样本.docx
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样本.docx
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样本
Management
Accounting
BTEC39
XUEZHOU
Contents
1.Task13
2.Task24
3.Task35
4.Task47
5.Task59
6.Task611
7.Task715
8.Task818
9.Task927
10.Task1029
11.Task1131
12.Task1236
13.Task1340
14.Task1445
Referencing47
Task1(Assessmentcriteria1.1)
(a)
Therearethreeelementsofcost:
material,labourandexpenses.
-MaterialCost:
Thisisthecostofmaterialorthecommodityusedbytheorganisationforitsproductionpurpose.Materialisthesubstance,fromwhichaproductismade.Thus,itmaybeinaraworamanufacturedstate.Itcanbedirectorindirect.
-DirectMaterialCostformsanintegralpartofthefinishedproductandisidentifiedwiththeindividualcostcentre.Itisalsodescribedasprocessmaterial,storesmaterial,productionmaterial,etc.Example:
Rawmaterialspurchasedorpurchasedprimarypackingmaterial,etc.
-IndirectMaterialCostisusedforancillarypurposesofthebusinessandcannotbeconvenientlyidentifiedwiththeindividualcostcentre.Example:
Consumablestores,oilandwaste,printingandstationerymaterialetc.
-LabourCost:
Thisisthecost,incurredintheformofremunerationpaidtotheemployeesorlaboursoftheorganisation.Theworkforcerequiredtoconvertmaterialintofinishedproductiscalledlabour.Itcanbedirectorindirect.
-DirectLabourCostisthecostincurredonthoseemployeeswhodirectlytakepartinthemanufacturingprocessandeasilyidentifiedwiththeindividualcostcentre.
-IndirectLabourCostisthecostincurredonthoseemployeeswhodonotdirectlytakepartinthemanufacturingprocessandcannotidentifiedwiththeindividualcostcentre.Example:
salaryofforeman,salesmen,director’ssalary,etc.
-Expenses:
arethecostsofservicesprovidedtotheorganisation.Itcanbedirectorindirect.
-DirectExpensesaretheexpenseswhichcanbedirectlyidentifiedwiththeindividualcostcentres.Example:
hirechargesofmachinery,costofdefectiveworkforaparticularjoborcontractetc.
-IndirectExpensesaretheexpenseswhichcannotbedirectlyidentifiedwiththeindividualcostcentres.Example:
rent,lighting,telephoneexpenses,etc.
(b)
Theessentialdifferencebetweendirectcostsandindirectcostsisthatonlydirectcostscanbetracedtospecificcostobjects.Acostobjectissomethingforwhichacostiscompiled,suchasaproduct,service,customer,project,oractivity.Thesecostsareusuallyonlyclassifiedasdirectorindirectcostsiftheyareforproductionactivities,notforadministrativeactivities(whichareconsideredperiodcosts).
Theconceptiscriticalwhendeterminingthecostofaspecificproductoractivity,sincedirectcostsarealwaysusedtocompilethecostofsomething,whileindirectcostsmaynotbeassignedtosuchacostanalysis.Itcanbetoodifficulttoderiveacost-effectivemethodologyfortheassignmentofindirectcosts;theresultisthatmanyofthesecostsareconsideredpartofcorporateorproductionoverhead,whichwillexistevenifaspecificproductisnotcreatedoranactivitydoesnotoccur.
Examplesofdirectcostsaredirectlabor,directmaterials,commissions,pieceratewages,andmanufacturingsupplies.Examplesofindirectcostsareproductionsupervisionsalaries,qualitycontrolcosts,insurance,anddepreciation.
Directcoststendtobevariablecosts,whileindirectcostsaremorelikelytobeeitherfixedcostsorperiodcosts.
Task2(Assessmentcriteria1.2;GradingcriteriaM1)
Absorptioncostingmeansthatallofthemanufacturingcostsareabsorbedbytheunitsproduced.Inotherwords,thecostofafinishedunitsininventorywillincludedirectmaterials,directlabor,andbothvariableandfixedmanufacturingoverhead.Asaresult,absorptioncostingisalsoreferredtoasfullcostingorthefullabsorptionmethod.
Absorptioncostingisoftencontrastedwithvariablecostingordirectcosting.Undervariableordirectcosting,thefixedmanufacturingoverheadcostsarenotallocatedorassignedto(notabsorbedby)theproductsmanufactured.Variablecostingisoftenusefulformanagement’sdecision-making.However,absorptioncostingisrequiredforexternalfinancialreportingandforincometaxreporting.
Theincreaseordecreaseinthetotalcostofaproductionrunformakingoneadditionalunitofanitem.Itiscomputedinsituationswherethebreakevenpointhasbeenreached:
thefixedcostshavealreadybeenabsorbedbythealreadyproduceditemsandonlythedirect(variable)costshavetobeaccountedfor.
Marginalcostsarevariablecostsconsistingoflaborandmaterialcosts,plusanestimatedportionoffixedcosts(suchasadministrationoverheadsandsellingexpenses).Incompanieswhereaveragecostsarefairlyconstant,marginalcostisusuallyequaltoaveragecost.However,inindustriesthatrequireheavycapitalinvestment(automobileplants,airlines,mines)andhavehighaveragecosts,itiscomparativelyverylow.
Theconceptofmarginalcostiscriticallyimportantinresourceallocationbecause,foroptimumresults,managementmustconcentrateitsresourceswheretheexcessofmarginalrevenueoverthemarginalcostismaximum.Alsocalledchoicecost,differentialcost,orincrementalcost.
Task3(Assessmentcriteria1.3;GradingcriteriaD1)
Particulars
April
May
Sales(unitsoftheservice)
500
620
Salesrevenue($)
25,000
31,000
Totalcost
15,000
16,200
Operatingprofit($)
10,000
14,800
a)Whenthereisneitherlossnorgaininafinancialsituation,youwilloftenheartheterm"breakeven."Forbusinesses,break-evenanalysisisausefulfinancialplanningtool,assistingmanagersinsettingpricestructuresandhelpingthempredictwhenabusiness--orproduct--islikelytostartproducingprofits.Theabilitytodeterminethebreak-evenpoint--andusethatinformationtomakemeasureddecisions--isessentialtoeverybusiness.
April:
25,000(salesrevenue)/500(sales,unitsoftheservice)=50
May:
31,000(salesrevenue)/620(sales,unitsoftheservice)=50
Totalcost=salerevenue-operatingprofit
ForApril=25,000-10,000=$15,000
ForMay=31,000-14800=$16,200
Variablecost=
=
=
=$10perunit
Totalvariablecost=variablecost/perunit*noofunits
ForApril=10*500=$5,000
ForMay=10*620=$6,200
Totalfixedcost=totalcost-totalvariablecost
ForApril=15,000-5,000=$10,000
ForMay=16,200-6,200=$10,000
Contributionmargin=sales-variablecost
ForApril=25,000-5,000=$20,000
ForMay=31,000-6,200=$24,800
Contributionmargin%=
ForApril=
=80%
ForMay=
=80%
Break-evenpoint=
Note:
(500/10)-10=40
ForApril=
=
=250units
ForMay=
=
=250units
b)
MarginofsafetyistheextenttowhichtheplanedvolumeofoutputorsaleliesabovetheBEP.Themarginofsafetycanbeusedaspartialmeasureofrisk
AprilMay
Volumeofsale500620
BEP(Break-evenpoint)250250
DiffbetweenvolumeofsaleandBEP250250
Marginofsafety=
April=
=50%
May=
=59.7%
c)
abreak-evenchartpicture
d)
Targetprofit=
=
=
=1000units
Task4(Assessmentcriteria1.4;GradingcriteriaM2)
(a)
Totalsales=noofunitsold*sellingpriceperunits
Period1=1,200*25=30,000
Period2=1,800*25=45,000
Totalvariablecost=noofunits*variablecostperunits
Period1=1,500*3.5=5,250
Period2=1,500*3.5=5,250
Totalfixedcost
Period1=20,000
Period2=20,000
Note:
Valueofclosingstock
(1,500-1,200)×3.5=$1050
Profitoneachperiod=sales-costofproduction
Period1=30,000-(5,250-1,050+20,000)=5,800
Period2=45,000-(5,250-1,050+20,000)=18,700
Break-evenpoint=
Period1=20,000/25-3.5=930units
Period2=20,000/25-3.5=930units
Note:
Valuablecostofsale
1,200×3.5=$4,200
1,800×3.5=$6,300
Contributionmargin=sale-variablecostofsales
Period1=30,000-4,200=25,800
Period2=45,000-6,300=38,700
Contributionmargin%=
Period1=25,800/30,000*100=86%
Period2=38,700/45,000*100=86.1%
MarginofsafetyistheextenttowhichtheplanedvolumeofoutputorsaleliesabovetheBEP
AprilMay
Volumeofsale1,2001,800
BEP930930
DiffbetweenvolumeofsaleandBEP270870
Percentageofvolumeofsale22.5%48.33%
Themarginofsafetycanbeusedaspertialmeasureofrisk
(b)
Ifthematerialcostincreasedto$4.00
Totalsales=noofunitsold*sellingpriceperunits
Period1=1,200*25=30,000
Period2=1,800*25=45,000
Totalvariablecost=noofunits*variablecostperunits
Period1=1,500*4.00=6,000
Period2=1,500*4.00=6,000
Totalfixedcost
Period1=20,000
Period2=20,000
Note:
valueofclosingstock
(1,500-1,200)×4=1,200
Profitoneachperiod=sales-costofproduction
Period1=30,000-(6,000-1,200+20,000)=5,200
Period2=4,5000-(6,000+1,200+20,000)=17,800
Task5(Assessmentcriteria2.1)
ElementsandPerformanceCriteriaPre-Content
Elementsdefinetheessentialoutcomesofaunitofcompetency.
PerformanceCriteriadescribetherequiredperformanceneededtodemonstrateachievementoftheElement.Bold,italicisedtermsareelaboratedintheRangeStatement.AssessmentofperformanceistobeconsistentwiththeEvidenceGuide.
ElementsandPerformanceCriteria
ElementPerformanceCriteria
1.Gatherandrecordoperating
andcostdate
2.Analysedate
1.1Systemstogeneratecostandoperatingdateareestablished
1.2Systemstodeterminecostandoperatingstandardsareesablished
1.3Dataissystematicallycoded,classifiedandcheckedforaccuracyandreliabilityinaccordancewithorganisationalpoliciesandprocedures
2.1Costsareassignedtospecifiedproducts,services,projects,organ
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