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ACC2CAD Cost Accounting and Decision Making

Question

Answered

Task

You are required to select a product (not service) of your choice. It might be an existing product with your take on it (i.e. you determine its design, colour and name) or a new product that does not exist in the market.

Please note that it does not need to be a complicated product, you can select a simple product. 

You need to undertake research and development (R&D) to determine the design, characteristics and functions of your product and calculate its upstream cost and provide an explanation as to why you selected the product. Then, by undertaking market research you need to determine your product's production and downstream costs for 80,000 units manufactured for the month. Finally, you need to determine the price of your product and how it will be marketed and distributed to consumers.

Please refer to the specific instructions and requirements of the assignment below

Requirements

1. Design your product and provide it a name, a description of its functions and visual/picture of it (this can be your own drawing or an image from the internet with your product brand/logo assigned to the image). Critically explain why you selected your product (i.e. will there be a demand for it? will it solve any social, environmental or financial issues? etc.) 

2. Identify and estimate your upstream activities (R&D and design) and costs for your product. As you will be undertaking the R&D and product design activities, assign yourself an hourly R&D wage rate based on market research (i.e. search the internet) and provide a detailed record of your upstream activities and how many hours it took you to select and design your product. This will determine your total upstream cost. Provide detailed explanations and a log about your upstream processes/steps for your chosen product.

3. Undertake market research (i.e. search the internet) to estimate and determine the cost of your product's direct materials, direct labour and manufacturing overheads (fixed and variable). Clearly list and determine the quantity and types of direct materials, direct labour and manufacturing overheads that will be required to produce one unit of your product and calculate your products per unit cost. Explain the approach/method and activity level used to calculate the overhead cost per unit and clearly differentiate/list fixed and variable manufacturing overheads.

4. During the month, the cost of your beginning inventory was $50,000 and ending inventory equalled $50,000, and you purchased materials to produce 80,000 units of your product. Calculate the cost of direct materials purchased and used in production for the month.

5. During the month, the cost of your beginning work in process was $200,000 and ending was $200,000. Calculate the cost of goods manufactured using a cost of goods manufactured statement/schedule for 80,000 units of your product for the month.

6. During the month, the cost of your beginning finished goods was $600,000 and ending finished goods equalled $600,000. Prepare a cost of goods sold statement for the month to calculate the cost of goods sold for 80,000 units.

7. Determine the price of your product per unit and critically explain how you determined the price (i.e. explain and justify the cost base and pricing method you selected and used, and how your products’ price compares to competitors prices).

8. Undertake market research to identify and estimate your downstream activities and costs for your product for the month (i.e. marketing, packaging, handling, distribution and so forth) and explain in detail how you will market and distribute your product to consumers.

9. Prepare an income statement using the absorption costing method for the month for the 80,000 units sold. Company tax rate is 30%. Make sure to include all relevant expenses for the month. 10. Reflection: provide a brief written reflection about the knowledge and skills you developed from this assignment, and which parts/sections of this assignment you enjoyed the most and found practical and which requirements you found the most challenging and/or difficult.

ACC2CAD Cost Accounting and Decision Making

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