$20 Bonus + 25% OFF
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

PACC6001 Management Accounting

tag 0 Download11 Pages / 2,696 Words


Paxer Inc uses a process costing system. A unit of product passes through three departments Moulding, Assembly and Finishing—before it is completed. The following production took place in the Finishing Department during August:

Work in process inventory, 1 August 1 400
Units transferred in from Assembly Department 14 000
Units transferred out to finished goods inventory 11 900

Raw material is added at the beginning of processing in the Finishing Department. The work in process inventory was 70 per cent complete as to conversion on 1 August, and 40 per cent complete as to conversion on 31 August.Paxer Inc uses the weighted average method of process costing. The equivalent units and costs per equivalent unit of production for each cost element for the Finishing Department are shown as follows:
Equivalent units Cost per equivalent unit
Transferred-in costs 15 400 $5.00
Raw material 15 400 1.00
Conversion cost 13 300 3.00
Total $9.00

1. Calculate the following amounts: 
(a) Cost of units transferred to finished goods inventory during August.
(b) Cost of the Finishing Department's work in process inventory on 31 August.

2. The total costs of prior departments included in the work in process inventory of the Finishing Department on 1 August amounted to $6750. Prepare the journal entry to record the transfer of the goods from the Assembly Department to the Finishing Department during August. 

WealthWise Insurance has recently set up an internal information system to improve social and environmental practices within the company. The company has its head office in Brisbane and offices in all capital cities and every regional city with a population of more than 50 000 people. One of the underlying principles of the company is to be socially and environmentally responsible. This principle has been in place for many years, dating back to the firm's founder,Jeannette Dai, who felt that she would like to contribute to society rather than simply maximising profits.

The company is a major contributor to charities, particularly those that focus on the homeless and the poor. It actively promotes environmental management in all of the company operations.It sponsors a program that provides scholarships to disadvantaged students to allow them to attend university, and it is proud to offer employment in the company to long-term unemployed and the poor. Each year it publishes a sustainability report that summarises its achievements across each area of performance.

Over time these activities have become a marketing strength of WealthWise. The social and environmental stance taken by the company has attracted many customers to the company. Listed on the Australian Securities Exchange in 2001, the company has also become a preferred investment of ethical and green investment funds.
The mission statement of WealthWise states that it will aim to:
• Support employees in achieving their personal and career goals.
• Act in a socially responsible way when dealing with insurance clients and the general community.
• Promote a better social and physical environment for the world.

However, the current chief executive officer, Sylvia Trott, thinks that the firm has become complacent and is resting on its past achievements. She is concerned that the firm has built up a reputation for good social and environmental practices but is not ‘walking the talk’. There is some level of discontent among employees about the way that management treats staff, and this is impacting on employee satisfaction. There have also been negative reports in the media of its treatment of businesses in Phuket and Langkawi that were damaged in the December 2004 tsunami. The reports claim that the company has tried to minimise the amounts paid to these businesses by strictly applying clauses in the insurance contracts that cover earthquake damage but not flood damage.

In 2004, the company's profit rose by 15 per cent to $173 million on an asset base of $1235 million. This is the third consecutive year of increased profits. Earnings per share were 62 cents, and the market value was $5.40 per share. The board is concerned that WealthWise makes a loss on its insurance business, while its investments yield a strong return and are the main reason for the increase in profitability. Its investment portfolio includes shares in BHP Billiton, Qantas, Telstra and James Hardie Industries. The board adopts a sustainability approach to viewing its performance and uses the following key performance indicators to assess company performance: 

1. Explain what is meant by sustainability reporting and why a publicly listed insurance company like WealthWise may adopt this approach. 
2. Consider the list of key performance indicators used by WealthWise. Explain how these measures could be used to help achieve the mission. 
3. Suggest alternative performance measures that could be included in the performance measurement system to assist WealthWise to achieve its mission. 
4. Write a report to the chief executive officer explaining what steps she can take to encourage staff to behave in a way that supports sustainability. Specifically, explain to her how the performance measurement system could be used in a balanced way to support the achievement of the company's goals. 
Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Unique Document

Under Evaluation

Get Money
into Your Wallet

Total 11 pages, 1 USD Per Page

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2021). Management Accounting. Retrieved from https://myassignmenthelp.com/free-samples/pacc6001-management-accounting/environmental-indicators.html.

My Assignment Help (2021) Management Accounting [Online]. Available from: https://myassignmenthelp.com/free-samples/pacc6001-management-accounting/environmental-indicators.html
[Accessed 27 October 2021].

My Assignment Help. 'Management Accounting' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/pacc6001-management-accounting/environmental-indicators.html> accessed 27 October 2021.

My Assignment Help. Management Accounting [Internet]. My Assignment Help. 2021 [cited 27 October 2021]. Available from: https://myassignmenthelp.com/free-samples/pacc6001-management-accounting/environmental-indicators.html.

At MyAssignmenthelp.com, we are committed to deliver quality assignment assistance in the fastest way possible. To make our service delivery fast, we have hired subject matter experts to work on different subject specific assignments. We have hired experts who owe in-depth knowledge in their respective subjects. As per their expertise, they provide geography assignment help, Physics assignment help, Strategic assignment help, history assignment help, art architecture assignment help and assistance with other subjects as well.

Latest Accounting Samples

BAO2203 Corporate Accounting

Download : 0 | Pages : 12

Answers: Part I   Percentage increase in the Gross profit Bellamy’s Australia Ltd posted a strong gross profit margin in 2016 as compared to the year 2015. An increment of 12.79% has been observed indicating a strong level of sales and strong control over the cost of goods sold.  This ratio is a strong indicator of the performance and going by the result it can be said that the operations of the company are managed i...

Read More arrow Tags: Australia Albanvale Accounting BAO2203- Corporate Accounting University of Queensland MBA 

ACCT6007 Financial Accounting Theory And Practice

Download : 0 | Pages : 8

Answer: Introduction The objective of this report is to assess how the capital market participants use operating lease in the off-balance sheet at the time of evaluation of the credit risks of the organizations. The study will focus on the risks that are associated with the operating lease. It will also focus on the accounting information and its treatment in the balance sheet with regard to the operating lease. From the economical aspect, th...

Read More arrow

ACCT 401 Advanced Accounting

Download : 0 | Pages : 2

Answer: To: Mr. Sean Pitt From: Research Analyst of Davis & Company Date: 01/03/2017 Re: Importance of Accrual Based Financial System over Cash Based Financial System Context Line It is true that for operating a business efficiently, cash is the best alternative as this is the simplest and faster way for saving money. However, when a business is ran by “cash” only, the business comes with downsides. It has been found that ...

Read More arrow Tags: United States Dallas Management Governance and Citizenship in Australia - SP5 2014 University of Texas Masters in Business Administration 

ACCT 3010 Sustainability Accounting And Reporting

Download : 0 | Pages : 8

Answers: 1: The oil leak in Gulf of Mexico fired up arguments which were against offshore drilling, which involves a mechanical process whereby a wellbore is drilled below seabed.  The drilling operations have considerable effects that are negative on wildlife and marine. Among other important impacts of drilling that is a threat to sustainability is: Water and Air pollution: Drilling mud has use in lubrication and cooling of drill bit...

Read More arrow Tags: Australia Adelaide Management University of Adelaide Masters in Business Administration 

FACI4024 Financial Accounting

Download : 0 | Pages : 9

Answers: Introduction Unilever Unilever is a multinational company that manages more than 400 brands of FMCG and more than 12 leads to a humongous sale of more than €1 billion in a single year. The formation of Unilever can be traced to the year 1929 and the headquarters is based in Rotterdam, Netherlands. Unilever has various brands under its name such as Persil, Magnum, Sure, Axe, Lipton, etc. With innumerable brand, it got a strong r...

Read More arrow Tags: Australia Saltash Management Financial Accounting University of Queensland MBA 

5% Cashback

On APP - grab it while it lasts!

Download app now

*Offer eligible for first 3 orders ordered through app!

callback request mobile
Have any Query?