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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 December||15 000|
|Work in process inventory, 1 January||20 000|
|Selling and administrative expenses||75 000|
|Income tax expense||45 000|
|Purchase of raw materials||90 000|
|Raw materials inventory, 31 December||12 500|
|Raw material inventory. 1 January||20 000|
|Direct labour||100 000|
|Electricity: plant||20 000|
|Depreciation plant and equipment||30 000|
|Finished goods inventory, 31 December||25 000|
|Finished goods inventory, 1 January||10 000|
|Indirect material||5 000|
|Indirect labour||7 500|
|Other manufacturing overhead||40 000|
- Prepare the schedule of cost of goods manufactured for Nani’s fashion.
- 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.
- 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.