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XYZ is a local Sydney based company. It manufactures cricket bats, balls and other accessories. It has experienced sales growth over the last 7 years. The company has implemented several automated systems in its assembly plan and employs a sales, technical specialist, cost, production and engineering managers. XYZ has supply chain relationship with several local, inter-state and internal companies for manufacturing bats, balls and accessories. During early 2020 XYZ experienced a major dislocation of its operation due to Covid-19 pandemics across the globe.
Required Problem 1: As a Management Accountant, what would be your advice to the company management during the COVID-19 pandemic when making budget decisions?
Problem 2: What is the primary information needs of each manager during this period?
Problem 3: Explain how economic trends due to the COVID-19 pandemic may impact on the sales forecasting of the company.
Problem 4: Explain how supply chain relationships need to be considered when making budget decisions along with costing implications.
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Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
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Prepare Company financial statements
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A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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