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Assessment Type: Case study – 2000 + 10% word report and analysis. Purpose: This assessment is designed to allow students to demonstrate their ability to analyse given financial information relating to a management accounting problem, similar to real world problems, and present their findings and conduct analysis of this information as it applies to accounting concepts. It relates to Learning Outcomes a, b, c and d. Topic: Management Accounting Problem. Task Details: Students are to analyse the given information, make calculations where relevant and draw relevant, supported conclusions and make justified recommendations. Responses are to be formatted into a professional report for each part of each question, as would be expected of someone working in a modern accountant’s office. Research Students need to support their analysis with reference from the text and a requirements: minimum of twelve (12) suitable, reliable, current and academically acceptable sources – check with your tutor if unsure of the validity of sources. Groups seeking Credit or above grades should support their analysis with increased number of reference sources comparable to the grade they are seeking Marking Guide: Marks awarded will be based on the following criteria; 1. Presentation 25% 2. Analysis – relevance to task specification 25% 3. Content including recommendations/conclusions 25% 4. Research – extent and application Prepare a report (no more than 10‐pages) for Frank Burgess that addresses the following: a) The purpose of a product costing system. b) Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold. (The schedules may be in the appendix). Explain why some items have been excluded from the schedules. c) Complete the T‐accounts and determine the following: i. Work in Process at the end of April; ii. Raw materials purchased in April; iii. Overhead applied in April; iv. Cost of Goods sold in April; v. Raw materials used in April; and, vi. Over‐ or under‐applied overhead in April. d) Discuss how overheads can be over‐ or under‐applied and how the company should deal with the over‐ or under‐application. e) Evaluate whether ABC should be introduced. (Hint: remember to consider both the costs and benefits of any action recommended.)
