There are 6 questions in the Tutorial Assignment. Once the assignment available, you will have 24 hours to finish and submit it. Each week students were provided with similar case studies and situational questions of varying degrees of difficulty.
a) Cite and discuss two (2) types of information a management accountant can provide to assist management in a business that considers product quality to be of key strategic importance.
b) Interpret and explain what is meant by the phrase “different costs for different purposes.
The State Library of South Australia has incurred the following costs in its Loans Department over the last 6 months of Financial Year 2020-2021.
Jan 4900 $ 76,200.00
Feb 5300 $ 87,000.00
Mar 6200 $ 90,000.00
Apr 4800 $ 78,100.00
May 5050 $ 80,700.00
Jun 3700 $ 75,000.00
b) State the cost equation for State Library of South Australia.
c) Estimate the cost for Dec if the forecasted loans is 4850.
d) Cite the advantage(s) of using the High Low Method.
e) Identify possible drawback(s) of using the High Low Method.
a) Ali and Johan are best friends who used their savings and all the monetary gifts they received during graduation to start their own business manufacturing different kinds of facemasks, given the high demand. “We don’t need a product costing system. We are a small manufacturer with a just in time approach so our inventories are minimal. We have no influence over the product price; whatever the big manufacturers do, we follow. Our accountant only comes in during Fridays and she is already far too busy to bother with a product costing system.” Is this a reasonable attitude? Explain why.
b) For each type of service organisation (Professional Service Firms, Service Shops, and Mass Service Entities):
i) Identify the key features and give an example of a service company most likely to fall in each category.
ii) Describe the type of costing system that is most appropriate for each type of service organisation.
1. What is Hunter Cellars’ break-even point in units?
2. What is the company’s break-even point in sales dollars?
3. If Hunter Cellars has a target profit of $570,000.00 how many bottles of wine would it have to sell?
4. Calculate the company’s safety margin and interpret what that number means.
a) Calculate the relevant costs for Harry’s Pies if it continues to make its own pies.
b) Calculate the relevant costs for Harry’s Pies if it purchases from the nearby bakery.
c) If Harry’s Pies accepts the offer, calculate the effect on profit.
d) Should Harry’s Pies accept or reject the bakery’s offer?
Determine the standard material cost of a 10 litre container of the new paint for Boysen Industries.
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