Economics - Value Chains - Cost of Manufacturing Statement - Report Writing Assessment Answer

Economics - Value Chains - Cost of Manufacturing Statement - Report Writing Assessment Answer

Task:

Question 1: Value Chains
You have used value chain analysis to help other businesses. Prepare a report for David that explains how value chain analysis will help him to make decisions about his growing business. Information on report writing is in the Resources section of this subject site.

Question 2 Cost of Manufacturing Statement
 David has asked for a  Cost of Goods Manufacturing Statement and Income Statement
for the month of July. Use the following information taken from the books that David has
been keeping to prepare the statement.

Question 3 Cost Allocation
FOL has 2 production departments, Sheep Drench and Cattle Drench, and 3 support departments, Administration, Materials Handing and Research. You have estimated that the Research department costs $350,000 pa to run and that 30% of the total cost of running this department is related to refining the Sheep (15%) and Cattle (15%) drenches. The remaining 70% is spent on developing new products. The Materials handling costs are allocated on the basis of the number of material movements. the Administration department costs are allocated on the basis of the number of employees.

Question 4 Job Costing 

FOL have been asked to prepare a special spray to eliminate an insect pest, Gargantua, recently identified at one orchard. David Scott has developed a special spray that kills the Gargantua insects. This will be a special job and will be made in the laboratory.
FOL budgeted the following for the Research department. Overhead in the Research department is allocated on the basis of direct labour hours.

Question 5 Process Costing 
The following information relates to the operation of a Cattle Drench and Sheep Drench departments of FOL for February:

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