1 MAA262 Management Accounting INDIVIDUAL ASSIGNMENT – PART II Instructions Due date: Online submission via CloudDeakin until Week 9 on Microsoft Word or Portable Document Format only. Penalties for...

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1 MAA262 Management Accounting INDIVIDUAL ASSIGNMENT – PART II Instructions Due date: Online submission via CloudDeakin until Week 9 on Microsoft Word or Portable Document Format only. Penalties for late submission: The following marking penalties will apply if you submit an assessment task after the due date without an approved extension: 5% will be deducted from available marks for each day up to five days, and work that is submitted more than five days after the due date will not be marked. 'Day' means working day for paper submissions and calendar day for electronic submissions. The Unit Chair may refuse to accept a late submission where it is unreasonable or impracticable to assess the task after the due date. A brief description of the assessment task: To complete this part of your assignment you will need to have an understanding of topics 1-8. This assignment task will consolidate your understanding of some of the key concepts covered in this unit. Please submit your answers to the questions in the order they are presented, clearly identifying on the document which question is being addressed. Submission instructions: This assignment is to be submitted online only. The completed assignment must be submitted into the allocated area on CloudDeakin under the Dropbox folder on or before the due date. Once submitted, you cannot retract your assignment but you can submit another version. Note that only the most recent version submitted will be marked. You must keep a backup copy of every assignment you submit until the marked assignment has been returned to you. In the unlikely event that one of your assignments is misplaced, you will need to submit your backup copy. When you are required to submit an assignment through your CloudDeakin unit site, you will receive an email to your Deakin email address confirming that it has been submitted. You should check that you can see your assignment in the Submissions view of the Assignment Dropbox folder after uploading it, and check for, and keep, the email receipt for the submission. Plagiarism: You should answer the questions using your own words. If you use material or ideas from a third party source you must cite the reference in text and include the full details of the source in a reference list. Your assignment submission will be assessed through Turnitin. Assignments submitted with 50% or more on similarity index (orange or red colour) will not be marked. Note that Turnitin works in the assignment folder, and there is where you should submit your assignment. Do not submit your assignment somewhere else, because if you submit your assignment in another folder from another unit the document 2 will be stored in Turnitin memory, and I will receive a notice of 100% plagiarism. Hence, to avoid such hassle please submit your assignment in the assignment folder. Check Academic Integrity for more information regarding plagiarism and collusion: http://www.deakin.edu.au/students/studying/academic-integrity Detail of student output: Your response should respond to all questions. The word limit is 1,500 words (maximum) in total, and words limit includes headings, tables, references and appendices. Note that a contents page and cover page are not required. In regards to the formatting of the assignment, there is no specific requirement in regards to font, font size and line spacing. There is no minimum amount of words. Any word above the limit of 1,500 will be penalised by 1 mark for each additional word, thus 1,510 words have a 10 marks penalty, 1,520 words has a 20 marks penalty, and henceforth. Weight (% total mark for the unit): This assignment is marked out of 100 and is worth 15% of your final grade. The final examination is the only hurdle requirement for this unit. If you choose not to submit this assignment, you will score zero for this assignment. What will early feedback student get, how and when? Feedback will be provided via CloudDeakin during the study period (after week 11). Referencing style: Use the Harvard style of referencing. More information regarding referencing styles at https://www.deakin.edu.au/students/studying/study-support/referencing Researching for your assignment: There is no such a thing as a minimum or maximum amount of references to be used in this assignment, and references should be used only when required. If a question requires research for answering, check the guidelines available on the academic skills study support page: http://www.deakin.edu.au/students/studying/study-support/academic-skills Unit Learning Outcomes assessed: • ULO3: Prepare and explain alternate product costing. • ULO6: Demonstrate a student-oriented approach to learning. Deakin Graduate Learning Outcomes assessed: • GLO2: Communication. • GLO5: Problem-solving. Queries: Please peruse the discussion forum as you may find the information you are looking for. If you are unable to find the information regarding the individual assignment you are looking for, please contact the teaching team preferably using the discussion forum on CloudDeakin or via email. http://www.deakin.edu.au/students/studying/academic-integrity https://www.deakin.edu.au/students/studying/study-support/referencing http://www.deakin.edu.au/students/studying/study-support/academic-skills 3 Rubric Criteria N N P C D HD 0 3 6 7 8 10 GLO5 - (Q1.1 - 10 marks) Not able to prepare the income statement. Not able to prepare most of the income statement. Partially prepare the income statement. Prepare some part of the income statement. Prepare correctly most of the income statement. Prepare correctly the income statement. 0 3 7 8 9 12 GLO5 - (Q2.1 - 12 marks) Not able to prepare the table with the four cost pool activities. Not able to prepare most of the table with the four cost pool activities. Partially prepare the table with the four cost pool activities. Prepare some part of the table with the four cost pool activities. Prepare correctly most of the table with the four cost pool activities. Prepare correctly the table with the four cost pool activities. 0 3 7 8 9 12 GLO5 - (Q2.2 - 12 marks) Not able to calculate the activity rates. Not able to calculate most of the activity rates. Partially calculate the activity rates. Calculate some part of the activity rates. Calculate correctly most of the activity rates. Calculate correctly the activity rates. 0 3 6 7 8 10 GLO2 - (Q2.3 - 10 marks) Not able to identify and explain which is the most expensive cost pool. Not able to properly identify and explain which is the most expensive cost pool. Partially identify and explain which is the most expensive cost pool. Identify and mostly explain which is the most expensive cost pool. Identify and explain which is the most expensive cost pool. Clearly and succinctly identify and explain which is the most expensive cost pool. 0 3 7 8 9 12 GLO5 - (Q2.4 - 12 marks) Not able to prepare the table. Not able to prepare most of the table. Partially prepare the table. Prepare some part of the table. Prepare correctly most of the table. Prepare correctly the table. 0 3 6 7 8 10 GLO5 - (Q3.1 - 10 marks) Not able to prepare the table. Not able to prepare most of the table. Partially prepare the table. Prepare some part of the table. Prepare correctly most of the table. Prepare correctly the table. 0 3 6 7 8 10 GLO5 - (Q3.2 - 10 marks) Not able to prepare the table. Not able to prepare most of the table. Partially prepare the table. Prepare some part of the table. Prepare correctly most of the table. Prepare correctly the table. 0 3 7 8 9 12 4 Criteria N N P C D HD GLO2 - (Q4.1 - 12 marks) Not able explain and justify whether Paul is correct or not in his statement. Not able to properly explain and justify whether Paul is correct or not in his statement. Partially explain and justify whether Paul is correct or not in his statement. Explain and justify mostly whether Paul is correct or not in his statement. Explain and justify correctly whether Paul is correct or not in his statement. Clearly and succinctly explain and justify whether Paul is correct or not in his statement. 0 3 7 8 9 12 GLO2 - (Q4.2 - 12 marks) Not able explain and justify whether Ringo is correct or not in his statement. Not able to properly explain and justify whether Ringo is correct or not in his statement. Partially explain and justify whether Ringo is correct or not in his statement. Explain and justify mostly whether Ringo is correct or not in his statement. Explain and justify correctly whether Ringo is correct or not in his statement. Clearly and succinctly explain and justify whether Ringo is correct or not in his statement. 0-24% 25-49% 50-59% 60-69% 70-79% 80-100% 5 BBQ & Balloons Four friends – John, Paul, Ringo, and George – have decided to put a stand outside a shopping centre entrance for selling barbecue and balloons to members of the public during a weekend. The enterprise was named BBQ & Balloons. Part 1 Each barbecue sold for $2.00 and each balloon for $1.00. Throughout the two days, the four friends were able to sell 2,000 barbecues and 1,000 balloons. The four friends did not have to bother about the stock of sausage and bread or balloons. They made arrangements with a supplier and had to pay only $0.20 per barbecue served (a bread and a sausage) and $0.05 for each balloon. For
Answered Same DaySep 16, 2020MAA262Deakin University

Answer To: 1 MAA262 Management Accounting INDIVIDUAL ASSIGNMENT – PART II Instructions Due date: Online...

Pulkit answered on Sep 18 2020
143 Votes
4 friends, John, Paul, Ringo, and George, started business (named BBQ and Balloons) of selling Barbecues and Balloons in the weekends to the members of the public. There is no agreement between the partners regarding their profit sharing ratios. The below are the 4 parts of the:
First part consists of
income statement.
Second part deals with computing costs per activity pools based on the costs drivers which is units sold in each Activity Pool.
In Third part, product margin is calculated for BBQ and Balloons based on Activity Based Costing System.
In fourth part, the arguments of its members are given and justification is asked that whether they are correct or not.
    PART 1
    
    
    
    
    
    
    
    
    
    
    
    QUESTION 1
    
    
    
    
    
    
    
    
    
    
    BBQ & BALLOONS
    Income Statement
     
    SALE of BBQ
    SALE of BALLOONS
    TOTAL
    
    (in $)
    (in $)
    (in $)
    Sales
    4000
    1000
    5000
    Cost of goods Sold
     
     
     
    Direct Material
    400
    50
    450
    Direct Labor
     
     
    1600
    Manufacturing Overhead
    200
    50
    250
    GROSS MARGIN
     
     
    2700
    Selling & Administrative Expenses
     
     
    300
    NET OPERATING PROFIT
     
     
    2400
    
    
    
    
    
    
NOTES:
Sale of BBQ = 2000 units @ 2 per unit = $4000
Sale of Balloons = 1000 units @ 1 per unit = $1000
Direct Material of BBQ = 2000 units @ 0.20 per barbecue served = $400
Direct Material of Balloons = 1000 units @ 0.05 per balloon = $50
Direct labor = $400 per person = $400 * 4 = $1600
Leasing a BBQ and Balloon Pump expenses which were related to production process are considered as manufacturing overheads & from the names we can consider them as related to sales of BBQ and Balloons respectively.
Companies Selling and Administrative expenses consists of leasing the Gazebo , i.e. = $50 and getting a permit for having a stand outside the shopping center, i.e. = $250
    PART 2
    
    
    
    
    
    
    
    
    
    
    
    
    
    QUESTION 2.1
    
    
    
    
    
    
    
    
    
    
    
    
    PERSON
    LABOUR COST
    OPERATING THE BBQ
    INFLATING BALLOONS
    CASHIER
    GREETING CUSTOMERS
    
    JOHN
    400 in 7:0:2:1
    280
    0
    80
    40
    
    PAUL
    400 in 0:7:2:1
    0
    280
    80
    40
    
    RINGO
    400 in 1:3:5:1
    40
    120
    200
    40
    
    GEORGE
    400 in 0:2:1:7
    0
    80
    40
    280
    
    TOTAL COSTS
    320
    480
    400
    400
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    QUESTION 2.2
    
    
    
    
    
    
    
    
    
    
    
    
    ACTIVITY COST POOLS
    TOTAL COSTS
    TOTAL ACTIVITY
    ACTIVITY RATE
    CALCULATION
    
    OPERATING THE BBQ
    320
    2000 Units
    0.16
    320/2000
    
    INFLATING BALLOONS
    480
    1000 Units
    0.48
    480/1000
    
    CASHIER
    400
    3000 Units
    0.13
    400/3000
    
    GREETING CUSTOMERS
    400
    3000 Units
    0.13
    400/3000
    
    
    
    
    
    
    
    
    
Activities are taken on the basis of following cost drivers:
    
    
    
    
    
    
    
    
    
    ACTIVITY COST POOLS
    COST DRIVERS
    ACTIVITY
    
    
    OPERATING THE BBQ
    Number of BBQ's Sold
    2000 Units
    
    
    INFLATING BALLOONS
    Number of balloons Sold
    1000 Units
    
    
    CASHIER
    Total Units Sold
    3000...
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