ACC200
Written Assessment SUMMARY of Task Specification
Case study: Coachbuilders Limited
Student assessment – Marking guide:
The assignment carries a total subject mark weighting of 20 marks. You will be assessed according to the following criteria:
Presentation of report and worksheets – mark out of 5 marks
Accuracy of calculations and use of electronic worksheet formulas – mark out of 5 marks
Application of correct variances and interpretations – mark out of 5 marks
Quality of written report and descriptive materials (and referencing) – mark out of 5 marks
Due Date: (Extended to) Week 10 – 9:00am Wednesday 27 January 2016
Submission: Students must upload their submission (both MS Excel Workbook showing calculations AND an MS Word (or PDF) file with your report to the Moodle Assignment Link on the KOI Moodle Subject Home Page by the due date and time. A printed copy should also be handed to the Tutor during that Week’s tutorial to assist with marking. (For those with a Tuesday class, you should hand in a soft copy in the following week.)
Please note – the SOFT COPY will be considered the final
submission so should NOT be modified before printing and submission.
All submissions must be accompanied by a signed KOI [Group] Assignment Coversheet.
ACC200 T315 Written Assignment SHORT SUMMARY OF REQUIREMENTS Page 1 ACC200
Task Details: (Specific requirements)
Students are to use the MS Excel Worksheet related to Coachbuilders’ 65 Seat Bus project and calculate and review ALL of the following Standard Cost variances:
Direct Material Variances (These can be calculated for EACH line item [ROW] AND “Summed” [down the column] for each product):
Direct Material Price Variance (DMPV)
Direct Material Quantity Variance (DMQV)
Total Direct Material Variance (Sum the above two variances and check if it equals total difference between the budgeted/standard cost and actual cost – it should!)
Direct Labour Variances (These can be calculated for EACH line item [ROW] AND “Summed” [down the column] for each product):
Direct Labour Rate Variance (DLRV)
Direct Labour Efficiency Variance (DLEV)
Total Direct Labour Variance (Sum the above two variances and check if it equals total difference between the budgeted/standard cost and actual cost – it should!)
Variable Overhead:
Standard Variable Spending Variance (SVOHD Spending Variance) Standard Variable Efficiency Variance (SVOHD Efficiency Variance) Fixed Overhead:
Standard Fixed Spending Variance (SFOHD Spending Variance)
Standard Fixed Overhead Production-Volume Variance (SFOHD Volume Variance)
PLUS: Over [or Under] applied Fixed Overhead
Refer to the text Chapters 11 and 12 for the formulas required!
Students should comment briefly (500-700 word report) on the overall cost and business outcome of Coachbuilders’ 65 Seat Bus project based on the standard cost variances calculated. Please DO NOT simply re-write the actual numbers in your summary, these can be seen by the tutors in your Excel workbook when they review your submission! Rather, comment on the size and type of variances and whether you believe Coachbuilders are managing costs well or not. Were there any great results or ‘EXCEPTIONS’ that you believe should be investigated further?
Is there anything else? A brief explanation to be written and submitted on the topic given below.
Why do you think standard costing is the most widely used costing system in the world in manufacturing firms, even though more sophisticated systems might be available? Discuss. (One or two paragraphs should be sufficient.)
ACC200 T315 Written Assignment SHORT SUMMARY OF REQUIREMENTS Page 2