Acet 225: Fundamentals of Cost & Management Accounting (Fall 2021) GROUP PROJECT INSTRUCTIONS: You are required to work in your respective groups on the short project presented below. The project is due for submission on Tuesday, November 16, 2021. Please note that this projects based on the materials in Chapter 2.9 & 10 of your textbook. As outlined in your course syllabus, please note that each group member gets the same mark if all the group members participate equally, but if the group reports a mulingerer, he or she gets a yellow card and his/her mark is reduced by 10%. If there is no improvement, the student (malingerer) will get a red card which means a zero mark. PROJECT QUESTIONS The two Vice Presidents in charge of sales and of production in Fileganza Company have together prepared two budgets - one optimistic, one pessimistie - for Roger Ferrer, the President of the Company. The two budgets are shown in columns (1) and (2) below. The actual results are shown in column (3) The company's cost accountant was confused as to how to present an analysis. Consequently, he produced variances of actual results against both the optimistic projection and the pessimistic projection, columns (4) and (5), respectively (1) (20 (3) (4) 05) Partner Variance from from Optimistic Actual inile Pessimisti Badger Resule Budget Budget Units sold 200,000 75.000 135.000 65.000 150,000) $2.000.000 $750.00 51.350.000 Direct materials $ 200,000 $ 75,000 $ 140,000 $ 60,000) S 65.000 Direct labor 400,000 150,000 285,000 (115.000 135.000 Indirect labor 106.000 43.500 72.000 (34,000) 2500 Maintenance 20,000 20,000 22.000 2.000 2.000 Supplies 2000 15.300 21.000 7.000 3.500 Power 160,000 60,000 100.000 152,000) 48.000 50,000 50,000 $3.000 3.000 3,000 Light 7,000 4,500 5.900 (1.100) 1.400 Rene 80,000 80,000 80.000 -0 0 20,000 13.750 17.000 (3,000) 3.250 Sale Het REQUIRED: 1. Rogers ballied by the analysis. He has asked your group for a more understandable performance report. In the columns below, in clear and orderly fashion prepare a new report Explain your work to the President Show all supporting computations as needed. Item Units sold Sales Sules or Cos Function 10X Raised Badget 135.000 S1.350.000 $ 135.000 Rese 135,000 51.350.000 $ 100,000 285.000 72.000 o $ 5.000 Direct materials Direct labor Indirect labor SLX 2x 56.000 50 50x 2. Meanwhile, Serena Williams, Controller, has gathered data on overhead costs and direct labor-hours over the past 12 months List and discuss the different approaches Serena can use to estimate a cost function for overhead costs using direct laber-hours as the cost driver. Acet 225: Fundamentals of Cost & Management Accounting (Fall 2021) GROUP PROJECT INSTRUCTIONS: You are required to work in your respective groups on the short project presented below. The project is due for submission on Tuesday, November 16, 2021. Please note that this projects based on the materials in Chapter 2.9 & 10 of your textbook. As outlined in your course syllabus, please note that each group member gets the same mark if all the group members participate equally, but if the group reports a mulingerer, he or she gets a yellow card and his/her mark is reduced by 10%. If there is no improvement, the student (malingerer) will get a red card which means a zero mark. PROJECT QUESTIONS The two Vice Presidents in charge of sales and of production in Fileganza Company have together prepared two budgets - one optimistic, one pessimistie - for Roger Ferrer, the President of the Company. The two budgets are shown in columns (1) and (2) below. The actual results are shown in column (3) The company's cost accountant was confused as to how to present an analysis. Consequently, he produced variances of actual results against both the optimistic projection and the pessimistic projection, columns (4) and (5), respectively (1) (20 (3) (4) 05) Partner Variance from from Optimistic Actual inile Pessimisti Badger Resule Budget Budget Units sold 200,000 75.000 135.000 65.000 150,000) $2.000.000 $750.00 51.350.000 Direct materials $ 200,000 $ 75,000 $ 140,000 $ 60,000) S 65.000 Direct labor 400,000 150,000 285,000 (115.000 135.000 Indirect labor 106.000 43.500 72.000 (34,000) 2500 Maintenance 20,000 20,000 22.000 2.000 2.000 Supplies 2000 15.300 21.000 7.000 3.500 Power 160,000 60,000 100.000 152,000) 48.000 50,000 50,000 $3.000 3.000 3,000 Light 7,000 4,500 5.900 (1.100) 1.400 Rene 80,000 80,000 80.000 -0 0 20,000 13.750 17.000 (3,000) 3.250 Sale Het REQUIRED: 1. Rogers ballied by the analysis. He has asked your group for a more understandable performance report. In the columns below, in clear and orderly fashion prepare a new report Explain your work to the President Show all supporting computations as needed. Item Units sold Sales Sules or Cos Function 10X Raised Badget 135.000 S1.350.000 $ 135.000 Rese 135,000 51.350.000 $ 100,000 285.000 72.000 o $ 5.000 Direct materials Direct labor Indirect labor SLX 2x 56.000 50 50x 2. Meanwhile, Serena Williams, Controller, has gathered data on overhead costs and direct labor-hours over the past 12 months List and discuss the different approaches Serena can use to estimate a cost function for overhead costs using direct laber-hours as the cost driver