Buacc5933 Cost And Management Accounting-Financial Assessment Answers
Create a handwritten/manual solution AND a spreadsheet solution to the following problem. Follow the template provided.Create a spreadsheet solution showing the row and column headings and the formula view. Your report section should be completely formula driven. Scan or use your phone to copy and paste an image of your handwritten attempt into your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.Design your spreadsheet to meet the assignment requirements set out above.
Answer:
| Budgeted Income Statement | ||||
| Particulars | 20X3 | 20X4 | 20X5 | 20X6 |
| Sales Volume | 34992 | 37791 | 40000 | 40000 |
| Selling Price per unit | $6.97 | $7.38 | $8.13 | $8.78 |
| Total Sales Revenue | $2,43,824 | $2,79,051 | $3,25,080 | $3,51,000 |
| Less: Cost of Goods Sold (w.n.) | $1,86,192 | $2,12,841 | $2,38,760 | $2,57,120 |
| Gross Profit | $57,632 | $66,210 | $86,320 | $93,880 |
| Less: General & Administrative Expenses | $34,135.40 | $39,067.20 | $45,511.20 | $49,140 |
| Net Profit before Tax | $23,496 | $27,143 | $40,809 | $44,740 |
| Less: Income Tax @40% | $9,398.57 | $10,857.31 | $16,323.52 | $17,896 |
| Net Profit after Tax | $14,098 | $16,286 | $24,485 | $26,844 |
| Particulars | 20X3 | 20X4 | 20X5 | 20X6 |
| Opening Balance of Retained Earnings | $7,746 | $12,680 | $18,380 | $26,950 |
| Net Profit for the period | $14,098 | $16,286 | $24,485 | $26,844 |
| Less: Dividends Payable | $9,163.61 | $10,585.87 | $15,915.43 | $17,448.60 |
| Closing Balance of Retained Earnings | $12,680 | $18,380 | $26,950 | $36,345 |
| Particulars | 20X2 | 20X3 | 20X4 | 20X5 |
| Sales | 32400 | 34992 | 37791 | 40000 |
| Add: Closing Stock | 5249 | 5669 | 6000 | 6000 |
| Less: Opening Stock | 3600 | 5249 | 5669 | 6000 |
| Total Purchase | 34049 | 35412 | 38123 | 40000 |
| Units Purchase Cost | $5.10 | $5.36 | $5.68 | $6.02 |
| Total Purchase Cost | $1,73,649 | $1,89,808 | $2,16,537 | $2,40,800 |
| Opening Stock Value | $17,640 | $26,769 | $30,384 | $34,080 |
| Closing Stock Value | $26,769 | $30,384 | $34,080 | $36,120 |
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