Sun Worship Leisure Wear manufactures 代写

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  • Sun Worship Leisure Wear manufactures 代写


    ACC00146 MANAGEMENT ACCOUNTING
    MAJOR ASSIGNMENT
    (Session 2 2017)
    This assignment is worth 30 marks
     
    See MySCU for more details about the time and submission requirements
     
    Sun Worship Leisure Wear manufactures swimwear and accessories for men and women.  They operate out of rented premises in Burleigh Heads where the factory is split into a manufacturing and storage area and a retail space.
    The business produces 4 products:
    ·        Bikinis for women
    ·        Board shorts for men
    ·        Beach Towels
    ·        Beach Bags

    Sun Worship Leisure Wear manufactures 代写
     
    You, as the management accountant for the firm, have been asked to prepare a range of budgets for the 2018 year.  The following information has been gathered:
     
    Sales Bikini Board short Towel Beach Bag
    January 2018 1,500 1,200 400 200
    February 2018 1,200 1,100 300 180
    March 2018 1,300 1,160 260 160
    April 2018 1,000 1,000 140 120
    May 2018 400 600 80 60
    June 2018 500 700 40 40
    July 2018 400 500 40 40
    August 2018 200 400 40 40
    September 2018 1,300 1,160 260 160
    October 2018 1,200 1,100 300 180
    November 2018 1,200 1,100 300 180
    December 2018 1,500 1,200 400 200
    January 2019 1,600 1,400 440 220
    February 2019 1,400 1,200 400 200
     
     
      Bikini Board short Towel Beach Bag
    Selling Price $100 $75 $45 $65
     
     
    Product Bikini Board short Towel Beach Bag
    Direct Materials & Direct Labour per unit
    Fabric $18.75 $31.25 $26.25 $25
    Elastic/Trim $13.50 $3.00 $5.25 $1.5
    Direct Labour (sewing time/machine hours)
     
    1 hour 0.75 hours 0.4 hours 0.6 hours
    Other Cost information: Production Related Costs Operating Costs
    Direct Labour $28/hour  
    Indirect Labour $1/unit  
    Indirect Materials $2/unit  
    Utilities $550/month $50/month
    Insurance $2,400/year $6,000/year
    Factory Supervisor’s Salary $54,000/year  
    Administration Staff Wages   $2,500/month
    General Office Expenses   $1,500/month
    Rent $5,600/month $1,400/month
    Repairs and Maintenance See below  
                 
     
    Inventory:  At the end of each month the business plans to have 50% of the following month’s sales units in stock as finished goods and 75% of the direct materials required for the next month’s production. 
    Cash Collections:  20% of sales are through the retail outlet at the factory.  These customers pay for their purchases at the time of sale.  The remainder of sales are to businesses that resell Sun Worship Leisure Wear products. Credit is extended to all business customers.  It is estimated 60% of these sales are collected in the month of sale and the remaining 40% are collected in the following month.
    Cash Payments:All purchases, other than the purchase of direct materials, are paid at the time the expense is incurred.  It is estimated 30% of accounts payable will be paid in the month the direct materials are purchased and the remaining 70% will be paid in the following month.
    The interest rate payable on the loan is 6% per annum.Interest is paid monthly.  The loan is on an interest only basis and the principle can be repaid at any time.
    Depreciation of plant and equipment totals $9,000 for the year.  Depreciation is recorded monthly.
    Repairs and maintenance related to manufacturing plant and equipment is estimated to be $2,500 each quarter payable in March, June, September, and December.
    Variable manufacturing overhead is allocated based on machine hours.
    Fixed manufacturing overhead is allocated based on units of production.
    Ignore GST and Income Tax.  Round amounts other than unit costs to nearest dollar value.
    The opening Balance Sheet is provided below:
    Sun Worship Leisure Wear
    Balance Sheet
    As at 31 December 2017
    Assets  
    Current Assets  
         Cash 48,250
         Accounts Receivable  123,650
         Finished Goods Inventory 99,150
    Materials Inventory  114,375
    Total Current Assets $385,425
       
    Non-current Assets  
         Equipment  85,000
         Less: Accumulated Depreciation ( 8,000)
    Total Non-Current Assets  $77,000
       
    Total Assets  $462,425
       
    Liabilities & Shareholder Equity  
    Current Liabilities  
         Accounts Payable  92,500
    Total Current Liabilities  $92,500
       
    Long-Term Liabilities  
         Bank Loan  125,000
    Total Long-Term Liabilities  $125,000
       
    Total Liabilities  $217,500
       
    Shareholders’ Equity  
         Share Capital  150,000
         Retained Earnings  94,925
    Total Shareholder Equity  $244,925
       
    Total Liabilities & Shareholders’ Equity  $462,425
     
     
    Required:
    1.      Using Excel, prepare the following budgets for the twelve-month period from January 2018 to December 2018.  The first worksheet should contain your raw data and assumptions and all future worksheets should be linked to this data.  Use a different worksheet for each budget. Show all calculations and use Excel functions where possible.  While you should use examples in your text as a guide, the key to using spreadsheets is that they are structured so that others can use them and follow the flow of information without difficulty.
    a.      Monthly Sales Revenue and Cash Collection Budget
    b.      Production Budget in Units
    c.       Direct Materials and Cash Purchases Budget
    d.      Direct Labour Budget
    e.      Manufacturing Overhead Budget (break into variable and fixed components)
    f.        Monthly Operating Cost Budget
    g.      Ending Inventory budget for Finished Goods
    h.      Cost of Sales Budget
    i.        Budgeted Income Statement for the year ended 31 December 2018
    j.        Monthly Cash Budget
    Your budget spreadsheet must be submitted in Excel Format (not as an appendix in your WORD document).
     
    2.      Write a report (Maximum 1,500 words) for your manager to present to the upcoming Board meeting.  The report should include:
    ·        an overview of the expected results for the 2018 year;
    ·        an analysis of the Contribution Margin for each product and recommendations regarding the products Sun Worship Leisure Wear manufacture and sell;
    ·        recommendations regarding the cash position of the business; and
    ·        an analysis of current market conditions and future predictions that you believe should be considered when the 2019 budget is prepared.  You should use broader industry data and trends from sources such as IBISWorldand the Australian Bureau of Statistics to support your recommendations.
    ·        Use visual aids such as tables and graphs to enhance your report presentation.
    The report should be submitted as a WORD (not PDF) document.
     
     
     
     

    Assessment Criteria Poor Unsatisfactory Satisfactory Good Excellent
    Spreadsheet layout and presentation (2.5 Marks)
    Spreadsheet Layout including Raw Assumptions & Data, appropriate tabs correctly named for each section of the budget and use of Excel tools in spreadsheet.
     
    Insufficient data.Spreadsheet has not been separated into worksheets.Inappropriate layout.
    Poor use of Excel tools.
     
     
    0 Marks
    Use of Worksheets but layout is difficult to follow. Worksheets have not been named. 
    Limited use of Excel tools.
    Inconsistencies throughout.
    1 Mark
    Use of appropriately named Worksheets.Reasonable use of Excel tools but application is inconsistent. 
    Reasonable layout.
     
    1.5 Marks
    Use of appropriately namedWorksheets.
    Consistent use of Excel tools.
    Layout appropriate but lacks consistency in some areas.
    2 Marks
    Use of appropriately named Worksheets. Very good use of a range of Excel tools.  All worksheets are linked resulting in a consistent flow of data between worksheets.
    2.5 Marks
    Preparation of Budgets(12.5 Marks)
    For each Budget:
    Appropriate layout (monthly) broken into product categories; Clear Headings; Accurate calculations for monthly totals and annual totals.
    Budgets are mostly inaccurate and incomplete.An understanding of the application of the course content in a business context has not been demonstrated.
     
     
     
    0-2.5Marks
    Some Budgets are accurate but there are inconsistencies in the data or basic calculations are incorrect.  Assignment instructions have not been followed and key items have been left out.
     
     
    3-6 Marks
    Most budgets are accurate but there are inconsistencies in the data or basic calculations.  Key items have been included and a reasonable understanding of the application of course content has been demonstrated.
    6.5-9 Marks
    All budgets have been prepared and are mostly accurate - minor errors arising from careless mistakes and lack of attention to detail.  A very good understanding of the application of course content has been demonstrated.
    9.5-10.5 Marks
    All budgets have been accurately prepared.  An excellent understanding of course content has been demonstrated and executed.
     
     
     
     
    11-12.5 Marks
    Report for the Board(15 Marks)
    The report must be professionally presented and cover all issues raised in the assignment instructions. A business report format must be used along with visual aids such as tables and graphs. Presentation is unprofessional with numerous spelling and grammatical errors and it does not cover the key requirements set out in the assignment instructions.
    Inadequate analysis.
    Not presented in the format of a business report. 
    Very limited use of visual aids.
     
     
     
     
    0-3.25 Marks
    Presentation is reasonable but the key issues have not been adequately addressed. Spelling and grammatical errors make the report unpresentable requiring the report to be rewritten before it could be presented.Opinions expressed lack insight, are unsupported (inadequate referencing) or referenced external sources lack relevance.  Not all aspects of a business report format have been utilised. Limited use of visual aids.
    3.5-7 Marks
    Presentation is reasonable and the key issues have been addressed but more insight into the business could be demonstrated.Opinions expressed are unsupported (inadequate referencing) or referenced external sources lack relevance.  Some minor spelling and grammatical errors. Most components of a business report format have been incorporated.  Reasonable use of visual aids.
     
    7.5-11 Marks
    Good, well written presentation and all issues have been covered. Demonstrates a solid insight into the business and recommendations are appropriate. Relevant external sources (at least 2) have been used to support recommendations and these have been appropriately referenced.  All components of a business report format have been incorporated.  Good use of visual aids.
     
    11.25-12.75Marks
    Excellent presentation with no spelling or grammatical errors.
    Demonstrates excellent insight into the business operations and external issues that may affect the business.
    Extensive use of relevant external resources to support recommendations. Appropriate referencing.  All components of a business report format have been incorporated.  Excellent use of visual aids.
     
    13-15 Marks
     
    Sun Worship Leisure Wear manufactures 代写