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Question 1
In order to assist the manager you are compiling a resource which will define the various management accounting terms used in the process of strategic analysis. Provide an explanation of the following terms, with examples specifically relating to Boutique Catering, to include in a resource file which incorporates a reason why each concept is relevant or not relevant to decision-making:
Satisficing model Simulation Opportunity Cost Sunk cost Break-even point
Question 2
It's your second day with Boutique Catering and the general manager has received a report summarising client complaints which she would like you to investigate. There is a consistent theme of clients being unhappy with the service time when receiving their meals. The general manager would like you to establish if additional staff should be employed to improve the service time. Meals are served in a general area and often the clients will stand around talking before placing an order. The following pattern records customer arrivals and the time it takes for the clients to receive their meals.
a) Using the random number function in excel simulate the arrival of 25 customers
b) Calculate the total simulated hours, total waiting time for the customer service team member, and the total wait time for the customer?
c) Do you think that enough simulations have been completed to report an outcome to the general manager, explain your answer?
Green Company's costs for the month of August were as follows: direct materials, $27,000; direct labor, $34,000; selling, $14,000; administrative, $12,000; and manufacturing overhead, $44,000.
New Public Management is becoming the dominant managerial approach in the United States. As a Council member, I certainly saw a movement towards NPM in some administrative areas of the city, but in others the more traditional approach remained.
Pacheco, Inc., manufactures two products, overs and unders, in single process. The joint costs of this process were $50,000, and 14,000 units of overs and 36,000 units of unders were produced.
A single production process converts a single raw material into 5,000 kg of joint product A and 5,000 kg of joint product B at a total cost of $100,000.
During the year, the company purchased $100,000 of raw material and spent $340,000 on direct labor. Other data: Manufacturing overhead incurred $450,000; sales, $1,560,000; selling and administrative expenses, $90,000; income tax rate, 30%.
What is generally true regarding overhead allocation to high-volume products versus low-volume products under the traditional costing system?
The firm had two consultations with this client and required 130 administrative labor hours. What additional costs will be charged to this customer?
Which costing system would be more efficient when direct labor costs and direct materials are low, and overhead is high and why? Explain how the supply chain and the macroeconomic environment of the health care business fit in with your calculations?
What is the goal of the EOQ model and why does a firm hold "safety stock? and what costs are a firm trying to balance when it decides on how much safety stock to hold?
Prepare a contribution margin income statement separating all variable and fixed costs into their own categories and determine the breakeven point in units and dollars. Also, determine the number of units and dollars that need to be sold to make a ..
Evaluate the recommendation of controller Morgan and evaluate the recommendation of the Vice president
Petty Petroleum, Inc. uses various chemicals to manufacture its products. Variance data for last month for three primary chemicals used in production are as follows (F indicates a favorable variance; U indicates an unfavorable variance):
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