FNSACC613 Prepare And Analyse Management Accounting Information

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FNSACC613 Prepare And Analyse Management Accounting Information

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Course Code

FNSACC613

University

Tafe Nsw

Country

Australia

Questions: Direct and Absorption Costing

Task 1

The following data relates to Dott Ltd for the year ended 30th June 2018:

	Direct Costing	Absorption Costing
Sales	$600,000	$600,000
Net Profit	254,000	252,000
Inventories: 30th June 2017	164,000	176,000
Inventories: 30th June 2018	156,000	166,000

Required:

Prepare a Reconciliation of the difference between the 2018 net profits under direct and absorption costing.

Task 2

The Lake Side Company currently uses direct costing. The general manager has asked you to demonstrate the difference in profit or loss if they changed to absorption costing. The following information should be used.

The actual costs for July 2018 were:

Cost

Units	Amount $
Sales	6,000 units	$3000,000
Variable manufacturing costs		$48,000
Fixed manufacturing costs		$32,000
Fixed selling and administration		$30,200
Budgeted and actual production	$10,000 units
Opening inventory	Nil

Required:

Prepare an Income Statement (Profit and Loss Statement) using direct costing
Prepare an Income Statement (Profit and Loss Statement) using absorption costing
Prepare a reconciliation of the difference between the net proits under direct and absorption costing.
Using a Financial Software package such as MYOB or Xero produce an Income Statement (Profit and Loss Statement).

Provide evidence of this report, either by including a screen dump of the report, or including a copy of the pdf version of the report.
Name the Financial Accounting Software Package that you have used to produce the report.
What is the Net Profit as shown on the Income Statement (Profit and Loss Statement)?
Net Profit will be affected by whether management has chosen to use Direct Costing or Absorption Costing. Which of these methods would result in a higher net profit on the Income Statement (Profit and Loss Statement)?

Additional Services Are Offered By The Student Helpline For Students In Accounting

Financial Marketing	Personal Financial	STIS08007 Science, Nature and Environment
Cash Flow Statement	Risk Management Practices in Accounting	Management Accounting
Income Statement	Cost Accounting	Corporate Disclosure and Governance

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FNSACC613 Prepare And Analyse Management Accounting Information

Course Code

University

Country

Questions: Direct and Absorption Costing

Task 1

Required:

Task 2

Additional Services Are Offered By The Student Helpline For Students In Accounting

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FNSACC613 Prepare And Analyse Management Accounting Information

Course Code

University

Country

Questions: Direct and Absorption Costing

Task 1

Required:

Task 2

Additional Services Are Offered By The Student Helpline For Students In Accounting

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To View this & another 55555+ free samples. Please put your valid email id.

FNSACC613 Prepare And Analyse Management Accounting Information Solution

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