Question 1- Case Study (Total 18 marke) Adias Pty Ltd manufactures shower towels for two local football teams in Sydney. The towels are made from fabric with a logo designed by Bayswater Logo design company. The teams are as follows: Vida Glow. with black towels and the Vida Glow logo Champion: with blue towels and the Champion logo Also, the blue towels are slightly larger than the black towels. The budgeted direct-cost inputs for each towel in 2019 are as follows: Vida Glow shower towel Champion shower towel Black fabric (yard) Blue fabric(yard) Logo patches for each towel Direct manufacturing labor hours Inventory at stock for Adias in March 2019 are as follows: Vida Glow shower towel 01/03/2019 31/03/2019 40 30 Champion shower towel 01/03/2019 | 31/03/2019 Black fabric (yard) Blue fabric yard) Logo patches for each towel 50 LUASSIM 2011.pur F C Fit to page 1 Page view A Read alo $10 Unit cost data for direct cost inputs pertaining to February 2019 and March 2019 are as follows Feb2019 (actual) March 2019 (budgeted) Black fabric (per yard) Blue fabric(per yard) Logo patches for Vida Glow (Per patch) Logo for Champion (Per patch) Manufacturing labor cost per hour Manufacturing overhead is allocated on the basis of budgeted direct manufacturing labor-hours per blanket. The budgeted variable manufacturing overhead rate for March 2019 is $17 per direct ACC203 ASSIGNMENT manufacturing labor-hour. The budgeted fixed manufacturing overhead for March 2019 is $17.625. Both ed manufacturing overhead costs are allocated to each unit of finished goods Finished-goods inventory for March 2019 are as following, Vida Glow shower towel Champion shower towel 14 20 Beginning inventory in units Beginning inventory in dollars Target ending inventory in units $1960 24 $ 2945 30 payday Budgeted sales for March 2019 are 150 units of the Vida Glow towels and 205 units of the Champion shower towel. The budgeted selling prices per unit in March 2019 are $315 for the Vida Glow towels and $385 for the Champion towels. Assume the following in your answer. - Work-in-process inventories are negligible and ignored. Direct materials inventory and finished goods inventory are costed using the FIFO method. Unit costs of direct materials purchased and finished goods are constant in March 2017 You need to: 1. Prepare the following budgets for March 2019: a. Revenues budget (1 mark) b. Production budget in units (2 mark) c. Direct material usage budget and direct materials purchases budget (3 mark) d. Direct manufacturing labor costs budget (1 mark) e. Manufacturing overhead costs budget (2 mark) f. Ending inventories budget (direct materials and finished goods) (3 mark) g. Cost of goods sold budget (2 mark) 2. Suppose Adias Pty Ltd decides to incorporate continuous improvement into its budgeting process. Describe two areas where it could incorporate continuous improvement into the budget schedules in requirement 1. (4 mark) Quentin Yarinnan nolyain and renart 18 marke Question 2 -Variance Analysis and report (8 marks) Elite Sweet Pty Ltd is a company that only sells Halloween candies in Australia. Due to the delicate shapes of candies, this company employed a great deal of high skilled employees. The following information is generated from the company in June 2019. Note the candy was sold in a 12-piece box ACC203 ASSIGNMENT Actual 1000 Boxes produced Direct materials used in production 21 500 g Actual direct material cost $6020 Actual direct manufacturing labor-hours 110 Actual direct manufacturing labor cost $1265 e Fit to page Page view A Read alous Actual Boxes produced 1000 Direct materials used in production 21 500 g Actual direct material cost $6020 Actual direct manufacturing labor-hours 110 Actual direct manufacturing labor cost $1265 Standards Purchase price of direct materials $003/ Materials per box 200 g Wage rate $18 per hour Boxes per hour As the company management accountant, you are required to write a report on the company's standard costing system for the month of June. In your report, please provided a detailed analysis on the variances for direct material and direct labor and present all the data in an appropriate diagram. DISCUSS possible causes for each of the variances that you calculated. Consider each variance separately Also, consider possible interactions between variances Recommend for the future improvements on the unfavorable variances calculated Question 3 - Case Study (Total 4 marka) Elite Consulting Ltd offers a range of immigration consulting services. The company's service costing system estimates the cost of each consulting job by accumulating costs of the professional labour that works on the job plus a charge for overhead, The cost of professional labour is charged to jobs using the following three rates Cost per hour Charge out rate for billing system ACC203 ASSIGNMENT Visa application $300 per hour $630 per hour Visa extension $75 per hour $350 per hour AAT appeal $225 per hour $1000 per hour ch Visa application $300 per hour $630 per hour Visa extension $75 per hour $350 per hour AAT appeal $225 per hour $1000 per hour The predetermined overhead rate is based on professional labour costs, which are budgeted to be $663600 for the current year. The estimated overhead costs for the current year are budgeted to be Management salaries Salaries of administration staff Depreciation on IT hardware and software Office supplies Telecommunications $850,000 $285,000 $240,000 $2,250 $3,150 $150,000 $11,250 $100,000 $45,000 $23,300 Insurance Depreciation on office fixtures and fittings Rent Electricity Council rates During June the company provided three services, which consumed the following quantities of professional labour (in hours) Client Visa application Visa Extension AAT Appeal Alfa Beta Gama Required: ACC203 ASSIGNMENT 1) Calculate the predetermined overhead rate to be used at Elite Consulting Ltd. (2 marks) 2) Calculate the cost of the three services (1 marks) 3) Assume Elite Consulting Ltd uses a billing system with the charge out rates shown above. ACC203 ASSIGNMENT 1) Calculate the predetermined overhead rate to be used at Elite Consulting Ltd. (2 marks) 2) Calculate the cost of the three services. (1 marks) 3) Assume Elite Consulting Ltd uses a billing system with the charge out rates shown above Calculate the client fees for each of the three services. (1 marks) Question 4 - Analytical Question (5 marks) Choose two large Australian organisations and access their most recent annual reports or stand-alone sustainability reports online. For each organisation, provide a summary of the nature and type of sustainability information disclosed in the report