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Task 2 The business carried out some calculations on set up and the flowing information relating to their main product was produced Sales Revenue Direct labour (1 hour) Direct materials (1kg) Fixed overheads Standard profit The budgeted output for last month was 1000 units of this product Acha output was 1,100 units which were sold for 69.900 The actual production costs were Direct labour (1075 hours) 24 420 Direct materials (1175kg) 23.260 Fixed overheads 5.400 There were no inventones at the start or the end of the month You are required to calculate the variances for the month from the available information and use them to reconcile the budgeted and actual profitures You should produce a document that identifies and explains the vanances and reconciles the actual and budgeted profit figures. You should identity further information required that would help to further explain variances Task 3 The directors have the opportunity to invest in a new project. This involves the acquisition of new machinery. The figures for the project are shown in the table below. Cost of machine 10,000 Estimated life 5 years Estimated future cash flows: Year 1 2,000 Year 2 33 000 Year3 33,000 Year 4 35,000 Year 5 25,000 Estimated residual value 13,000 For the project, calculate the accounting rate of return and the payback period. In your report, explain the significance of these values and indicate how such values can be used to determine the viability of a project The board thinks that they might like to raise money to enable them to invest in the project Explain to the board how they might obtain finance for a business project. In addition discuss the components of working capital and descnbe the importance of effective working capital management as part of the process of making funds available for Year 4 25,000 Year 5 5.000 Estimated residual value 33 000 For the project, calculate the accounting rate of return and the payback period. In your report, explain the significance of these values and indicate how such values can be used to determine the viability of a project The board thinks that they might like to raise money to enable them to invest in the project Explain to the board how they might obtain finance for a business project. In addition discuss the components of working capital and describe the importance of effective working capital management as part of the process of making funds available for projects Guidelines for assessors The assignments submitted by students must achieve the learning outcomes and meet the standards specified by the assessment anteria for the unit. The suggested evidence listed below is how students can demonstrate that they have met the required standard Calculation: Actual 69900 Budgeted 63545 24420 22200 The data Sales Direct labor Direct Fixed Standard Explain The difference between actual and budgeted sales revenue is 6355 The difference between actual and budgeted direct labor is 2220 The difference between actual and budgeted direct materials is 2115 E Fixed overheads remain as they are no matter how much the output The difference between actual and budgeted standard profit is 2020 23260 21145 6400 6400 15820 13800 These results indicate that the reality has increased the budget in costs and profits and this is good thing for the company this month. Task 3 The cost of the device 10,000 5 years ago Life expectancy The estimated cash flows in the future: Cumulative cash flow 2,000 2,000 The first year 3000 5,000 The Second Year 3000 8,000 The third year 5,000 10,000 the fourth year 5,000 The fifth year 3000 The estimated residual value Bol (Return on investment), sometimes known as the accounting Rate of Return (ARR): ARR = (Estimated average profits / Estimated average investment) x 100% Estimated average profits Average cash flows- Depreciation Total cash flow 21000 Average cash flows = 4200 Life of the project cost of invest 10000 Depreciation = - 2000 Life of the project 5 4200-2000=2200 10000+3000 -6500 Estimated average investment Cort of invest+Tatimated residual ARR = {Estimated average profits / Estimated average investment) x 100% 2300 ARR = x 100% = 33% 6500 This means this investment is useful and profitable 2000 Payback period = 3 + 3.4 (the Payback period will be three years and and half 5000 This is a good result because the estimated life of the project is five years ), D. Focus Task 2 The business carried out some calculations on set up and the flowing information relating to their main product was produced Sales Revenue Direct labour (1 hour) Direct materials (1kg) Fixed overheads Standard profit The budgeted output for last month was 1000 units of this product Acha output was 1,100 units which were sold for 69.900 The actual production costs were Direct labour (1075 hours) 24 420 Direct materials (1175kg) 23.260 Fixed overheads 5.400 There were no inventones at the start or the end of the month You are required to calculate the variances for the month from the available information and use them to reconcile the budgeted and actual profitures You should produce a document that identifies and explains the vanances and reconciles the actual and budgeted profit figures. You should identity further information required that would help to further explain variances Task 3 The directors have the opportunity to invest in a new project. This involves the acquisition of new machinery. The figures for the project are shown in the table below. Cost of machine 10,000 Estimated life 5 years Estimated future cash flows: Year 1 2,000 Year 2 33 000 Year3 33,000 Year 4 35,000 Year 5 25,000 Estimated residual value 13,000 For the project, calculate the accounting rate of return and the payback period. In your report, explain the significance of these values and indicate how such values can be used to determine the viability of a project The board thinks that they might like to raise money to enable them to invest in the project Explain to the board how they might obtain finance for a business project. In addition discuss the components of working capital and descnbe the importance of effective working capital management as part of the process of making funds available for Year 4 25,000 Year 5 5.000 Estimated residual value 33 000 For the project, calculate the accounting rate of return and the payback period. In your report, explain the significance of these values and indicate how such values can be used to determine the viability of a project The board thinks that they might like to raise money to enable them to invest in the project Explain to the board how they might obtain finance for a business project. In addition discuss the components of working capital and describe the importance of effective working capital management as part of the process of making funds available for projects Guidelines for assessors The assignments submitted by students must achieve the learning outcomes and meet the standards specified by the assessment anteria for the unit. The suggested evidence listed below is how students can demonstrate that they have met the required standard Calculation: Actual 69900 Budgeted 63545 24420 22200 The data Sales Direct labor Direct Fixed Standard Explain The difference between actual and budgeted sales revenue is 6355 The difference between actual and budgeted direct labor is 2220 The difference between actual and budgeted direct materials is 2115 E Fixed overheads remain as they are no matter how much the output The difference between actual and budgeted standard profit is 2020 23260 21145 6400 6400 15820 13800 These results indicate that the reality has increased the budget in costs and profits and this is good thing for the company this month. Task 3 The cost of the device 10,000 5 years ago Life expectancy The estimated cash flows in the future: Cumulative cash flow 2,000 2,000 The first year 3000 5,000 The Second Year 3000 8,000 The third year 5,000 10,000 the fourth year 5,000 The fifth year 3000 The estimated residual value Bol (Return on investment), sometimes known as the accounting Rate of Return (ARR): ARR = (Estimated average profits / Estimated average investment) x 100% Estimated average profits Average cash flows- Depreciation Total cash flow 21000 Average cash flows = 4200 Life of the project cost of invest 10000 Depreciation = - 2000 Life of the project 5 4200-2000=2200 10000+3000 -6500 Estimated average investment Cort of invest+Tatimated residual ARR = {Estimated average profits / Estimated average investment) x 100% 2300 ARR = x 100% = 33% 6500 This means this investment is useful and profitable 2000 Payback period = 3 + 3.4 (the Payback period will be three years and and half 5000 This is a good result because the estimated life of the project is five years ), D. Focus