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School: Business, Innovation and Entrepreneurship Department: Business, Management and Finance Case Study YEAR: 2017 SEMESTER: 2 COURSE(S): Bachelor of Accounting HEBSBACC SUBJECT: ManagementAccounting 2 BACC216 CONTRIBUTION TO OVERALL ASSESSMENT: DUE DATE: PARTICIPATION AND SUBMISSION REQUIREMENTS: This assignment is worth 20% of the overall assessment. This assignment is due in on Sunday, 27 August 2017 at 11.55pm via Moodle. This is a group assignment (of 2 students per group). You are required to complete an excel spreadsheet and present it in a professional manner. The calculations required for this assessment are equivalent to 1,000 words. PLAGIARISM AND OTHER COMPLIANCE ISSUES: This case study must comply with Melbourne Polytechnic policies and academic conventions for report writing, plagiarism and referencing. Your teacher will discuss these policies with you and further information is available on the Melbourne Polytechnic Student Intranet. TURNITIN: As this is case study is the development of a budget using an Excel spreadsheet, the case study submission does not require to go through Turnitin. ASSESSOR(S): SuzanneSalmon Preston Campus 77-91 St Georges Road Preston, Victoria 3072 AUSTRALIA NMIT CRICOS Code: 00724G BACC216 Management Accounting 2 Semester 2, 2017 Assignment - Part 1 Vermillion Chemical Company Vermillion Chemical Company manufactures a red industrial dye. The Vermillion Chemical Company is in the process of preparing its 2018 master budget and you (a group of two trainee management accountants) are presented with the following information in mid-August 2017: 1. The December 31, 2017, projected balance sheet for the company is shown below: ASSETS Cash Accounts receivable Raw materials inventory Finished goods inventory Prepaid insurance Building Accumulated depreciation Total assets Vermillion Chemical Company Projected Balance Sheet As at 31 December 2017 LIABILITIES AND SHAREHOLDERS' EQUITY $5,080 Notes payable $25,000 26,500 Accounts payable 2,148 800 Dividends payable 10,000 2,104 Total liabilities $37,148 1,200 Shareholders' funds $300,000 Paid in capital $150,000 (20,000) 280,000 Retained earnings 128,536 278,536 Total liabilities and shareholders' $315,684 $315,684 funds 2. The Accounts Receivable balance as at 31/12/2017 represents the remaining balances of the November 2017 and December 2017 credit sales. Sales were $70,000 and $65,000, respectively, in those two months. 3. The estimated sales in litres of dye for January through May 2018 are shown below: January 8,000 February 10,000 March 15,000 April 12,000 May 11,000 Each litre of dye sells for $12. 4. The collection pattern for accounts receivable is as follows: 70% in the month of sale; 20% in the first month of sale; 10% in the second month of sale. Vermillion Chemical expects no bad debts and no customers are given cash discounts. Page 2 of 4 5. Each litre of dye has the following standard quantities and costs for direct materials and direct labour: 1.2 litres of direct materials (some evaporation occurs during processing) @ $0.80 per litre; $0.96 per litre 0.5 hours of direct labour @ $6 per hour; $3.00 Variable overhead is applied to the product on a machine hour basis. It takes 5 hours of machine time to process one litre of dye. The variable overhead is $0.06 per machine hour; Variable overhead consists entirely of utility costs. Total annual fixed overhead is $120,000; it is applied at $1.00 per gallon based on an expected annual capacity of 120,000 litres. Fixed overhead per year is composed on the following costs: Salaries Utilities Insurance-Factory Depreciation - Factory Building $78,000 12,000 2,400 27,600 Fixed overhead is incurred evenly throughout the year. 6. There is no beginning inventory of Work in Process. All work in process is completed in the period in which it is started. Raw Material Inventory at the beginning of year (2018) consists of 1,000 litres of direct materials at a standard cost of $0.80 per litre (check the balance sheet). There are 400 litres of dye in the Finished Goods Inventory at the beginning of the year (2018) carried at a standard cost of $5.26 per litre; Direct Materials, $0.96; Direct labour, $3.00; Variable Overhead, $0.30 and Fixed Overhead, $1.00 (check the balance sheet). 7. Accounts payable relates solely to raw materials. Accounts payable are paid 60% in the month of purchase and 40% in the month after purchase. No discounts are given for prompt payment. 8. The dividend will be paid in January 2018. 9. A new piece of office equipment costing $9,000 will be purchased on March 1, 2018. Payment will be made 80% in March 2018 and 20% in April 2018. The equipment will have no salvage value and has a useful life of 3 years. 10. The note payable has a 20% interest rate; interest is paid at the end of each month. 11. Vermillion Chemical Company's management has set a minimum cash balance at $5,000. Investments and borrowings are made in even $100 amounts. Investments will earn 9% per year. 12. The ending inventory of Finished Goods Inventory should be 5% of the next month's needs. This is not true at the beginning of 2018 due to a miscalculation in sales in December. The ending inventory of raw materials should be 5% of the next month's needs. Page 3 of 4 13. Selling and administrative costs per month are as follows: salaries, $18,000; office rent, $7,000; and utilities, $800. These costs are paid in cash when they are incurred. You are required to prepare a master budget for each month of the first quarter of 2018 and the financial statements for each month of first quarter using an Excel spreadsheet before 11.55 pm on Sunday, 27 August 2017 and submitted to management (Suzanne) via Moodle. A skeleton Excel spreadsheet is available on Moodle for you to complete the Master Budget and the Financial Statements. Please ensure your Excel spreadsheet includes your name and your student number of both of your group members. BACC216 Management Accounting 2 Semester 2, 2017 Case Study - Vermillion Chemical Company, First Quarter 2018 Budget Marking Guide (Rubic) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Budget Required Marks Sales Budget Accounts Receivable Collections Ending Balances in Accounts Receivable Production Budget Ending Balances in Finished Goods Inventory Purchases Budget Ending balance in Raw Materials inventory Payment of Accounts Payable Ending balance in Accounts Payable Direct Labour Budget Variable Overhead Budget Fixed Overhead Budget 1 1 1 1 1 1 1 1 1 1 1 No marks 1 13. Other Payments, collections and cost adjustments 14. Selling and administration budget (costs) 15. Cash Budget 16. Budgeted Cost of Goods Manufactured Statement 17. Budgeted Income Statement 18. Budgeted Balance Sheet Total Page 4 of 4 No marks 2 2 2 2 20 Jan Feb Mar First 2018 2018 2018 Quarter 2018