ACC2542 - Managerial Accounting & Auditing and Vhembe Foods Limited Case Study - Accounting and Finance Assignment Help

Assignment Task

QUESTION 1

You have joined Vhembe Foods Limited as management accountant. Write a report to the Management of Vhembe Foods Limited which will assist them in understanding how you derived the calculations of the balances for finished Goods, closing work-in-progress, Normal loss and the abnormal loss. Your report should be in Excel together with the supporting calculations, and include the relevant general ledger “work-in-progress” account.

DETAILS PERTAINING TO YOUR REPORT

Vhembe Foods Limited manufactures preserved bottled jam in a single process, by adding fruit concentrate and sugar. The current period input quantities are set out below:

Fruit concentration and sugar input 1 500 kg

Opening work in progress jam mix 300 kg

Closing work in progress jam mix 550 kg

The fruit concentrate and sugar are added at the beginning of the process, whilst conversion costs are incurred evenly throughout the process.

The opening and closing inventory work in progress is 60% and 70% complete respectively. At the end of the period 1 000 kgs of completed preserved bottled jam was ready for delivery to the distributor.

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