Project Management Accounting Carlton Speciality PLC

Question: Discuss about theProject Management Accounting for Carlton Speciality PLC. Answer: Introduction: The assignment concentrates on detailed preparation of the significant financial and manufacturing statements in the context of Carlton Speciality PLC. The first segment deals with the formation of combined schedule of cost of goods manufactured and cost of goods sold for the above-mentioned organisation. In addition, the missing values of the provided accounts have been computed based on the given adjustments. Furthermore, based on the above statements and accounts, the income statement for Carlton Speciality PLC has been developed for July 2016. The latter segment of the assignment sheds light on highlighting the dissimilarities between job costing and process costing along with categorising monthly production reports into the appropriate inventory system. Cost of Goods Sold, Cost of Goods Manufactured and Missing Values for Raw Materials and WIP Control Accounts of Carlton Speciality PLC: Calculation of finished goods labour hour Direct labour hours worked for July (A) 270000 Work in progress labour hours (B) 31250 Finished goods labour hours [(A) (B)] 238750 Calculation of labour absorption rate Direct labour cost (A) 100000 Direct labour hours worked (B) 31250 Labour rate per hour [(A)/(B)] 3.2 Calculation of manufacturing overhead absorption rate Manufacturing budgeted overhead cost (A) 1000000 Budgeted hours for labour (B) 200000 Overhead absorption rate [(A)/(B)] 5 Calculation of cost of goods manufactured Cost of goods sold (A) 4000000 Add: Closing finished goods (B) 1200000 Less: Opening finished goods (C) -320000 Cost of goods manufactured [(A) + (B) (C)] 4880000 Calculation of closing work in progress Direct labour cost (A) 100000 Direct material (B) 140000 Manufacturing overhead (C) 156250 Total work in progress at the end of June [(A) + (B) + (C)] 396250 Calculation of issue of cost of goods manufactured Closing Work in progress (A) 396250 Less: opening Work in progress (B) 240000 Issue of cost of goods manufactured [(A) (B)] 156250 Calculation of raw materials purchased Closing accounts payable (A) 65000 Payments to creditors (B) 430000 Less: Opening accounts payable (C) -70000 Materials purchased [(A) + (B) + (C)] 425000 Calculation of raw materials consumed in goods manufactured Cost of goods manufactured (A) 4880000 Less: Work in progress consumed (B) -156250 Less: Direct labour in finished goods [(C) = Finished goods labour hours x labour rate per hour] -764000 Less: Overhead in manufacturing [(D) = Finished goods labour hours x overhead absorption rate] -1193750 Raw materials consumed in goods [(A) + (B) + (C)] 2766000 Calculation of opening stock of raw materials Closing stock of raw materials (A) 850000 Add. Issue to manufacture (B) 2766000 Less: purchase (C) -425000 Opening stock of raw material [(A) + (B) + (C)] 3191000 Income Statement Carlton Speciality PLC for July 2016: Income statement for the month of July Cost of goods sold (A) 4000000 Add. Profit (B) 2000000 Sales [(A) + (B)] 6000000 Dissimilarities Between Job Costing and Process Costing: Points of Dissimilarities Job Costing Process costing Concept It is the process of computing the cost pertaining to a special contract or work order. Under this method, work is completed in accordance with the client instructions (Drury 2013). It is the process of charging costs to different processes for determining the operations. Nature The production technique in job costing is mainly customised. In process costing, the production is standardised in nature (Kaplan and Atkinson 2015). Cost assignment The cost related to each job is computed in job costing (Needles, Powers and Crosson 2013). In process costing, the cost is ascertained for the process itself and then, it is distributed afterwards over the manufactured units. Centre of cost The centre of cost is the job itself. The centre of cost is the whole process. Possibility of cost minimisation The scope of reducing cost is meagre in job costing. The scope of eliminating cost is higher in process costing in contrast to job costing (Weygandt, Kimmel and Kieso 2015). Distinctiveness All the jobs could be distinguished from each other (Mellor, Hao and Zhang 2014). Since, the manufacturing process is consecutive; the products could not be distinguished after production. Type of industry Job costing is deemed most appropriate for those industries, which produce goods in accordance with the placed orders of the customers. Process costing, on the other hand, is suitable for those industries, which are engaged in mass production (Frazier 2014). Identification of Monthly Production Reports Regarding Whether they are Periodic or Perpetual Inventory Systems: Monthly production reports could be categorised into perpetual inventory system, since this system records the records the balances continually in both the accounts of inventory and cost of goods sold. In addition, the monthly production reports are generated by debiting the cost of goods sold and crediting the inventory (Verma 2015). Periodic inventory system, on the other hand, is generated at the end of each accounting period, which is mostly a year (Gordon, Raedy and Sannella 2015). In order to generate monthly production report, a distinguishable entity is needed for adjusting the inventory account. This feature is observed in the perpetual inventory system. Moreover, periodic inventory system does not keep the regular record of purchases, which is a vital element in generating the monthly production reports (Ross 2015). For instance, in case of Carlton Speciality PLC, the closing stock of one period is used in the following month. Therefore, the inventory system of the company is to be considered as perpetual inventory system. Hence, monthly production reports are classified as the perpetual inventory system. Conclusion: The above discussion deals with preparation of the different manufacturing statements and missing account values in the context of Carlton Speciality PLC. In addition, job costing and process costing have been distinguished from each other, in which it has been found job costing is followed in accordance with the client demand. However, process costing is followed in case of mass production. Finally, it has been identified that monthly production reports are categorised as perpetual inventory system. References: Drury, C.M., 2013.Management and cost accounting. Springer. Frazier, W.E., 2014. Metal additive manufacturing: a review.Journal of Materials Engineering and Performance,23(6), pp.1917-1928. Gordon, E.A., Raedy, J.S. and Sannella, A.J., 2015.Intermediate Accounting. Pearson Education, Incorporated. Kaplan, R.S. and Atkinson, A.A., 2015.Advanced management accounting. PHI Learning. Mellor, S., Hao, L. and Zhang, D., 2014. Additive manufacturing: A framework for implementation.International Journal of Production Economics,149, pp.194-201. Needles, B.E., Powers, M. and Crosson, S.V., 2013.Principles of accounting. Cengage Learning. Ross, D.F., 2015. Managing Supply Chain Inventories. InDistribution Planning and Control(pp. 309-356). Springer US. Verma, M., 2015. Inventory Management Accounting for Obsolete Inventory. IUP Journal of Accounting Research Audit Practices,14(1), p.55. Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015.Financial Managerial Accounting. John Wiley Sons.

The Appeal of Simple Essay Writing Samples

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How to Essay Topics For 5th Graders

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Who Is Misleading Us About Gulliver Swift Essay Topics?

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Fiction and Brother Leon Brought free essay sample

A Wife  is a story written by  Manuel Arguilla  about a man who comes home to his province to introduce his wife from the city to his family. This short story won first prize in the Commonwealth Literary Contest in 1940. Baldo   younger brother of Leon, fetched Leon and Maria from the road to Nagrebcan * Leon (or Noel)   older brother of Baldo who studied in Manila where he met his wife * Maria   the beautiful and stunning wife of Leon from Manila * Labang   the bull whom Baldo considers as his â€Å"pet† * Norman Tabios   Marias ex-boyfriend who happened to be a loro * Gagambino   Leons favorite fictional character who gave him lots of guts to study in Manila * Churita   Labangs girlfriend/fiance Baldo and his older brother Leon were both waiting for the arrival of their visitor riding the carretela. Seeing his brothers wife, Baldo was easily taken away by the beauty of the woman from city as he narrates their journey to Nagrebcan. We will write a custom essay sample on Fiction and Brother Leon Brought or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The idea of meeting with Leons parents for the first time made Maria a bit anxious. But along their way home, Maria discovered the peculiarities of the life in Nagrebcan as opposed to their life in the city where she met and fell in love with Leon. Summary: Exposition: Maria was the first one introduced in the story the wife of the main character Leon. She first noticed Baldo, the brother of Leon; then Labang was introduced, the family bull. Complication: On the way, Maria expressed her fear that their father might not like her. Conflict: Leon explained to Maria that their father is the mildest-tempered, gentlest man he knew. Climax: When they got home, their father did not welcome them. He was said to be in his room; â€Å"his leg is bothering him again. † Baldo saw his mother and sister Aurelia and Maria in the kitchen who seemed like crying. His father removed the roll of tobacco in his mouth when he saw Baldo and started [continues] How My Brother Leon Brought Home a Wife, is a short story written by the highly acclaimed Filipino writer Manuel Arguilla. This award-winning story is a long-standing favorite in Philippine literature. To examine this piece, the authors background must first be considered. Formalistic, historical, and sociological approaches can also be utilized to analyze the story further. Prominent symbols and their interpretations will also be discussed. About Manuel Arguilla Manuel Arguilla was born to Crisanto Arguilla and Margarita Estabillo in Barrio Nagrebcan in Bauang, La Union on June 17, 1911. The Arguillas were a humble, hard-working family who farmed the small piece of land they owned to make a living. In school, Manuel was a sharp student who showed promise of being a brilliant writer at an early age. He graduated as salutatorian of his high school and then left La Union to study at the University of Philippines, where he would eventually earn a Bachelor of Science degree in Education. Around the same time, he married fellow writer, Lydia Villanueva, and moved to Ermita, Manila. After college, he worked at the Bureau of Public Welfare and taught at the University of Manila. After working at the bureau for a few years, Arguilla was selected   to be the managing editor of The Welfare Advocate, the business newsletter. He served at the Bureau until 1943, when he was appointed to the Board of Censors. During this time, he was working at a Japanese propaganda agency and also as an agent of the Markings Guerillas, an anti-Japanese rebel movement. In 1944, the Japanese discovered Arguillas disloyalty and arrested him.

Conjugation of Entender, Perder, and Similar Spanish Verbs

Conjugation of Entender, Perder, and Similar Spanish Verbs Entender, which usually means to understand, is a common stem-changing verb. The only change from the regular conjugation is that when the -e- of the stem is stressed it becomes -ie-. Other verbs (and common definitions) following this pattern include ascender (to climb), atender (to attend to), defender (to defend or protect), descender (to go down), and perder (to lose). Irregular forms are shown below in boldface. Translations are given as a guide and in real life may vary with context. Infinitive of Entender entender (to understand) Gerund of Entender entendiendo (understanding) Participle of Entender entendido (understood) Present Indicative of Entender yo entiendo, tà º entiendes, usted/à ©l/ella entiende, nosotros/as entendemos, vosotros/as entendà ©is, ustedes/ellos/ellas entienden (I understand, you understand, he understands, etc.) Preterite of Entender yo entendà ­, tà º entendiste, usted/à ©l/ella entendià ³, nosotros/as entendimos, vosotros/as entendisteis, ustedes/ellos/ellas entendieron (I understood, you understood, she understood, etc.) Imperfect Indicative of Entender yo entendà ­a, tà º entendà ­as, usted/à ©l/ella entendà ­a, nosotros/as entendà ­amos, vosotros/as entendà ­ais, ustedes/ellos/ellas entendà ­a (I used to understand, you used to understand, he used to understand, etc.) Future Indicative of Entender yo entenderà ©, tà º entenders, usted/à ©l/ella entender, nosotros/as entenderemos, vosotros/as entenderà ©is, ustedes/ellos/ellas entendern (I will understand, you will understand, he will understand, etc.) Conditional of Entender yo entenderà ­a, tà º entenderà ­as, usted/à ©l/ella entenderà ­a, nosotros/as entenderà ­amos, vosotros/as entenderà ­ais, ustedes/ellos/ellas entenderà ­an (I would understand, you would understand, she would understand, etc.) Present Subjunctive of Entender que yo entienda, que tà º entiendas, que usted/à ©l/ella entienda, que nosotros/as entendamos, que vosotros/as entendis, que ustedes/ellos/ellas entiendan (that I understand, that you understand, that she understand, etc.) Imperfect Subjunctive of Entender que yo entendiera (entendiese), que tà º entendieras (entendieses), que usted/à ©l/ella entendiera (entendiese), que nosotros/as entendià ©ramos (entendià ©semos), que vosotros/as entendierais (entendieseis), que ustedes/ellos/ellas entendieran (entendiesen) (that I understood, that you understood, that he understood, etc.) Imperative of Entender entiende (tà º), no entiendas (tà º), entienda (usted), entendamos (nosotros/as), entended (vosotros/as), no entendis (vosotros/as), entiendan (ustedes) (understand, dont understand, understand, lets understand, etc.) Compound Tenses of Entender The perfect tenses are made by using the appropriate form of haber and the past participle, entendido. The progressive tenses use estar with the gerund, entendiendo. Sample Sentences Showing Conjugation of Entender and Similar Verbs Quiero entender lo que ests diciendo porque sà © que es importante. (I want to know what youre saying because I know its important. Infinitive.) Un 19% del bosque nativo ms diverso del paà ­s se ha perdido en los à ºltimos 40 aà ±os. (Some 19 percent of the most diverse old-growth forest in the country has been lost in the past 40 years. Present perfect.) Defiendo los derechos de los animales. (I defend the rights of animals. Present indicative.) El terreno sobre el cual estaban desciendo era muy à ©rido. The terrain they were descending was very dry. Past progressive.) El venezolano ascendià ³ al puesto 48 de la lista de jonroneros. (The Venezuelan climbed to No. 48 on the list of home run hitters. Preterite.) La produccià ³n continuaba creciendo mientras que los precios descendà ­an rpidamente. (Production kept on rising while prices fell rapidly. Imperfect.) Atenderà © mi cuerpo y su salud fà ­sica. (I will take care of my body and its physical health. Future.) A lo mejor lo entenderà ­a si me lo explicaras. (Maybe Id understand it if you explained it to me. Conditional.) Espero que no pierdas las ganas de cambiar las cosas. (I hope you dont lose the passion for changing things. Present subjunctive.) El evento tambià ©n sirvià ³ para educar a los atletas para que entendieran la situacià ³n. (The event also served to educate the athletes so they would understand the situation. Imperfect subjunctive.)  ¡Te pierde! (Get lost! Imperative.)