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Mosman Ltd makes a single product. The projected sales for the first month of the coming year and the starting and ending inventory data are as follows: Sales 80,000 units Unit price $12 Beginning inventory 6,000 units Desired ending inventory 9,000 units Every unit needs three kilograms of material costing $2 per kilogram. The beginning inventory of raw materials is 2,500 kilograms, and the company wants to have 4,500 kilograms of material in inventory at the end of the month. Each unit needs one hour of direct labour time, which is billed at $8 per hour. Required: (A) Prepare a production budget for the first month. (B) Prepare a direct materials purchases budget for the first month in kilograms and dollars. (C) With which estimate does budgeting start? Describe why this is so and give examples to illustrate your understanding.
Determine the Functions of management accounting: 1. Planning and forecasting: management fixes various targets to be achieved by the business in near future. Planning and fo
Absorption cost Absorption, or full cost systems, transfer the full cost of the supplying department to the receiving department. Where a profit is to be allowed to the supplyi
a) Does Ford report any investments carried as trading securities, available-for-sale securities, or held-to-maturity securities? If so, go over their significance to both the b
Determine the cost according to normality According to normality: under this category cost may be categorized as follows: Normal cost: it is the cost which is normally i
Decision-making is an integral part of all management functions. It is the process of choosing the among alternative courses of action. Managers have to
A bill is explained as an unconditional order in writing, addressed through one person to the other, signed through the person providing it, requiring the person to whom it is addr
Firms need cash to invest in inventory, receivables and fixed assets and to create payments for operating expenses, so as to increase earnings and sales and make sure the smooth ru
Select the cost driver(s): This might also be termed to as independent, explanatory or predictor variable. A cost driver can be stated as any factor whose change causes a chang
Project C would involve a current outlay of $50,000 on equipment and $15,000 on working capital. The investment in working capital would be increased to $21,000 at the end of the f
Participative Budgets In this approach to budgeting, budgets are developed by lower level managers who then submit them to their superiors. The budgets depend on the lower level
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