Business Finance - cost-efficiency reduction - Business Assignment Help

Assignment Task:

Part A information

You have observed that the Board of Directors allocates budgets on an annual basis using an incremental approach, adjusting for known inflationary pressures and then applying a 1% cost efficiency reduction.

The factory is divided into production lines for each range of cars, with each production line having an allocated operational manager who has responsibility for managing the budget. 

The Budgets reports are produced by the Management Accounts department at the end of each month and discussed in monthly performance meetings involving the Budget Manager, the Director of Operations and the Director of Finance.

A.1) Discuss different approaches to budget setting, critiquing the approach taken by AMX.

A.2) Recommend improvements to the budget monitoring process, producing an improved revised budget report for December 2019.

Part B) COSTING

B.1) Critique different approaches to costing. 

Series 1 and Series 2 are both produced in the same factory and selling prices are calculated by adding a40% mark-up on production costs.

B.2) Using a traditional business-wide rate for all overheads based on labour hours calculate the unit costs and selling prices of the AMX Series 1 and Series 2 cars.

B.3) Using an Activity Based Costing approach calculate the unit costs and selling prices of the AMX Series 1 and Series 2 cars.

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