AYB225 Accounting The Company: Sneakers Unlimited 代写

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  • AYB225 Accounting The Company: Sneakers Unlimited 代写



    AYB225 - Report  Page 1
    QUEENSLAND UNIVERSITY OF TECHNOLOGY
    QUT Business School
    School of Accountancy
    AYB225 Management Accounting
    SEMESTER TWO 2017
    ASSESSMENT ITEM TWO: REPORT
    (Weighting Total: 30%)
    Due Date and Time: 13 October 3 p.m.
    Submission:  Online submission via Blackboard
    Group or Individual:  Individual
    Length:  1,000 words
    This assessment item assesses the following learning outcomes:
    Knowledge and Technological Skills (KS)
    1.2 Apply technical and technological skills appropriate and effective for real world business
    purposes and contexts.
    Higher Order Thinking (HO)
    2.2 Exercise independent judgment and initiative in adapting and applying knowledge and
    skills for effective planning, problem solving and decision making in diverse contexts.
    Professional Communication (PC)
    3.1 Use information literacy skills, and communicate effectively and professionally in written
    forms and using media appropriate for diverse purposes and contexts.
    AYB225 - Report  Page 2
    This assignment is an individual assignment. This means you cannot collaborate with
    anyone in any way in the completion of the Excel schedules and the answers.
    Submission Requirements:
    Your submission has two parts. Both parts must be submitted to Blackboard by the due date
    and time for a complete submission of this assessment item. Refer to the instructions on
    Blackboard under Assessment Item 2 regarding uploading of files.
    1) Uploading of Files into Blackboard
    a) Excel file containing the completed Schedules Part A
    b) Answers to management questions using pro-forma Part B & C
    Make sure you check your file once uploaded to ensure it is readable.
    No marks will be given for submissions where the file is corrupt and unreadable.
    This unit uses the Turnitin software to detect plagiarism. Turnitin compares submissions
    to other submissions, both current and past, and sources that are available online such as
    textbooks, scholarly articles, websites and blogs.
    2) Entering Your Results to Part A into Blackboard
    You are required to enter the results to Schedules 1-6 into the “Assignment Schedule
    Answers” forms on Blackboard under Assessment Item 2. You have up to 5 attempts to
    enter and check your results for each schedule. You do not have to use up all 5 of the
    attempts. Only the last attempt will count towards your final mark.
    Late Assessment and Extensions
    In both your QUT study and your professional life you will be expected to meet deadlines. In
    keeping with this expectation, assessment submitted after the due date will not be marked and
    will receive a grade of 1 or 0%. If special circumstances prevent you from meeting the
    assessment due date, you can apply for an extension. If you don’t have an approved extension,
    you should submit the work you have completed by the due date and it will be marked against
    the assessment criteria. 
    AYB225 - Report  Page 3
    Task Description
    You are to assist the review process of Sneakers Unlimited’s costing system by providing management
    with the following items related to the product line “Dance”.
    A. Six technical reports with two supporting schedules. Management is considering various costing
    system options. To facilitate their decision-making they have requested the preparation of these
    schedules. The data and the schedules are in the Excel file on Blackboard.
    B. Short answers to 2 questions from management. Your answers to each of the questions should
    be complete, but also should be clear and concise, and in a form that is easy for managers to
    read and understand. You may use bullet points if they assist in the presentation of your
    answers. Answers must be written in acceptable Business English.
    C. A discussion based on (i) Schedule 6 (ABC), (ii) the facts of the case (iii) and an article from
    the literature.
    **The full requirements of the assignment are on pages 5 and 6**
    The Company: Sneakers Unlimited
    Sneakers Unlimited is a manufacturer of men’s and women’s leisure shoes. What began as a small
    family business has now grown into a firm with a large product range.
    The firm produces three lines in the range – Dance, Run and Walk. The firm’s products have a relatively
    short lifetime and often styles popular in one period are out of fashion by the next period.
    The market for shoes is highly competitive because of several new entrants. It has therefore become
    difficult to estimate the demand for shoes for the next period. This gives the production manager
    flexibility over the quantities produced during each period. Given the current market conditions,
    management is not concerned about the variability of demand from period to period.
    Costing system currently used
    The firm accounts for its products using standard absorption job costing, applying overhead to products
    using a plant-wide rate based on direct labour hours. Materials purchases are recorded at actual cost.
    Work in process and finished goods inventories are recorded at standard cost. All cost variances in the
    period are transferred to cost of goods sold at the end of the period.
    This existing costing system was established when only one type of sneakers was produced and when
    overhead was a significantly smaller proportion of total cost than it is now.
    Materials for sneakers are fabric, cottons, and depending on the styles, zippers, buttons, Velcro, laces
    and logos. At the present time the only material which is traced directly to the product is fabric. Cottons,
    buttons, zippers, laces, Velcro and logos are treated as indirect materials (overhead). All on-costs such
    as superannuation, payroll tax, provisions for leave on wages are treated as indirect costs (overhead).
    Standards are determined at the point when the product is initially designed, and efficiency variances
    are regularly updated to reflect all changes in the manufacturing process. The firm prides itself on its
    very efficient labour force, and in the past the company seldom had cost over-runs due to labour
    inefficiency.
    In the period which is the focus of this review, two changes were made in the manufacturing process.
    First, a change was made in the layout of the manufacturing space which should reduce the standard
    AYB225 - Report  Page 4
    time per product in the long run. The direct labour standards have not yet been updated to include this
    change. Secondly, a new type of material was purchased from the current supplier. The supplier had
    claimed that the new material (which is of high quality, yet cost a similar price to the old material) is
    easier to work with in terms of both cutting and sewing. The supplier is known to be reliable in terms of
    material supply.
    Review of costing system
    The firm is commencing an extensive review of its costing system and reporting practices. This review
    will involve all divisions of the firm. Your task is only a small part of the entire review:
      One product only (“Dance” sneakers), and
      Selected tasks only - for example, a discussion on implementing Activity Based Costing
    Some of the issues which have prompted the review are:
      Various pressures from competitors have alerted the firm to be more cost conscious. The firm
    has had a number of issues with their product pricing recently. The firm sets prices based on a
    mark-up on total cost (i.e. inventoriable (product) cost + period cost for each product). Various
    inconsistencies have been identified when comparing Sneakers Unlimited prices with those of
    its major competitors. As a result, the firm wants to have more confidence in the product cost
    generated by the accounting system, in particular the cost of each individual product (Dance,
    Run and Walk).
      In addition to product pricing, the costing data provided by the firm is now being used
    extensively for other decision-making within the firm. This means that the accuracy of costing
    data is becoming increasingly important.
      In recent times the firm has been faced with limited storage space at their premises. The firm
    is unable, at this stage, to consider options involving a significant capital outlay to relocate or
    rebuild. Further, Just in Time inventory is not an option for this firm. (Note: the recent change
    in factory layout has no impact in any way on storage capacity.)
    The requirements of the case begin on the next page. In addition to the tasks management have asked
    you to complete, they have also indicated that there are a few issues that you are not to include:
      Ways of reducing costs - You are to take all costs as given, and at this stage not recommend any
    particular ways of attempting to reduce or eliminate costs.
      Use all data as given, including all the fixed overhead figures without trying to fine-tune those
    figures in any way.
      Management has stressed that your responses to the questions should be based only on the facts
    with which you have been provided. Do not go outside these facts.
    AYB225 - Report  Page 5
    Requirements of the Assignment
    PART A: Completed Schedules in Excel (10 Marks)
    Schedules  (5 marks)
    Complete Excel schedules in the appropriate spaces on pro-formas. Do not delete any parts of the pro-
    forma. Show all required working in the relevant spaces, and only show required working.
      Variance report related to units produced. (Schedule 1)
      Calculation of standard costing cost variances relating to the product “Dance”. The firm
    calculates price variances for all manufacturing costs, efficiency variances for all variable
    manufacturing costs, and a fixed overhead volume variance. The material price variance is
    calculated on usage. (Schedule 2)
      The Normal Absorption Costing Income Statement for the period, with relevant variances
    expensed to the period and; recast the Income Statement (with relevant variances expensed to
    the period) assuming Standard Absorption Costing. (Schedules 3 and 4, and a schedule to
    calculate COGS)
      Show the journal entries for the period under the standard absorption costing system currently
    used by the firm. Journal entries must be presented in proper form. (Schedule 5)
      Prepare a comparison of overhead costs per product under the existing costing system (a plant-
    wide rate based on DL hours) with an Activity Based Costing system using the cost pools and
    cost drivers identified in the data. (Schedule 6 and workings for Schedule 6)
    ENTERING YOUR RESULTS INTO BLACKBOARD AND CHECKING OF FIGURES
    Figures in the schedules (1, 2, 3, 4, 5 and 6) can be entered and checked on Blackboard up to 5 times
    per student. It will indicate if your answer is correct or not. Zero mark will indicate that the answer is
    wrong.
    Excel (5 Marks)
      If you want to be eligible for up to 5 marks, then use formulas in your calculations. The formulas
    will have to refer to other cells in the worksheet that either contain the original values, e.g. direct
    labour cost per hour, machine hours per unit, order times etc. or to formulas from a previous
    step. This means, every time the values in the data sheet are changed, the results are updated
    automatically.
      To be clear, all worksheets are to be completed using formulas that draw values from the data
    provided. In each worksheet, students will be deducted marks for each cell that contains a
    numerical value that has not been obtained using an Excel formula. You must use an “if”
    statement to enter the label “U” or “F” in the column next to the relevant variance value (see
    the example in the worksheet).
    AYB225 - Report  Page 6
    PART B: Answers to management questions (pro-forma provided) (8 Marks)
    (1) Management is keen to know the breakeven point (BEP) for the firm.
    a. Calculate the contribution margin for Dance based on the standard unit cost. (1 mark)
    b. Given that Run and Walk have contribution margins of $50 and $70 respectively, what
    is the BEP for the firm based on the budgeted production mix in the provided Excel
    data sheet? (3 marks)
    The use of Excel and formulas is not required for this part.
    (2) Refer to the variances in Part A, Schedule 2 that you have calculated. Select ONLY ONE (1)
    variance to follow up, i.e. the one that you think needs the most urgent attention (1 mark)?
    Explain why you would choose that particular variance to follow up in the light of the facts
    provided by the case (2 marks). Furthermore, in the light of the facts provided by the case, what
    would be the most likely reason that this particular variance has occurred (root cause) (1 mark)?
      Do not use any citations in your answers to Part B
    PART C: Discussion (pro-forma provided) (12 Marks)
    Based on your analysis in Schedule 6 and the facts of the case, discuss why you would or would
    not recommend ABC. Also, provide further evidence for your discussion by referring to at least
    one (maximum three) article(s) from the literature (use the Internet or QUT’s database). Articles
    from professional or scientific journals/magazines that report on costing system (e.g. ABC)
    experiences will serve this purpose well. Textbooks such as Horngren et al. (2014) do not
    qualify as an article. Use the AREA critical thinking framework document on Blackboard
    under Lecture 2 to structure your discussion. Your discussion should be no longer than two
    pages (1.5 line spacing).
    Research and referencing
      Use in-text citations in your discussion in Part C. Under references, give the source of the
    evidence, i.e. name of the author, year, title, and name of source. Please adhere to the APA or
    Harvard referencing style.
      Your entire assignment must be written in your own words. Students should note that severe
    penalties are imposed for plagiarism. If you are uncertain about what constitutes plagiarism,
    refer to the School of Accountancy Blackboard site.
    Errors and omissions: If you believe there is an error in the assignment, or that an essential
    instruction has been omitted, please contact the Unit Coordinator.
    Format and presentation of assignment
    All students are required to follow the standardised format for their assignment. You must include the
    items and setting out described below, and only the items requested. Do not add anything, e.g. do not
    add headers/footers, do not add borders, pictures, extra pages. The assignment must be completed using
    pro-formas in Excel and Word (see Blackboard) and comply with all instructions on all assignment
    documents provided.
    AYB225 - Report  Page 7
    Length of assignment
      Answers to management questions and the discussion (Pro-forma Part B & C) must be no longer
    than three (3) single-sided pages, 1.5 line spacing, font 12.
      NOTE: The markers will only mark the first 3 pages; any more pages will be ignored.
    Hints to maximise your assignment mark
    General comments
    Make sure that you:
      Answer the question asked, and only the question asked.
      Provide complete answers.
      Be concise
      Do not include unnecessary padding
      Use pro-forma Part B&C on Blackboard to structure your responses
      Do not go over the page limits: B = one page only and C = two pages only
      Make sure you check your file once uploaded that it is readable.
      No marks will be given for submissions where the file is corrupt and unreadable.
      This unit uses the Turnitin software to detect plagiarism. Turnitin compares submissions to
    other submissions, both current and past, and sources that are available online such as
    textbooks, scholarly articles, websites and blogs.
    Comments regarding:
    Part A: Excel
    There is plenty of help on Blackboard/Internet regarding the use of Excel formulas. Make sure your
    Excel model is completely dynamic. This means updating any of the values in the ‘Data for current
    period’ worksheet will update the data in all the other worksheets automatically. The formulas do not
    always have to refer back to the ‘Data for current period’ sheet but may refer to a cell in a previous
    worksheet. This will make your formulas more readable and therefore less error-prone.
    Part B: Question 2 –variance to follow up
    Do not provide generic reasons from the textbook/lecture. You should link or base your reasons on the
    facts of the case.
    Part C: Discussion.
    Be convincing and strengthen your argument using evidence from the business (or scientific) press. The
    evidence should be as specific as possible and integrated into your discussion. For example, you could
    find a case that describes the benefits of implementing a certain costing system in a company.
    Conversely, you could use a case that documents some of the problems of a costing system, which would
    then help you to argue against it. Standard textbook descriptions of advantages/disadvantages of certain
    costing systems will not be as valuable.
    AYB225 Management Accounting
    Assessment Item 2: Report (Assessment Criteria Sheet)  Weighting: 30%
    Grade
    7  6  5  4  <4  Marks
    PART A SCHEDULES AND USE OF EXCEL (Worth 10%) 
    Part A
    Accuracy of
    Schedules (K.S. 1.2)
    All schedules are
    completed with total
    accuracy. All required
    working is shown
    throughout.
    All schedules are
    completed with only
    minor errors. All required
    working is shown
    throughout.
    All schedules are
    completed with varying
    degrees of accuracy some
    significant errors are
    evident. Most working is
    shown.
    All schedules are
    completed with varying
    degrees of accuracy, many
    significant errors are
    evident. Not all working is
    shown.
    Schedules are incomplete
    or missing and have major
    inaccuracies. Working is
    not shown or lacks
    significant detail.
    /5
    Part A
    Correct Use of Excel
    for Schedules (KS
    1.2)
    Accurate and complete
    use of formulas. Clear
    structure and professional
    presentation
    Accurate and mostly
    complete use of formulas.
    Clear structure and
    professional presentation
    Accurate but limited use
    of formulas and unclear
    structure with reasonable
    presentation
    Excel used without
    formulas
    No or limited use of Excel
    /5
    PART B SHORT ANSWERS (Worth 8%)
    Part B
    Management
    Question 1. BEP
    (KS 1.1)
    All calculations are
    completed with total
    accuracy. All required
    working is shown
    throughout.
    All calculations are
    completed with only
    minor errors. All required
    working is shown
    throughout.
    Calculations are
    completed with varying
    degrees of accuracy some
    significant errors are
    evident. Most working is
    shown.
    Calculations are
    completed with varying
    degrees of accuracy, many
    significant errors are
    evident. Not all working is
    shown.
    Calculations are
    incomplete or missing and
    have major inaccuracies.
    Working is not shown or
    lacks significant detail.
    /4
    Part B
    Management
    Question 2. variance
    (HO 2.2)
    Thorough analysis of the
    issues related to the facts
    of the case, demonstrating
    a high level of judgement
    and reasoning skills
    Very good analysis of the
    issues related to the facts
    of the case, demonstrating
    very good judgement and
    reasoning skills
    Good analysis of the
    issues related to the facts
    of the case, demonstrating
    good judgement and
    problem solving skills.
    Rudimentary analysis of
    the issues related to the
    facts of the case,
    demonstrating fair
    judgement and problem
    solving skills.
    Unsatisfactory analysis of
    the issues related to the
    facts of the case,
    demonstrating limited
    judgement and problem
    solving skills.
    /4
    PART C DISCUSSION (Worth 12%)
    AYB225 Management Accounting
    Part C
    Discussion Criteria
    1. - Activity Based
    Costing (PC 3.1)
    Demonstrates
    professionalism in the
    application of critical
    thinking framework to
    explore the issue and
    justify the
    recommendation. Choice
    of literature is highly
    appropriate and provides
    clear evidence in support
    of the recommendation.
    Solid application of
    critical thinking
    framework to explore the
    issue and justify the
    recommendation. Choice
    of literature is appropriate
    and provides some
    evidence in support of the
    recommendation.
    A reasonable attempt has
    been made to apply the
    critical thinking
    framework to explore the
    issue and justify the
    recommendation. Choice
    of literature is appropriate
    and provides some
    evidence in support of the
    recommendation.
    A cursory attempt has
    been made to apply the
    critical thinking
    framework to explore the
    issue and justify the
    recommendation. Choice
    of literature is adequate
    but the link to evidence in
    support of the
    recommendation is weak.
    Little or no attempt has
    been made to apply the
    critical thinking
    framework to the issue or

    AYB225 Accounting The Company: Sneakers Unlimited 代写
    recommendation. Choice
    of literature is
    inappropriate or reference
    is missing altogether.
    /8
    Part C
    Discussion Criteria 2
    – Communication
    and Structure (PC
    3.1)
    Writing and referencing is
    concise and accurate.
    Report is of a professional
    standard and highly
    appropriate for the
    intended audience. All
    formatting requirements
    have been adhered to.
    Writing and referencing is
    concise and accurate.
    Report is of a good
    standard and appropriate
    for the intended audience.
    All formatting
    requirements have been
    adhered to.
    Writing and referencing is
    mostly concise and
    accurate. Report is of a
    reasonable professional
    standard and somewhat
    appropriate for the
    intended audience. All
    formatting requirements
    have been adhered to.
    Standard of writing and
    referencing is fair and
    mostly accurate. Some
    attempt at writing for the
    intended audience.
    Formatting requirements
    have been mostly adhered
    to
    Inappropriate standard of
    writing and referencing.
    Little or no attempt to
    address the intended
    audience. Formatting
    requirements may not
    have been adhered to.
    /4
    TOTAL  /30
    Note that it is also possible to be awarded zero marks for each of the criteria. Zero would be awarded if the particular element had not been attempted.
    AYB225 Accounting The Company: Sneakers Unlimited 代写