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HI5017 Managerial Accounting Week 1 Tutorial Questions

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Holmes Institute Australia has changed the assessment pattern recently in view of COVID 19 issue. Tutors of HI5017 managerial accounting has started giving tutorial questions in order to assess student knowledge and understanding of the subject. After every week’s online class students are provided with tutorial questions which they need to solve in order to get assessment marks. For the week 1 below questions has been given by the teacher

Q1. List and briefly describe 5 examples of how management accounting information could assist in managing resources at a Banking corporation.

Q2. The following data refer to Nani’s Fashions for the current year:

Sales Revenues$475 000
Work in process inventory, 31 December15 000
Work in process inventory, 1 January20 000
Selling and administrative expenses75 000
Income tax expense45 000
Purchase of raw materials90 000
Raw materials inventory, 31 December12 500
Raw material inventory. 1 January20 000
Direct labour100 000
Electricity: plant20 000
Depreciation plant and equipment30 000
Finished goods inventory, 31 December25 000
Finished goods inventory, 1 January10 000
Indirect material5 000
Indirect labour7 500
Other manufacturing overhead40 000

Required:

  1. Prepare the schedule of cost of goods manufactured for Nani’s fashion.
  2. Prepare the schedule of cost of goods sold for Nani’s Fashions and explain the information provided by the schedule of cost of goods sold.
  3. Prepare an income statement for the current year.

Q3. K-mart a very successful business chain in Australia follows a strategy based on cost leadership. List 5 types of management accounting information that might assist K-mart management to make business decisions.