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Assessment Information Subject Code: ACC 205 Subject Name: Management Accounting 1 Assessment Title: Excel group work Weighting: 25% of overall subject mark Total Marks: 75 Marks Due Date: Monday 14...

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Assessment Information

Subject Code: ACC 205
Subject Name: Management Accounting 1
Assessment Title: Excel group work
Weighting: 25% of overall subject mark

Total Marks: 75 Marks
Due Date:

Monday 14 May XXXXXXXXXXAEST (Students in Adelaide please
note to adjust for the time difference)

Assessment Description


Learning Outcome 2:
Apply basic costs and costing techniques to practical scenarios.
Learning Outcome 4:
Create a budget and a cost volume profit analysis given practical scenarios.
Work in teams (groups) of 3 members (you must obtain your lecturer’s approval for a group of a
different number). You may discuss the selection of teams with your lecturer, who may decide to
allocate you into teams or he/she may decide to form teams using a random process.
You must notify your lecturer of your teams by the Friday of week 6 and be prepared to be allocated
into teams if the lecturer so decides.
Any work which has been copied or shared between groups or teams will result in a “Fail” grade for
all students concerned. So please make sure that the answer to this team assignment is your own
work and not copied from any source.
Submission:
The assignment will need to be submitted electronically through the student portal – use the link under
“Assessments” to submit the information.
Using Excel, answer the questions below. Use one tab per question and also include any written
esponse within Excel.
Note that marks are also allocated for professional presentation and the use of formulas within Excel.
Please check the marking sheet (included below) for each part to ensure that you have followed
all the guidelines for presenting your work.
Please make sure you follow the guidelines noted in your subject outline especially those relating to
presentation, late policy and academic integrity.

.
COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969
This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The
material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of
copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd
ABN XXXXXXXXXXis a registered higher education provider CRICOS Provider Code 02426B.

Assessment Information
Assignment Details:
QUESTION 1 (14 marks)
Big Ginger Ltd produces crystallised and chocolate coated ginger pieces at its Gothenburg factory.
The ginger is purchased by the factory as clean, pealed, and raw ginger. Big Ginger Ltd chops the
ginger into uniform pieces which are then transfe
ed to other departments for further processing to
crystallised ginger or chocolate coated ginger treats.
In the Chopping Department, the process-costing system at Big Ginger Ltd has two cost
categories – Direct materials and conversion costs.
Direct materials, being the pealed ginger and secret other ingredients, are added at the beginning of
the process. Conversion costs are added evenly during the process.
When the Chopping Department finishes with the ginger, it is immediately transfe
ed to either
Crystallisation or Chocolate Coating Departments, and then packaged for sale.
Big Ginger Ltd uses the weighted-average method of process costing.
Data for the Chopping Department for January 2018 are:
Physical Units[kg] Direct Materials Conversion costs
Work in process, 1 January 20,000 $70,000 $3,600
Started during January 200,000
Completed during January 210,000
Total costs added during January $1,470,000 $40,000
Opening work in process is 70% complete with regards to conversion costs and closing work in
process is 80% complete with regards to conversion costs.
REQUIRED:
Produce a production cost report in order to calculate the cost of chopped ginger transfe
ed out
and the value of closing work in process in the Chopping department. Round any workings to 4
decimal places and the final answers to the nearest dollar.

COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969
This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The
material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of
copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd
ABN XXXXXXXXXXis a registered higher education provider CRICOS Provider Code 02426B.

Assessment Information
QUESTION 2 (15 marks)
Milka Chocolate Limited is located in Mount Vinson and produces quality chocolate for plain wrapped
locks, specialty boxed chocolates and chocolate figurines from its state of the art production facility.
The initial joint cost of production is $1,300,000 for the year. This cost results in an output of
2,600,000 kilograms of chocolate blocks.
Details relating to the 3 joint products are given below:
Chocolate Wrapped Boxed Figurines
Quantity at split-off point 1,000,000 kg 1,000,000 kg 600,000 kg
Selling price at split-off point $ 2.00 per kg $ 2.00 per kg $ 2.00 per kg
Separable cost $ 0.50 per kg $ 2.50 per kg $ 1.50 per kg
Sales price of ultimate
product
$3.00 per kg $ 5.00 per kg $ 6.00 per kg
REQUIRED:
1. Allocate the joint cost between Wrapped, Boxed and Figurines using:
a) The Physical Units Method. (3 Marks)
) The Relative Sales Value Method. Round your final answer to whole dollars. (3 Marks)
c) Net Realisable Value Method. Round your final answer to whole dollars. (3 Marks)
2. Milka Chocolate Limited has a request from a prospective customer to further process its chocolate
figurines into Chocolate Gift Baskets which will then be bought by the customer for $9.00 per
kilogram. This will increase the separable costs of chocolate per kilogram to $3.00.
Would you advise the company to accept the offer? Why or why not? (6 Marks)

COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969
This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The
material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of
copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd
ABN XXXXXXXXXXis a registered higher education provider CRICOS Provider Code 02426B.

Assessment Information
QUESTION 3 (21 marks)
Chocmust Ltd buys and sells premium chocolates and sweets wholesale for distribution to retail
outlets and has decided to prepare a cash budget for the quarter ending 31 March 2018.
As at 1 January 2018, the Cash at bank ledger account had a debit balance of $30,000.
The following estimates have been made for the next three months:
January $ Fe
uary $ March $
Sales 100,000 150,000 200,000
Purchases 75,000 100,000 125,000
Cash wages 15,000 20,000 28,000
Depreciation on
Fixtures
5,000 5,000 5,000
Rental expenses 10,000 10,500 11,000
Insurance expenses XXXXXXXXXX
Loan repayment 0 1,000 1,000
All sales are on credit.
It is expected that debtors will pay their accounts as follows:
• 50 per cent in the month following the sale.
• 40 per cent in the second month following the sale.
• 10 per cent in the third month following the sale.
Actual sales for the previous three months were as follows:
• $300,000 in December 2017
• $250,000 in November 2017
• $150,000 in October 2017
Purchases are paid 50% in the same month, and 50% in the month following the sale. December
purchases amounted to $50,000.
Rental expenses and insurance expenses are paid the following month after they are incu
ed.
December expenses were as follows: Rental Expense $10,000 and Insurance Expense $500
REQUIRED:
Part A: Prepare a schedule of cash receipts from debtors for the Quarter ending 31st March 2018.
XXXXXXXXXX7 marks)

Part B: Prepare a Cash budget for the Quarter ending 31st March XXXXXXXXXXmarks)
COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969
This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The
material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of
copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd
ABN XXXXXXXXXXis a registered higher education provider CRICOS Provider Code 02426B.

Assessment Information
QUESTION 4 (9 marks)
SuperParkas Pty Ltd incu
ed the following costs for job number PP549, which consisted of 900
waterproof purple jackets for sale to an outdoor clothing store.
Direct material:
1 January Requisition no. 235: 1800 metres of Coated Plastic Material @ $8.50 per metre
3 January Requisition no. 718: 1100 metres of Nylon Mesh Material @ $3.25 per metre
Direct labour:
31 January Timesheet no. 45: 300 hours@$25 per hou
Manufacturing overhead:
Applied on the basis of direct labour hours @$13 per hou
Additional information:
Answered Same Day Apr 27, 2020 ACC205

Solution

Sweta answered on May 01 2020
141 Votes
Question1
        The Production Cost Report
        Big Ginger Ltd.
        For the month ended 31st January, 2018
        Calculation of physical units of chopping department
        Units in beginning work in progress    20000
        Units started during the period    200000
        Units to be accounted for    220000
            Actual units    Equivalent units
                Materials    Conversion cost
        Units completed & transfe
ed A    210000    210000    210000
        Units in closing work in progress B    10000    10000    10000
        Percentage of completion C    100%    100%    80%
        Equivalent units D= B*C    10000    10000    8000
        Units to be accounted for A+D    220000    220000    218000
        Cost computations during the month
            Materials    Conversion cost    Total
        Cost in Opening work in progress    70000    3600    73600
        Cost added during period    1470000    40000    1510000
        Total costs to account for    1540000    43600    1583600
        Equivalent units from above    220000    218000
            Materials    Conversion cost    Total
        Cost of Units completed and transfe
ed out...
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