E F G
Tendulkar Manufacturing Co
Inventories Finished Goods 1/10/X6 Raw Materials 1/10/X6 Work in Process Material 1110/X6 Work in Process Labour 1/101X6 Work in Process Expense 1110D(6 Finished Goods 30/9/X7 Raw Materials 30/9/X7 Work in Process Material 30/9/X7 Work in Process Labour 30/9/X7 Work in Process Expense 30/91X7
Adjusting Entries Accrued Salaries (Office) Accrued Salaries (Factory) Prepaid Insurance Tax expense Depreciation on Machinery Insurance (Office) Insurance (Factory) Rates (office) Rates (Factory)
The purpose of Assessment item 1 is to establish the skills needed in the workplace for costing products and services using the appropriate processes and tools and applying analytical processes to construct accounting systems and models using workplace tools. Each question uses realistic data and the professional practices similar to that found in workplaces.
Your assignment consists of different question styles including discussion questions, reports, exercises, problem questions and spreadsheet questions. It assesses learning outcomes as listed in the assignment rationale below.
QUESTION 1 Panopticism (4 marks) See your text chapter 1, page 4. Describe Panopticism. How may it be relevant to management accounting? Give examples (about 200 words). Use images to enhance your answer.
QUESTION 2 Control (4 marks) List and explain three functions of management accounting. Refer to the text chapter 1. Give examples (about 150 words).
QUESTION 3 Checklists (4 Marks) Explain how the Van Halen rock band used checklists as a control device. See chapter 1 of your text. Use Internet resources to enhance your answer (about 200 words).
QUESTION 4 Manufacturing statement and income statement (18 marks) Spreadsheet. See the Spreadsheet Advice PDF in Interact2 Resources and the examples in your textbook.
Create a manual, handwritten solution. Scan or use your phone to copy and paste an image of your handwritten solution in your word file. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which method you chose. We ask for a handwritten solution because this is the method you will use in the final exam. In the meantime, we also want you to acquire spreadsheeting skills. Having spreadsheet skills will enhance your future employment prospects.
Check the assignment requirements below paying particular attention to the spreadsheet requirements. Ensure you have separate data and report areas with the latter showing only formulas. Use IF functions to allow for the possibility of either a net profit or a net loss. Show row and column headings and paste both a normal view and a formula view.
The question below has been adapted from your text P1-21.
3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
50,000 11,000 23,000 17,000 26,000 32,000 26,000 15,000 11,000 8,000
2,340 12,600 3,700 56,740 12,900 25% 75% 25% 75%
Transaction Summary for Year Raw material purchases Inward charges on raw materials Labour Manufacturing expenses Sales of finished goods Advertising Audit fee Discount expense Discount revenue Freight Outwards Insurance expense Light and power (Office) General expenses Rates Salaries (Office) Salaries (Factory) Sales commission
842,000 25,340 456,780 370,000 3,856.000 24,000 12,000 3,450 5,320 6,543 16,000 23,000 54,320 12,567 35.000 367,800 47,600
Required (a) Prepare a manufacturing statement for the year showing prime cost (b) Prepare an income statement for the year