Assignment due date: In class - 14th Sept , 2016 (Mt Gravatt)

Weighting: 10%

This assignment requires students to:

Prepare a cash budget showing a schedule of cash receipts

Prepare a variance analysis

Requirements:

Students are required to complete the assignment individually.

Complete Part A and B (see below).

A hardcopy of the assignment is to be submitted with a Griffith College assignment coversheet at the start of class in week 11.

Please do not bind your assignment. Staple the assignment in the top left-hand corner.

Assignment Information

Part A Practical Question (4 Marks)

Archies Pty Ltd is preparing a cash budget for October, 2016. The following information relates to sales and purchases for the business:

1. Sales

a) The sales are made up of 20% cash sales and 80% on credit.

b) 35% of invoices are collected in the month they are invoiced. 60% are

collected in the month after the sale and 5% are uncollectible

Required:

Prepare the following schedules for Archies Pty Ltd for October, 2016:

i.Cash collections schedule

Projected monthly sales are:

$___________________________________

August236,500

September224,400

October275,680

Part B Practical Question (6 Marks)

Markons Pty Ltd make household products which they sell to shops and households. One of its most popular products is a cleaning detergent called Sparkle. Markons Pty Ltd use a traditional standard costing system and below are the materials, and labour standard coststo produce one boxof Sparkle detergent.

Direct Materials 1.5 kg @ $12 per kg$18.00

Direct manufacturing labour 0.5 hr @ $24 per hr$12.00

During the year 4000 boxes of Sparkle detergent were produced and sold. The actual costsof materials and labour to produce 4000 boxeswere as follows:-

Direct materials 6500 kg @11.50 per kg$74,750

Direct manufacturing labour1960 hrs @ $25 per hr$49,000

Required:

i.Calculate price and efficiency variances for direct materials and direct manufacturing

Labour variances (4 marks)

ii.Explain one reason for each of the material and labour variances (2 marks)

2104AFE Management Accounting Semester 2, 2016 Assignment 2104AFE MANAGEMENT ACCOUNTING ASSIGNMENT QUESTION - SEM 2, 2016 Assignment due date: In class - 14th Sept , 2016 (Mt Gravatt) Weighting: 10% This assignment requires students to: (i) Prepare a cash budget showing a schedule of cash receipts (ii) Prepare a variance analysis Requirements: 1. 2. 3. 4. Students are required to complete the assignment individually. Complete Part A and B (see below). A hardcopy of the assignment is to be submitted with a Griffith College assignment coversheet at the start of class in week 11. Please do not bind your assignment. Staple the assignment in the top left-hand corner. 2104AFE Management Accounting Semester 2, 2016 Assignment Assignment Information Part A - Practical Question (4 Marks) Archies Pty Ltd is preparing a cash budget for October, 2016. The following information relates to sales and purchases for the business: 1. Sales a) The sales are made up of 20% cash sales and 80% on credit. b) 35% of invoices are collected in the month they are invoiced. 60% are collected in the month after the sale and 5% are uncollectible Required: Prepare the following schedules for Archies Pty Ltd for October, 2016: i. Cash collections schedule Projected monthly sales are: $ ___________________________________ August 236,500 September 224,400 October 275,680 2104AFE Management Accounting Semester 2, 2016 Assignment Part B - Practical Question (6 Marks) Markons Pty Ltd make household products which they sell to shops and households. One of its most popular products is a cleaning detergent called Sparkle. Markons Pty Ltd use a traditional standard costing system and below are the materials, and labour standard costs to produce one box of Sparkle detergent. Direct Materials 1.5 kg @ $12 per kg Direct manufacturing labour 0.5 hr @ $24 per hr $18.00 $12.00 During the year 4000 boxes of Sparkle detergent were produced and sold. The actual costs of materials and labour to produce 4000 boxes were as follows:Direct materials 6500 kg @11.50 per kg Direct manufacturing labour 1960 hrs @ $25 per hr $74,750 $49,000 Required: i. ii. Calculate price and efficiency variances for direct materials and direct manufacturing Labour variances (4 marks) Explain one reason for each of the material and labour variances (2 marks)