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Management Accounting: OH And Direct Labour Budget

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Question:

Discuss about the Management Accounting for OH and Direct Labour Budget.

 

Answer:

Introduction:

This report briefs about a business plan. This business plan is about a manufacturing company which produces food products. In this report, financial feasibility analysis has been done over the company and the study of budget has also been done to identify the level of the profits of the company. For this report, various sources of the finance and accounts have been done so that the feasibility of the finance could be done.

Business plan is a blueprint of the business which depict that how would the business performed in the market and how the departments of the business would perform their operations.

Business plan:

This business plan depict about a manufacturing company in the UAE market which produces the food products, the speciality of this company is that, the food would be manufactured by the company through setting a balance among the traditional and fusion cooking style. The food manufacturing company would be unique in the market due to its special products. The food packaging of the business would maintain the freshness and authentic flavor of food. Through the analysis, it has been found that the food manufacturing company has to analyze the financial position into the market (Barlow, 2011).

Financial feasibility:

Financial feasibility of this company has been analyzed to identify the position of the company in the market on the basis of financial constraints. This study depict that would it be easy for the company to operate its business into the market? How would be the profitability position? The study of finance of the manufacturing company depicts that would it be easier for the company to enhance the market position and would the company be able to manage all the financial constraints? (Bodie, 2013). In this report, financial feasibility of the company has been done through identifying the various budgets of the company such as direct material budget, direct labour budget, sales budget, production budget, variable OH budget and fixed OH budget.

 

Operational Budget:

For analyzing the process of the company, study of operational budget has been done over the company. For this study, direct material budget, direct labour budget, sales budget, production budget, variable OH budget and fixed OH budget has been done to identify the position of the company. Operational budget is the summarise form of all the budgets (Simmonds, 2010). through the analysis over above explains budgets of the company, it has been analyzed that the total profit of the company would enhance day by day in the UAE market due to its tasty food and quality food. The sales price of the food of the company is ?.?.‏ 18.60 whereas various variable cost and fixed cost are connected with the product of the company (Ward, 2012).

Further, it has been analyzed that for preparing the operational budget of the company, it is required to prepare the direct material budget, direct labour budget, sales budget, production budget, variable Overhead budget and fixed Overhead budget. This would help the business to analyze the position of the market (Hansen, Mowen & Guan, 2007). Following are the calculative table of operational budget of the company:

Operational Budget

 

 Jan

 Feb

 Mar

 Apr

 May

 Jun

 Sales Units

    2,000.00 ?.?.‏

    2,100.00 ?.?.‏

    2,200.00 ?.?.‏

    3,000.00 ?.?.‏

    3,300.00 ?.?.‏

    4,000.00 ?.?.‏

 Selling Price

         18.60 ?.?.‏

         18.60 ?.?.‏

         18.60 ?.?.‏

         18.60 ?.?.‏

         18.60 ?.?.‏

         18.60 ?.?.‏

 Sales

  37,200.00 ?.?.‏

  39,060.00 ?.?.‏

  40,920.00 ?.?.‏

  55,800.00 ?.?.‏

  61,380.00 ?.?.‏

  74,400.00 ?.?.‏

 Less:

 

 

 

 

 

 

 Direct Material

    6,000.00 ?.?.‏

    6,300.00 ?.?.‏

    6,600.00 ?.?.‏

    9,000.00 ?.?.‏

    9,900.00 ?.?.‏

  12,000.00 ?.?.‏

 Direct Labour

  10,000.00 ?.?.‏

  10,500.00 ?.?.‏

  11,000.00 ?.?.‏

  15,000.00 ?.?.‏

  16,500.00 ?.?.‏

  20,000.00 ?.?.‏

 Varibale production OH

    5,000.00 ?.?.‏

    5,250.00 ?.?.‏

    5,500.00 ?.?.‏

    7,500.00 ?.?.‏

    8,250.00 ?.?.‏

  10,000.00 ?.?.‏

 Fixed production OH

  10,000.00 ?.?.‏

  10,500.00 ?.?.‏

  11,000.00 ?.?.‏

  15,000.00 ?.?.‏

  16,500.00 ?.?.‏

  20,000.00 ?.?.‏

 Total cost

  31,000.00 ?.?.‏

  32,550.00 ?.?.‏

  34,100.00 ?.?.‏

  46,500.00 ?.?.‏

  51,150.00 ?.?.‏

  62,000.00 ?.?.‏

 Profit

    6,200.00 ?.?.‏

    6,510.00 ?.?.‏

    6,820.00 ?.?.‏

    9,300.00 ?.?.‏

  10,230.00 ?.?.‏

  12,400.00 ?.?.‏

 (Kaplan & Atkinson, 2015)

Through the above calculations, it has been analyzed that the company would start its operations from Jan and in next 6 months; the profitability position of the company would be almost double (Garrison, Noreen, Brewer & McGowan, 2010). Further, it has also been analyzed that the sales of the company would enhance in the market due to higher market demand and the quality product of the company.

Conclusion:

Through the above evaluation over the business plan, it has been found that it is required for every start up to analyze the market and financial position before entering into the market to make various effective and better decisions. Through this analysis, it has been found that the company would start its operations from Jan, 2018 and in next 6 months; the profitability position of the company would be almost double. This depict that the position of the company would be better in the market.

 

References:

Barlow.J.F.,(2011), Excel models for business and operations management, 2nd edition, John Wiley and sons ltd, England

Bodie, Z., (2013). Investments. McGraw-Hill.

Garrison, R.H., Noreen, E.W., Brewer, P.C. & McGowan, A., (2010). Managerial accounting. Issues in Accounting Education, 25(4), pp.792-793.

Hansen, D., Mowen, M. & Guan, L., (2007). Cost management: accounting and control. Cengage Learning.

Kaplan, R.S. & Atkinson, A.A., (2015). Advanced management accounting. PHI Learning.

Simmonds, K., (2010). Strategic management accounting. Cengage Learning.

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