MGT402 Assignment 1 Spring 2023 – Assignments – Solution VU
SEMESTER SPRING 2023
COST & MANAGEMENT ACCOUNTING (MGT402) ASSIGNMENT # 01
DUE DATE: August 4, 2023 MARKS: 10
To develop an understanding regarding the Production, Functional and Master budgets
Question: Following information has been extracted from the books of Noor Company and the information is related to manufacturing of a product named XYZ. Following sales budget in units has been estimated based on region client age.
According to company policy, following will be the Finished Goods inventory in units.
Following material (A, B and C) and labor costs were added to manufacture XYZ.
- Material A 2 kg @ Rs. 6 per kg (for manufacturing 1 unit)
- Material B 10 pieces @ Rs. 2 per piece (for manufacturing 1 unit)
- Material C 1 liter @ Rs. 10 per liter (for manufacturing 1 unit)
4 hours were required labor hours to manufacture a unit at rate Rs. 250 per hour
- Do you think that any change in the desired finished goods inventory on January 1 will affect the production requirement for the month of January, February and March? Justify the
- How production requirement for the month of January, February and March will be affected due to decrease in desired finished goods inventory on January 31. Provide justification with your No working is required
- Describe which functional budget(s) will be affected due to decrease in desired finished goods inventory on January 31 and how the change will reflect in the Master
- At the end of the first quarter; it was observed that there was difference in obtained results with budgeted It was reported that desired finished goods inventory on January 31; was 1,000 units but not 1,400 units. Prepare the direct material cost budget for the month of February. Provide complete working in proper format
NOTE: Discuss the affect in particular direction as mentioned in part (b) and (c) on monthly basis and quarterly as well. Recall the concept of production budget while commenting on part (a), (b) and (c)
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