BUACC: Inventory Valuation or Cost Reimbursement - Management Assignment Help

Assignment Task:

Task:

Question 1 (15 marks)

a. A manager says, “According to AASB 102 Inventories, product costs used for inventory valuation or cost reimbursement need to be based on current costs, which are objective and verifiable. Therefore, product costs are not useful for and relevant to our decision making process for the future
operational plan. Especially, our business is small. We don’t need to implement a comprehensive product costing system.” [5 marks]
 

b. A manager says, “The whole annual budgeting process is a waste of time. In digital age, it is real- time reporting that matters. Besides, I know so many employees who regularly engage in padding the budget.” [5 marks]
 

c. A manager says, “It is too difficult and almost impossible to identify someone who is responsible for the cost variances from the annual budgets”. [5 marks]

Question 2 (15 marks)

BigB Limited is a manufacturer with a large variety of products. One of the most popular products is Product A. In many years, BigB estimates production cost of product A based on the traditional costing method in which the manufacturing overhead costs are allocated using direct labour cost as the single cost driver. Recently, top managers have been very concerned about declining profitability despite a healthy increase in sales volume of Product A. The declining profitability of Product A was not expected as the company has installed new machine and applied new automation technology to increase production efficiency.

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