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Management Accounting II
Duration: 120 min
管理会计考试代考 Part I (Based on this part, answer questions 1 to 6, inclusive) Company FAZFAZ produces and sells two different products, which are obtained
(Based on this part, answer questions 1 to 6, inclusive)
Company FAZFAZ produces and sells two different products, which are obtained according to the following production process:
- Material M is transformed in department A, thus obtaining intermediate product P1, which is partially sold (Finished Product P), and the remaining is transformed in department B, obtaining Finished Product T.
- Material M is stored in the Warehouse of Direct Materials (WDM), whose forecasted allocation base is 3€ for each purchased ton.
Regarding the annual budget for year N, prepared according to the absorption costing system, on a semi-annual base, the following elements are known:
|P.U.||Selling price||Receipt term (days)||1st Semester||2nd Semester|
|Finished Product P||Ton.||100 €||30||7.500||7.500|
|Finished Product T||Ton.||350 €||30||60.000||72.000|
The sales are forecasted to be regular throughout each semester.
2.Consumption and cost targets per ton produced
* includes the WDM unit allocation base
3. Product stock policy
- Finished product T: the company forecasts that the ending inventories for each semester corresponds to 1,5 months of sales of the following month. The sales forecasted for January of N+1 are equal to those of January N;
- Intermediate product P1: the company estimates that, at the end of each semester, the ending inventories correspond to the average monthly sales of that semester.
4. Direct Materials stock policy
- The company expects the ending inventories of the year to correspond to 10% of the annual consumption of materials;
- The purchases are regular throughout the year and have a payment term of 60 days.
5. Beginning inventories:
- Material M: 13.650 Ton
- Finished Product T: 10.000 Ton
- Intermediate product P1: 1.000 Ton
Note: the beginning inventories of direct material M is valued, in the opening balance sheet, at the same unit purchase cost forecasted for year N.
6. Expenses with employees 管理会计考试代考
- Salaries: 30.000 € / month;
- Social charges on salaries:
– Holiday subsidy, paid in July, corresponding to 1 month of salary;
– Christmas subsidy, paid in December, corresponding to 1 month of salary;
– Contributions to Social Security: 23,75% on salaries and subsidies, having a payment term of 30 days;
– Other social charges with employees: 37.500€.
The company withholds from the employee’s salary the following amounts: social security contributions at 11% and income tax at 14%.
7. Value added tax (VAT):
- In order to simplify, please consider that this tax is only applied for the sale of finished products and for the purchases of Materials. Please consider a tax of 23%.
8. Other information 管理会计考试代考
- VAT The sales and purchases of materials
- Opening cash: 25.000€;
- Closing cash policy: the company expects to have a closing cash of 30.000€ at the end of each month;
- Cash balances:
o First semester: positive cash balance of 500.000€;
o Second semester: positive cash balance of 250.000€;
- Short-term credit line: The company has negotiated a short-term credit line, in the maximum value of 500.000€, to use and refund at the company’s convenience. The use of this credit line implies the payment of interests, at the annual rate of 8%. The interests are payable in the semester following its use;
- Financial investments (applications): Whenever the company has excess cash, it may invest in some financial applications, rendering interests at the annual rate of 1%, refundable at the company’s convenience. Interests are received in the semester following the financial investment;
- The company has negotiated, at the 1st of November of N-2, a medium long- term loan in the amount of 4.000.000€, refundable in 10 equal semi-annual payments, starting on the 1st of May of N-1. The payment of interests should happen simultaneously with the refunds, and annual rate for this loan is 5%.
Part II 管理会计考试代考
(Based on this part, answer questions 7 to 13, inclusive)
ROME company is dedicated to the production and sales of product ALFA and by-product ALFA1.
ROME uses the departmental method and charges costs using the absorption costing system and the following departments have been identified:
Department 1 (D1) allocation base: Mh
Department 2 (D2) allocation base: Mh
Department 3 (D3) allocation base: Lh
There is also a Warehouse of Direct Materials (WDM), whose costs are allocated to the purchased quantities of materials X and Y.
1 – The following forecasted elements were taken from the company’s annual budget for year N:
- Forecasted annual production and sales
|Product ALFA||By-product ALFA1||Production|
|Production||15.000 units||600 units|
|Sales||10.000 units||600 units|
|Selling price||500 €/unit||30 €/unit|
The forecasted sales of product ALFA, for the second semester, correspond to 66% of the annual sales. The sales of by-product ALFA1 are forecasted to be regular throughout the year.
The commercial variable costs of ALFA correspond to 5% of the sales value.
- Unit forecasted consumptions and costs
* includes the WDM unit allocation base5
- Annual budget for main departments:
|Description||D1: 3.200 Mh||D2: 3.600 Mh|
|1. Direct costs|
|3. Total cost||576.000||1.260.000|
- The forecasted allocation base for department D3 is 75 €/Lh and the forecasted allocation base for the WDM is 17 €/ton.
2 – Regarding the month of October of year N, the following elements are known:
- Direct Materials
|Material X||1.000 ton||115 €/ton||750 ton|
|Material Y||1.000 ton||85 €/ton||1.000 ton|
- Production and sales
|Product ALFA||By-product ALFA 1|
|Production||1.500 units||275 units|
|Sales||1.200 units||70 units|
|Selling price||400 € / unit||32 € / unit|
The commercial variable costs of ALFA corresponded to 5% of the sales value.
Part III 管理会计考试代考
Regarding the year N, the following information is known regarding GB and FC:
|Economic Assets at 31/12/N-1||1.500.000€||2.500.000€|
Answer the questions 14, 15 and 16 (see attachments).
Comment the following statement:
“The annual budget is a global management tool”
Part I (6 marks) Questions 1 to 6 管理会计考试代考
1.The forecasted production of finished product T for the first semester is (in tons):
2.Assuming the forecasted production of product T for the first semester is 50.000 tons, the forecasted production of intermediate product P1 in the same semester is:
3.Assuming the annual forecasted production of intermediate product P1 is 120.000 ton, the payments to suppliers in the first semester corresponds to:
4. What is the amount to register in the forecasted Balance Sheet, in debt, regarding the social security contributions paid by the employees?
5. In the financial budget, which values should be register in each semester regarding the medium long-term loan?
6. What is the amount of financial expenses to be registered in the forecasted Income Statement?
Part II (7 marks) Questions 7 to 13 inclusive 管理会计考试代考
7. Calculate the value for the department costs of the month (GR) for department D1.
8. Calculate the total departments’ variance for the Warehouse of Direct Materials (WDM).
9. Calculate the purchases variance for direct material Y is:
10. Calculate the unit COGM for the month, of product ALFA, using the budgeted standard costing system:
11. Calculate and justify the materials efficiency for direct material X:
12. Calculate and justify the activity variance for department D2:
13. Calculate the price variance for the commercial variable costs of product ALFA 1:
Part III (3 marks) Questions 14 to 16 inclusive 管理会计考试代考
14. Comment on the performance of the two departments.
15. Calculate and indicate at which cost of capital, the performance for the two departments will be equal, using the Residual Income (RI) measurement.
16. What other factors may condition the evaluation of comparative performance for the two departments?
Part IV (4 marks)
Comment the following statement:
“The annual budget is a global management tool”