FNS50217: Principles and Practices of Budgetary Control - Accounting Assessment Answer

Subject Code: FNS50217 Internal Code: 6DJBB

Accounting Assessment Answer

TASK: Your task is to research the following information and prepare a short report on each of the following points: ? Principles and practices of budgetary control such as: ? Double-entry bookkeeping ? Accrual accounting ? Procures and procedures for recording and storing financial data ? Relationship between variance analysis and costing system integrity ? Principles and practices of budget preparation ? Key management information requirements ? Key features of organizational policy and procedures as they apply to costing systems ? Cost behavior characteristics for the different cost elements of a product or service Task 2 Your task is to calculate from the following information the: ( a ) Conversion cost ( b ) Product cost ( c ) Prime cost ( d ) Period cost ( e ) Expected manufacturing overhead cost for a production level of 60,000 units. Zou Pty Ltd prepared a summary showing the following expected costs for a production level of 50,000 units: Direct labour                                 $ 80,000 Fixed manufacturing overhead        60,000 Fixed selling and administration     110,000 Variable manufacturing overhead     30,000 Variable manufacturing                   250,000 Variable selling                                 70,000 Zou Pty Ltd accounts for all manufacturing costs as inventorial (product) costs. REQUIRED: Calculate the following total costs: ( a ) Conversion cost ( b ) Product cost ( c ) Prime cost ( d ) Period cost ( e ) Expected manufacturing overhead cost for a production level of 60,000 units.

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