Accounting Just In Time Manufacturing System Homework Help
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Prepare a 5 year budget forecast for the ‘Chumpy’ Dog Food canned product.
This division of the Neptune Australia company utilises a traditional manufacturing cost flow inventory and accounting system.
As at December 31st 2013 the following financial and trading data was provided
|2013 Year data (all costs are per unit)|
|Sales (Units)||52.7 million|
|Price (average 2013 price received)||$1.2500|
|Prime Costs (per unit)|
|Ingredients & Canning||$0.2150|
|Other Manufacturing Costs (per unit)||$0.5450|
|Inventory on Hand (at valuation):|
|Ingredients & Packaging (1,013,000 units)||$223,000|
|Finished Goods (2,020,500 units)||$1,580,500|
|Sales and Marketing Costs||3,275,000|
Market Research has indicated that the canned dog food market will continue to grow faster than the general economy. Sales of the Chumpy product are expected to increase in unit terms at a rate of 6% above the current long term inflation rate of 2.5%. Sales Price increases for Chumpy are expected to be kept in line with inflation during the budget period. All other manufacturing costs including direct labour and ingredient costs are expected to increase at the rate of inflation. All manufacturing costs (including overhead) are assumed to vary directly with production (unless otherwise stated). The company pays tax at the Australian Corporate tax rate which is expected to hold at current levels. The inflation rate of 2.5% is expected to hold over the 5 year budget period.
The ‘Chumpy’ canned dog food factory maintains target safety stock of raw materials inventory and tin can inventory amounting to the equivalent of one (1) week of the current year’s budgeted unit production. Finished goods inventory levels are kept at the equivalent of two (2) weeks of the current year’s budgeted unit sales. At the end of the 2013 calendar year there were 2,020,500 completed units of Finished Goods in the warehouse. There was enough raw materials and tin can inventory on hand at December 31st to manufacture 1,013,000 units. The Chumpy dog food division does not utilise a Work in Process inventory account.
The Chumpy factory has been operating out of its site in Wodonga for nearly 40 years and has undergone several upgrades. The manufacturing facility is currently operating at approximately 85% of its total practical capacity of 62 million cans of dog food per annum.
Following your preparation of the 5 year budget for Chumpy dog food (Question 4) you are concerned by the levels of inventory held by the company in Raw Materials and in Finished Goods. A long sales and production history for the Chumpy product is available (40 years) and sales and production levels have been very predictable.
Write a report to the Strategic Management Committee detailing the potential benefits of adopting a Just-In-Time (JIT) manufacturing system for Chumpy. Use the data provided on inventory levels in the question 4 and the long sales/production history to support your analysis.
In your report identify any potential business risks associated with adopting a JIT approach.
This assignment directly addresses some of the key learning outcomes for ACC210 including that on successful completion of the subject students will:
• be able to demonstrate technical, computational, and analytical skills associated with the design and operation of product costing and accounting control systems;
• be able to discuss issues associated with contemporary performance measurement;
• be able to use computer spreadsheets as an aid to product costing, budgeting and performance evaluation; and
• be able to communicate effectively in designing reports for management.
The requirements of this assignment cover up to and including Topic 7 of the Subject Outline. The assignment is designed to develop your problem solving, spreadsheet (Excel) design, and written communication skills. The questions require you to apply the knowledge and tools covered in the subject topics in order to demonstrate your understanding of the subject content and also to illustrate your capacity for strategic thinking. The assignment will also test your ability to communicate and explain the impacts of your findings whether through quantitative or written reports.
The ability to communicate effectively has been identified by the accounting professional bodies as being critical to your future role as an accountant.
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The development and demonstration of a level of technical proficiency in using spreadsheets to prepare management accounting reports is a key requirement and expectation of this subject and, more particularly, of this assessment. In prior offerings of this subject some students have resisted or not fully engaged with this requirement to effectively use Excel or some compatible spreadsheet application and have received significantly reduced marks.
Several short video tutorials on Excel will also be provided through the subject interact site. These include a tutorial specific to this subject and several that were prepared for introductory accounting subjects. Indicative examples of the types of formulae needed and model formats will also be provided, however you are required to develop your own spreadsheets. If you need further help with developing your Excel skills you should contact your lecturer or subject coordinator who will be able to direct you to other resources to assist your learning.
You will be assessed on the following marking criteria
• ability to identify accounting problem(s) or issue(s) and apply the appropriate accounting technique;
• ability to use Excel to solve management accounting problems. This includes the ability to use appropriate Excel (or similar) analysis tools and functions, construct appropriate spreadsheet formulae and to effectively and appropriately print and present your material and results.
• level of technical proficiency in using spreadsheets to prepare management accounting reports;
• ability to correctly interpret the results of your analysis and to clearly convey your understanding of the results to the end user;
• demonstrated ability to apply your knowledge of management accounting business situations in a strategic manner;
• demonstrated understanding of the theoretical issues underpinning management accounting; and
• ability to present your answers, effectively, appropriately, and neatly, using computers.
You must submit workings showing how you have obtained your answers, including whether you have applied appropriate techniques to analyse and solve problems. Indicative examples of the types of formulae needed and model formats will be provided through the subject Interact site, however you are required to develop your own spreadsheets.
Product Code: ACC27
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