Bmac5203 Accounting For Business Assessment Answer
PART 1
OBJECTIVE: The purpose of this assignment is to enable learners to understand an organization’s financial goals through the preparation of operating, financial, and cash budgets that together integrate into a business plan
REQUIREMENT:
Budgets and Budgetary Controls
Task 1: CLO3
Question
Jaka Sdn Bhd., manufactures and sells concrete blocks for residential and commercial building. Jaka expects the following sales unit, price per unit and desired ending inventory for year 2021.
|
|
Quarter 1 |
Quarter 2 |
Quarter 3 |
Quarter 4 |
|
Sales unit |
2,000,000 |
6,000,000 |
6,000,000 |
2,000,000 |
|
Price/unit (RM) |
0.70 |
0.70 |
0.80 |
0.80 |
|
Ending Inventory |
500,000 |
500,000 |
100,000 |
100,000 |
Inventories for both 1st January 2021 and 1st January 2022 are expected to be 100,000 blocks.
The raw materials and direct labour required for each concrete block are as follows:
|
|
Units |
Cost |
|
Raw materials |
26kg |
RM0.01/kg |
|
Direct labour |
0.015 hour |
RM14/hour |
Jaka’s policy is to have 5 million kg of raw materials in ending inventory for the third and fourth quarters and 8 million kg of the materials in ending inventory for the first and second quarters.
Required:
Prepare the following budgets for the year 2021: -
(a) Sales budget. Show total sales by quarter and in total for the year.
(b) Production budget. Show total production unit by quarter and in total for the year.
(c) Direct material usage and purchase budget.
(d) Direct labour budget.
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