ACC 107 /T12021Individual assignment

INDIVIDUAL ASSIGNMENT- ACC 107

DUE DATE -28th March 2021

B moodle.mnu.edu.mv Accurate calculation of Prot using both ' marginal and 3 - Absorption method 3 Discussicm Identication of difference in prot and 4 discussion Among different costing methods which 4 method of costing would be most appropriate to your product and justify your answer Conclusion Summarize the report and identify a 4 limitation in the product costing shown above, References Show proper in-text citation (for at least 2 two sources) and give the reference list at the end using APA style. Overall repon format 2 Total 50 GENERAL GUIDELINES This assignment caries total 50 marks and it contributes 20% of assessment for the subject. Penalty for late submission of the assignment is 5% of the total marks for each day late. Marks will be reduced for exceeding the word limit. ' Plagiarism and cheating are serious offences and will be penalized accordingly. Each and every student should use their own ideas and calculations must be based on your own set of data. If a common set of workings and discussion are submitted both students will be penalized. The softcopy must be uploaded to Moodle/Tumitin in Microsoft Word format, If for any reason, student were unable to upload soft copy, the lecturer should be informed either personally or through email and a soft copy should be emailed before the deadline. If soft copy is not submitted assignment will be considered as not submitted. Marks will be deducted for not observing any of these guidelines. Page 1 of 3 H moodlemnu.edumv that 100 units of th product were sold. g. Identify if there is any difference in prot or not, disc the reason. h. Among the different methods of costing studied whic method would you choose to follow in order to identi accurate unit cost and a prot gure. Justify your ans Structure Criteria Marks Introduction Give an explanation of the product and 4 what to expect in your report Identication of feasible product 2 Cost identication An appropriate level of depth covered 4 and a practical list of costs identied Cost identied reects market values 4 creativity 2 Calculations Values used are explained appropriately 6 with reference to the behavior and classications of costs Accurate calculation of unit cost and a 6 selling price Accurate calculation of Prot using both ' marginal and 3 ' Absorption method 3 Discussion Identication of difference in prot and 4 discussion Among different costing methods which 4 method of costing would be most appropriate to your product and justify your answer Conclusion Summarize the report and identify a 4 limitation in the product costing shown above. References Show proper in-text citation (for at least 2 two sources) and give the reference list at the end using APA style. Overall report format 2 Total 50 GENERAL GUIDELINES 20:46 AA A moodle.mnu.edu.mv C ACC 107 / T1 2021 Individual assignment INDIVIDUAL ASSIGNMENT - ACC 107 DUE DATE - 18" April 2021 (SUNDAY) OBJECTIVE: The aim of this individual assignment is to enhance the ability of students to apply cost and management accounting techniques to practical business scenarios based on the knowledge gained from studying the subject. REQUIREMENTS: Students are expected to write a report of 1500 - 2000 words for the following scenario. Report should be structured according to the marking guide provided Within the industry of restaurants or fast food business choose a product which is offered in Maldives. For the chosen product, a. Identify all necessary costs that would be incurred to produce and market the product to customers. b. An appropriate market value should be identified for all costs that would be incurred. (Marks would be deducted for unrealistic estimates). c. Be creative in making your product attractive to customers and identify the costs that will be incurred to bring the product up to the sales point. Minimum of five types of cost must be identified with explanations including values and the behaviours of the costs. d. Using the identified costs calculate the unit cost of the product and a sales price. Explanations must be given on how you decided the values of the costs that are included in your calculations. (hint: can refer to behavior or direct or indirect costs) e. If 150 units were produced, calculate (use the figures identified in part b, c, and d) the i. Total prime cost ii. Production overheads iii. Total production costs iv. Total Non-production overheads f. Using the figures above calculate the profit using both Absorption costing and marginal costing method assuming that 100 units of the product were sold. g. Identify if there is any difference in profit or not, discuss the reason. h. Among the different methods of costing studied which method would you choose to follow in order to identify an accurate unit cost and a profit figure. Justify your answer. Structure Criteria Marks Introduction Give an explanation of the product and what to expect in your report Identification of feasible product Cost identification An appropriate level of depth covered and a practical list of costs identified Cost identified reflects market values creativity N Calculations Values used are explained appropriately with reference to the behavior and classifications of costs Accurate calculation of unit cost and a 6