This project requires to identify, analyse and classify cost transactions, record the transaction in the account and prepare cost reports in accordance with the organisational policies and procedures and the AAS

Project FNSACC517 - Provide Management Accounting Information Account balances and August transactions for Jimmy Brewing. Account balances: This project requires you to identify, analyse and classify cost transactions, record the transactions in the 1-Aug Stock of raw materials 5,000 Units $55,000 Dr accounts and prepare cost reports in accordance with the organisational policies and procedures and the Australian Accounting Standards. Work in process on hand $165,000 Dr Finished goods on hand $110,000 Dr Business Background: Jimmy Brewing is a GST registered manufacturer of cider which sells at wholesale and Bank $80,000 Dr retail outlets. The entity has the following policies and procedures in relation to its manufacturing operations: Factory equipment $1,000,000 Dr Accumulated depreciation - Factory Equipment $100,000 Cr Materials Policy and Procedures: Capital $1,310,000 Cr . All direct and indirect production materials are to be maintained and controlled in the Materials store and issued to production atthe request of the Factory Manager. Transactions: 2-Aug Direct materials purchased on credit 12,000 Units $144,000 Plus GST Direct materials are to be accounted for using the First-in-first-outmethod of recording in accordance Delivery costs on materials purchased $1,440 Plus GST with the AASB Inventory standard with all per unit amounts on the Inventory card calculated to two 3-Aug Factory overhead invoices received on credit $1,500 Plus GST decimal places. 8-Aug Factory wages incurred, paid & allocated $50.000 Delivery costs on materials purchased to be included with cost of purchases as per the Australian 10-Aug Direct materials used in production 9,000 Units To be calculated Accounting Standard. 12-Aug Direct materials purchased on credit 2,000 Units $138,168 Plus GST Delivery costs on materials purchased $1,296 Plus GST Labour Policy and Procedures: 15-Aug Factory cleaning invoices received on credit $16,000 Plus GST 900 Units All factory labour is controlled by the Human Resources department and allocated to the factory at the 18-Aug Materials returned to supplier (purchased on 12 Aug.) To be calculated 22-Aug Factory wages incurred, paid & allocated $60,000 request of the Factory Manager. 24-Aug Direct materials used in production 9,540 Units To be calculated PAYG taxation to be applied to fortnightly payroll at 20%. 28-Aug Received account for advertising (on credit) $12,000 Plus GST The Superannuateon Guarantee Contribution is to be applied to all factory wages in accordance with 31-Aug Finished goods: 80% of work in process has been completed. legislation and treated as a factory overhead cost. Credit Sales: 90% of goods in store were sold at a 40% mark-up. . Factory labour allocations: 70% of total labour costs are to be allocated directly to factory production and 30% to be treated as factory overheads. Overheads Policy and Procedures: CHECK LIST Completed Depreciation on factory equipmentis to be applied at the end of each month using the Reducing Policy and Procedure Balance Method of depreciation at 30% p.a. Transactions recorded in General Journal Materials inventory card maintained in accordance with AASB At month end factory overheads are to be applied to the factory at $1.00 per direct labour dollar used in Direct and indirect materials allocated production and any under or over applied overhead is to be transferred to Cost of Goods Sold. Direct and indirect labour allocated Accounting Policy and Procedures : Superannuaten Guarantee Contributed recorded Depreciation of factory assets provided Journal entries to be recorded in a General Journal on a daily basis and General Ledger maintained. Overheads applied as per poilicy and procedures Control accounts required for Materials, Labour, Factory Overheads, Work in Progress and Finished Transactions posted to General Ledger Goods. Trial balance prepared End of month reports required: Trial Balance, Manufacturing Statement, Income Statement and Balance Manufacturing statement prepared Manufacturing statement reconciled Sheet. Manufacturing Statement to be reconciled to Materials Control, Labour Control, Factory Overhead Income statement prepared Balance sheet prepared Control and Workin Progress Control. Overhead variance report