory 11,87,500
COST OF GOODS MANUFACTURED 1,71,32,500
Cost of Goods Manufactured Schedule
for the period ended 31st December 2017
Cost of Goods Sold Schedule
for the period ended 31st December 2017
Particulars
Amoun
t Amount
$ $
Cost of Goods Manufactured
1,71,32,50
0
Add: Opening Finished Stock
Inventory 2,75,500

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1,74,08,00
0
Less: Closing Finished Stock Inventory 7,52,000
COST OF GOOD SOLD
1,66,56,00
0
Particulars Amount Amount
$ $
Sales Revenue 3,57,26,840
Cost of Goods Sold -1,66,56,000
GROSS PROFIT 1,90,70,840
Operating Expenses:
Sales Rep Salary and Commission Costs -33,24,500
Administration Salaries and Costs -8,75,500
Freight Outwards -65,500
Accounting & Audit costs -1,50,000
Sales & Marketing Expenses -8,71,500
Total Operating Expenses -52,87,000
NET OPERATING PROFIT 1,37,83,840
Financing Cost -5,47,500
PROFIT BEFORE TAX 1,32,36,340
Income Tax Expenses -39,70,902
NET PROFIT FOR THE PERIOD 92,65,438
INCOME STATEMENT
for the period ended 31st December 2017
Answer to Question No 2
Australian dairy product advantage in China
The consumers of China have rated the Australian dairy products to be very high for their
quality and safety and this specifically essential given their performance and role in the baby and
toddler products. This would assist in developing the availability and profiles of the dairy
products of Australia. For the manufacturers of Australian dairy products, China has become the

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pivotal point. The development and the rise in the demand for the dairy products in China is
generating an extensive modification in the Chinese community and new and innovative
opportunities for the products that are consumer ready (Shortt, & O'Brien 2016).
The Australian dairy safety and the quality methods and techniques are one of the best
and the most effective in the global economy that is matched by a status for an innovative and
dependable supplier (Zhang, & Corrie 2018). Dairy is looked upon as an increasingly nutritious
food with a developing and diverse extent of the ingredient implications.
The dairy industry even welcomes the chance to reveal this submission on the “China-
Australia Free Trade Agreement” that was signed in the year 2015 on 17th June in Canberra
Australia. This was a joint submission from the “Australian Dairy Industrial Council” and the
“Dairy Australia”.
The dairy industry of Australia initiates with the Federal Government by signing an
extensive and trade liberalizing contract with China. The Australian dairy industry focuses on the
absolute precedence of sanctioning the “Australia China Free Trade Agreement”. The
government even assists this contract, which will observe the elimination over the time of all the
fares on the export of the dairy products to China is necessary (Zhang, & Roberts 2016).
The “ChAFTA agreement” is probably is transformative for the sector. China is the
biggest daily importer in the global scenario and there is an estimation that this quantity of
imports would be rising with the advent of time (Taoa et al., 2016).
The dairy industry of Australia has seen a wave of optimistic sentiments and a key
development in the confidence of the farmers by depending on the end result and signing the
contract. The incompetency to incorporate or a postponement in the implementation of the

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contract will lead to a negative effect on the confidence and sentiment and thereby be potentially
detrimental to the industry for the coming years (Xiang et al., 2017).
The dairy market of China has become demanding innovative and sophisticated and is
inclusive of some weightage on the safety of the products, the supply reliability and innovation
of product which the processors of Australia are well settled to meet.
The industry compels the Government of Australia to assist the market opening aspects
by sustaining to work constructively with the safety authorities of the Chinese food in order to
create a regulatory atmosphere as a trade facilitating, transparent and sound science based as
much as possible (Zhang et al., 2017). These are the aspects due to which the dairy products of
Australia has faced development in market of China.
Differences between Chinese and western approaches to management accounting
In the Western nations, the process of management accounting is the cost accounting
process of their ancestors that has been created after the early 19th century. The generation of
management accounting is impacted by the characteristics of the development of management
science. The management accounting in the western culture and nation is the real life implication
of the discipline that is reliant on the management operations (Messner, 2016). However, the
implication of management accounting in China is limited by the culture that is existent in China.
In order to promote the the extensive utilization of management accounting, the cultural factors
are even taken into consideration.
In the Western nations, even though the revisions and the modifications to the
management accounting and other accounting practices or standards does not have any legal
obligatory power, they are constructed in accordance to the national legal structure that is

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currently existent, which is given in most of the scenarios by the Companies Act (Westrup et al.,
2018). The Companies Act functions together with the other policies and regulations that are
applicable to each of the industries like the Banking Ordinance for the financial organizations
and Securities Act for the public and the listed organizations that a provide a model with the help
of which the bodies of the accounting professionals in order to create the standards that are
associated to auditing and accounting (Kafouros et al., 2015). These standards for the foundation
for creating the principles of accounting and thereafter conventions that permits the companies
with the flexibility in constructing their own policies of accounting that is ideal for their own
scenarios. The main objective in an overview is to manufacture a set of financial reports that are
in nature fair and true (Bruton et al., 2015).
In the decade of the 1990s, China did not have a regulatory model with the help of which
the auditing and the accounting standards could be constructed as the first national Companies
Law of the country were not effective till the year 1994. The absence of these kind of structures
also influenced the creation of the other policies and regulations (Servaes, 2016).
However, with the incorporation of the Accounting Law in the year 1999, the
Regulations of Financial Reporting of the companies in the year 2000 and the Accounting
System for the business organizations in the year 200, which complements the various standards
of accounting and the regulations that are implacable for the various companies, the structure of
the modern accounting in China has become clear finally clear (Zhao, & Timothy 2015). With
the incorporation of the Accounting System for the Business Organizations in the year 2006, the
accounting standards in China have become more comparable with the IFRS and IAS.

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Concepts of guanxi and power distance
The power distance is the degree to which the evidence is granted and accepted by the
community that there is an unsatisfactory power distribution. Every individual has an effective
and equitable position in the community if the culture has an extensive power distance (Aitken et
al., 2016). On the other hand, the individuals who are within the culture with small power
distance effort to look to be powerful and younger people do not reveal their actual status and
power. The fundamentals and the principles of guanxi is another kind of cultural value in China
that replicates the the Confucianism philosophy.
Answer to Question No 3
Requirement a:
SALES BUDGET:
Actual
Particulars 2017 2018 2019 2020 2021 2022
Total Budgeted
Sales
Inflation Rate 2.25% 2.25% 2.25% 2.25% 2.25%
Add: Mark-up 2% 2% 2% 2% 2%
Selling Price Growth Rate 4.25% 4.25% 4.25% 4.25% 4.25%
Sales Volume Growth Rate 10% 10% 10% 10% 10%
Sales Units 51850500 57035550 62739105 65000000 65000000 65000000 65000000
Wholesale Price per unit $2.25 $2.35 $2.45 $2.55 $2.66 $2.77
Annual Budgeted Sales $13,40,33,543 $15,37,10,807 $16,57,50,000 $17,29,00,000 $18,00,50,000 $18,00,50,000
Budget
PRODUCTION BUDGET:
Actual
Particulars 2017 2018 2019 2020 2021 2022
Total Budgeted
Production
Maximum Production
Capacity 65000000 65000000 65000000 65000000 65000000 65000000
Annual Sales Volume 57035550 62739105 65000000 65000000 65000000 314774655
Less: Opening Stock 985000 1096838 1206521 1206521 1206521 985000
56050550 61642267.5 63793479 63793479 63793479 313789655
Add: Closing Stock 1096838 1206521 1206521 1206521 1206521 1206521
Annual Budgeted
Production 57147388 62848789 65000000 65000000 65000000 314996176
Budget

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PURCHASE BUDGET:
Actual
Particulars 2017 2018 2019 2020 2021 2022
Total Budgeted
Production
Inflation Rate 2.25% 2.25% 2.25% 2.25% 2.25%
Add: Mark-up 1% 1% 1% 1% 1%
Material Cost Growth Rate 3.25% 3.25% 3.25% 3.25% 3.25%
Budgeted Production
Volume 57147388 62848789 65000000 65000000 65000000 314996176
Raw Material Cost per unit $0.61 $0.62 $0.64 $0.67 $0.69 $0.71
Cost of Raw Material
Required $3,56,97,830 $4,05,35,208 $4,32,85,149 $4,46,91,916 $4,61,44,403 $21,03,54,506
Less: Opening Stock of Raw
Material $12,10,000 $21,97,976 $24,17,261 $25,00,000 $25,00,000 $12,10,000
$3,44,87,830 $3,83,37,232 $4,08,67,887 $4,21,91,916 $4,36,44,403 $20,91,44,506
Add: Closing Stock of Raw
Material $21,97,976 $24,17,261 $25,00,000 $25,00,000 $25,00,000 $25,00,000
Annual Purchase Budget $3,22,89,854 $3,59,19,971 $3,83,67,887 $3,96,91,916 $4,11,44,403 $20,66,44,506
Budget
Cost of Goods
Manufactured Schedule:
Particulars 2017 2018 2019 2020 2021
Production Volume 57147388 62848789 65000000 65000000 65000000
Inflation Rate 2.25% 2.25% 2.25% 2.25% 2.25%
Direct Material Purchased $3,22,89,854 $3,59,19,971 $3,83,67,887 $3,96,91,916 $4,11,44,403
Add: Opening Stock of Raw
Material $12,10,000 $21,97,976 $24,17,261 $25,00,000 $25,00,000
$3,34,99,854 $3,81,17,947 $4,07,85,149 $4,21,91,916 $4,36,44,403
Less: Closing Stock of Raw
Material $21,97,976 $24,17,261 $25,00,000 $25,00,000 $25,00,000
Direct Material Cost $3,13,01,877 $3,57,00,686 $3,82,85,149 $3,96,91,916 $4,11,44,403
Direct Labor Cost $0.080 $0.082 $46,74,656 $0.084 $52,56,704 $0.086 $55,58,957 $0.087 $56,84,033 $0.089 $58,11,924
PRIME COST $3,59,76,533 $4,09,57,390 $4,38,44,105 $4,53,75,949 $4,69,56,327
Manufacturing Overhead $1.458 $1.505 $8,59,99,318 $1.554 $9,76,53,001 $1.604 $10,42,77,858 $1.656 $10,76,66,888 $1.710 $11,11,66,062
Factory Manager Salary $15,00,000 $15,33,750 $15,68,259 $16,03,545 $16,39,625 $16,76,517
Dep'n Factory Plant &
equipment $7,65,000 $7,65,000 $7,65,000 $7,65,000 $7,65,000 $7,65,000
COST OF GOODS
MANUFACTURED $2.175 $12,42,74,601 $2.243 $14,09,43,651 $2.315 $15,04,90,508 $2.391 $15,54,47,462 $2.470 $16,05,63,906
2022
Particulars 2018 2019 2020 2021 2022 TOTAL
Budgeted Cost of Goods
Manufactured $12,42,74,601 $14,09,43,651 $15,04,90,508 $15,54,47,462 $16,05,63,906 $73,17,20,128
Add: Opening Stock of
Finished Inventory $21,00,000 $23,85,219 $27,05,725 $27,93,385 $28,85,395 $21,00,000
Budgeted Cost of Goods
Available for Sale $12,63,74,601 $14,33,28,870 $15,31,96,233 $15,82,40,847 $16,34,49,301 $73,38,20,128
Less: Closing Stock of
Finished Inventory $23,85,219 $27,05,725 $27,93,385 $28,85,395 $29,80,366 $29,80,366
Budgeted Cost of Goods
Sold $12,39,89,382 $14,06,23,145 $15,04,02,848 $15,53,55,452 $16,04,68,935 $73,08,39,763
Budgeted Schdule of Cost of Goods Sold:

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Particulars 2018 2019 2020 2021 2022 TOTAL
Budgeted Sales Revenue $13,40,33,543 $15,37,10,807 $16,57,50,000 $17,29,00,000 $18,00,50,000 $80,64,44,350
Less: Budgeted Cost of
Goods Sold -$12,39,89,382 -$14,06,23,145 -$15,04,02,848 -$15,53,55,452 -$16,04,68,935 -$73,08,39,763
BUDGETED GROSS PROFIT $1,00,44,161 $1,30,87,662 $1,53,47,152 $1,75,44,548 $1,95,81,065 $7,56,04,587
Budgeted Gross Profit:
Requirement b:
Capital Budgeting Analysis:
Particulars 0 1 2 3 4
Upgradation Cost -$50,00,000
Gross Profit for Increased
Capacity $1,30,87,662 $1,64,36,989 $2,08,87,972 $2,50,79,790
Gross Profit for Normal
Capacity $1,30,87,662 $1,53,47,152 $1,75,44,548 $1,95,81,065
Incremental Profit $0 $10,89,837 $33,43,424 $54,98,725
Income Tax Expenses $0 -$3,26,951 -$10,03,027 -$16,49,617
Incremental Operating Cash
Flow $0 $7,62,886 $23,40,397 $38,49,107
Net Incremental Cash Flow -$50,00,000 $0 $7,62,886 $23,40,397 $38,49,107
Cost of Capital 12% 12% 12% 12% 12%
Discounted Cash Flow -$50,00,000 $0 $6,08,168 $16,65,848 $24,46,177
Net Present Value -$2,79,806
IRR 10.12%
Requirement c:
This report is constructed in order to suggest whether to undertake the decision of
purchasing the upgrade for raising the capacity of productivity. It has been determined that the
capacity of production of the baby ingredients of Kiewa factory will rise by around 25% due to
the upgradation of the drying and the packaging line of production. From the assessment and the
construction of the budget after the rise in the capacity of production, it is seen that the projected
budgeted gross profit of the company is rising (Li, & Lin 2016). Conversely, when incorporating
the process of assessment of capital budgeting, it is observed that net present value of the

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concerned project is negative and the value comes to -$279806. Hence, the present value of the
future cash flows found to be negative and thereby it can be said that the upgradation of the
drying and the packaging of the production line should not be initiated. Moreover, the cost of
capital or the expected rate of return for upgradation of the production line and packaging is
12%. The calculated amount of the rate of interest has been observed to be 10.12%. It is
observed that the internal rate of return is higher than the cost of capital and thereby it indicates
that the upgradation of the product line needs to be initiated. It even essential to consider all the
precise and valid strategic risks associated to finance for the concerned project. It is observed
that the actual budgeted gross profit is rising year after year and it is viable to undertake the
business without raising the restrictions related to production (Dooley et al., 2017). Nonetheless,
it is vital and necessary to regard all the strategic opportunities and risks when undertaking
decisions with regards to the concerned project. When the new and innovative practices are
associated, one out of the distinct issues has been the risk related to the operations of the
business. The project has key cost insinuations if has an effect on the central activities of the
business or even in the product quality.
Answer to Question No 4
Difference between the fixed and the variable cost
Fixed Cost Variable Cost
It is seen that fixed cost is the expense or the
cost that remains fixed in spite of the extent of
output that is manufactured by an organization
(Arvis et al., 2016).
On the other hand, variable cost is the cost that
differs with the transformation in the extent of
output.
Fixed cost is looked upon to be the mixture of On the other hand, variable cost is a blend of

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the fixed selling and distribution overhead,
fixed production cost and the administrative
overhead that is fixed.
the variable selling and distribution overhead,
direct labor, variable production overhead,
direct material and direct expenses.
The instances of the fixed cost are inclusive of
the fixed cost that is related to rent, taxes and
salaries and depreciation.
The examples of variable cost are inclusive of
the consumed materials, commission on sales,
wages and the expenses associated to
packaging.
Differentiation between the product and period cost
Product Cost Period Cost
Product is acquired when the products are
manufactured or is purchased.
Period cost is acquired even in circumstances
when there are no manufacturing activities or
no inventory purchases.
It is seen that product cost is one of the key
elements associated with the cost of
manufacturing.
Period cost on the other hand is not essentially
a part of the process of production
The relevant or the precise range is related to the distinct degree of operations that is
restricted by the minimum and the maximum amount or value. There are several revenues and
costs that are likely to take place within the specified limitations is shown by the relevant range.
The relevant range is looked upon as the significant and vital qualifies when budgeting and
assigning the fixed costs.

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Answer to Question No 5 (Strategic Management Accounting Case Study)
Requirement i:
i) Analysis of Empire's Group:
Particulars Cost p.u. Amount Amount Cost p.u. Amount Amount
Total Sales Volume 3000000 3900000
Gross Sales Value $15.00 $4,50,00,000 $15.00 $5,85,00,000
Less: Rebate $0.00 $0 -$0.80 -$31,20,000
Net Sales Value $15.00 $4,50,00,000 $14.20 $5,53,80,000
Prime Costs -$5.00 -$1,50,00,000 -$5.00 -$1,95,00,000
Manufacturing Costs:
Fixed -$5.58 -$1,67,40,000 -$4.29 -$1,67,40,000
Variable -$0.62 -$18,60,000 -$0.62 -$24,18,000
Total Manufacturing Costs -$6.20 -$1,86,00,000 -$4.91 -$1,91,58,000
Logistic Costs:
Fixed -$1.35 -$40,50,000 -$1.04 -$40,50,000
Variable -$0.15 -$4,50,000 -$0.15 -$5,85,000
Total Logistics Costs -$1.50 -$45,00,000 -$1.19 -$46,35,000
Total Costs -$12.70 -$3,81,00,000 -$11.10 -$4,32,93,000
GROSS PROFIT $2.30 $69,00,000 $3.10 $1,20,87,000
Tootbrush Factory Total Assets $4,00,00,000 $4,00,00,000
ROTA 17.25% 30.22%
Before Strategy Implication After Strategy Implication

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Requirement ii:
ii) Analysis of Death Star Manufacturing:
Particulars Cost p.u. Amount Amount Cost p.u. Amount Amount Cost p.u. %
Total Sales Volume 2400000 1725000
Prime Costs $5.00 $1,50,00,000 $5.00 $86,25,000 $0.00 0.00%
Manufacturing Costs:
Fixed $5.58 $1,33,92,000 $7.76 $1,33,92,000 $2.18 39.13%
Variable $0.62 $14,88,000 $0.62 $10,69,500 $0.00 0.00%
Total Manufacturing Costs $6.20 $1,48,80,000 $8.38 $1,44,61,500 $2.18 35.22%
Logistic Costs:
Fixed $1.35 $32,40,000 $1.88 $32,40,000 $0.53 39.13%
Variable $0.15 $3,60,000 $0.15 $2,58,750 $0.00 0.00%
Total Logistics Costs $1.50 $36,00,000 $2.03 $34,98,750 $0.53 35.22%
Total Costs $12.70 $3,34,80,000 $15.41 $2,65,85,250 $2.71 21.35%
Before Strategy Implication After Strategy Implication Increase/(Decrease)
Requirement iii:
The report is constructed in order to outline the essential outcomes and findings that have
been created from the strategy that is incorporated by the Empire’s Group in accordance to the
implication of the profits and the costs related to accounting. It can be determined from the
assessment of the strategic incorporation that the overall volume of sales of Star Wars electronics
has increased from the extent of 3000000 to 3900000. There has been a rise in the overall costs
and the there has been a rise in cost from $38100000 to $43293000. On the other hand, the gross
profit of the company has been increasing from $6900000 to $12087000 and therefore indicates
that a key increase in the return on the total assets has been 30.22%.
After the incorporation of the strategy, the inverse effect has been observed in the volume
of sales for death star production. Accordingly, there has been a decline in the overall cost of
manufacturing has been $14461500 with respect to $14880000. Furthermore, there has been a
fall in the overall costs. Hence, it can be observed that there exists a positive effect on the
volume of sales and the return on the total assets of Star War electronic toothbrushes. Therefore,

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it is suggested to the strategic committee to move forward with the prepared and constructed
transformations.
Answer to Question No 5 (Case Study)
According to the concerned case study, it can be recommended to Burdon to undertake
the performance of objectivity that is desired from the management accountant in accordance to
the responsibility for interacting and communication the information and the data accurately
even though such data is not in support with the individuals who are asking for it. Hence, Burdon
should be advised to address and define the accounting treatment to the higher level
management. \
Burdon is therefore suggested to undertake the following steps and actions and they are given
below:
 It is essential and desired by Burdon to ascertain the information of the scenario and
recognizing the ethical aspects that are related with the current scenario.
 The values that are associated to the scenario needs to be recognized
 Construct an alternative action course and this course needs to be addressed
 Probable consequences of every course of action needs to be recognized

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