SOLUTION: Financial and Management Information Systems | My Assignment Tutor

CRN: 39347Assessment Information/ Brief 2020-2021Financial and Management Information SystemsCRN 39347Level 5Assessment title AssignmentThis assessment is worth 25% of the overall module mark.Assignment will be released in Blackboard on Friday 15 March 2021.Weighting withinmoduleFriday 16 April 2021 by 4 pm(online submission via Turnitin)Submission deadlinedate and timeModule Leader/Assessment set byDr Solmaz Rohani / Ron HowardRoom 310AEmail: r.howard@bub.bhHow to submitYour submission must be word processed using Microsoft Word. All assessments must be inArial 12 font with 1.5 line spacing. Please insert page numbers in your submission.Do allow plenty of time to make your submission and obtain and retain your Turnitin receipt asproof of submission on time.Difficulties with IT systems or equipment will not be accepted as valid reasons for latesubmission.The assessment could be submitted via Turnitin within the assessment folder on the Financialand Management Information Systems Blackboard space.Please note: any submission you make to the final submission area will be treated as your finalsubmission. The draft submission will not be marked.1CRN: 39347Assessment task details and instructionsThis assignment covers learning materials from both lectures and seminars. The detailedinstructions are provided in assignment scenario. It has 5 requirements to be completed andsubmitted.Assessed intended learning outcomesOn successful completion of this assessment, you will be able to:Knowledge and Understanding1.2.Describe and apply basic costing terminology and classify costs.Determine and compare job and process costs across the whole spectrum of costingsystems, from actual to standard costing and suing both variable and absorption costing.Compute and explain material, labour, overhead and sales variances; distinguish betweenplanning and operational variances and be able to reconcile actual and budgeted profits.3.Module Aims1.2.To develop students’ knowledge of costing and financial management systems.To enable students to select, describe and apply a variety of alternative costingtechniques and management accounting techniques.To further develop the students understanding of computer hardware and software inan accounting environment, including audit, and financial modelling.To enable students to select, describe and apply a variety of operations managementtechniques.3.4.Word count/ duration (if applicable)Your assessment should be 2000 words (-/+10%).Reference list is not required.Your assignment must follow these formatting requirements:• •Sample working for each part must be shownYour submission should be typed using 1.5 spacing, Arial 12.Feedback arrangementsYou can expect to receive feedback as soon as the coursework marks are verified and ratified byassessment board. Provisional marks will be available after 3 teaching weeks.Formative feedback will be posted on the module’s BB space as an announcement. Writtensummative feedback will be available within your Turnitin document. You should make anappointment to see your assignment marker who will discuss your result with you, explainingyour good points and areas where marks may have been lost.Support arrangementsYou can obtain support for this assessment by contacting the module leader (Ron Howard).The team are happy to discuss any concerns/queries. You can visit the team during themodule’s designated online guided study hour, alternatively you can come meet them their online office hours. You can also email the team to arrange an appointment (on-line) outside of2CRN: 39347the hours mentioned.askusThe University offers a range of support services for students through askUS.Good Academic Conduct and Academic MisconductStudents are expected to learn and demonstrate skills associated with good academic conduct(academic integrity). Good academic conduct includes the use of clear and correct referencingof source materials. Here is a link to where you can find out more about the skills whichstudents require http://www.salford.ac.uk/skills-for-learnin g .Academic Misconduct is an action which may give you an unfair advantage in your academicwork. This includes plagiarism, asking someone else to write your assessment for you ortaking notes into an exam. The university takes all forms of academic misconduct seriously.You can find out how to avoid academic misconduct here https://www.salford.ac.uk/skill s-for-learning.Assessment InformationIf you have any questions about assessment rules, you can find out more here .Personal Mitigating CircumstancesIf personal mitigating circumstances may have affected your ability to complete this assessment,you can find more information about personal mitigating circumstances procedure here.Personal Tutor/student Progression AdministratorIf you have any concerns about your studies, contact your Personal Tutor or your StudentProgression Administrator.Assessment CriteriaThe assessment criteria can be accessed via the module Blackboard space. (Please select“Assessment” on the module BB space and then select “grade descriptors”).You should look at the assessment criteria to find out what we are specifically looking at duringthe assessment.3 Level of performance% MarkCriteriaOutstanding90 – 100demonstrates an outstanding understanding of theprinciples of the subject, the ability to analyse andsynthesise knowledge, consider the application of theoryin practise and to use these skills to develop anargument which is very structured, clearly justifiedcommon justifiable an relevant to the particularcircumstances of the situation under consideration.Excellent80 – 89Demonstrates an excellent understanding of theprinciples of the subject and underpinning knowledge.Has the ability to analyse and synthesise knowledge froma range of appropriate sources. Is able to develop a Villastructured argument which is clearly justified andrelevant to the particular circumstances of the situationor task in hand CRN: 39347In Year Retrieval schemeYour assessment is not eligible for in year retrieval.ReassessmentIf you fail your assessment, and are eligible for reassessment, you will need to resubmit duringUoS resit period (actual date will be provided in the event of your requiring resit). For studentswith accepted personal mitigating circumstances, this will be your replacement assessmentattempt. Students should be aware that there is no late submission period at reassessment(this includes those students who have an accepted PMC request from a previous attempt).4 Very good70 – 79Demonstrates sound understanding of the principles ofthe subject with a good breadth and depth ofknowledge. Has an ability to compare and contrastinformation obtained from a range of appropriatesources. Is able to apply knowledge to specific scenariosin an appropriate manner and can develop an argumentwhich is relevant to the task in handGood60 – 69demonstrates an understanding of the subject withevidence of a reasonable breadth and depth ofknowledge. Is able to discuss the application of theory topractiseFair50 – 59Displays a reasonable understanding of the subject withevidence of some breadth of knowledge. May lackedability to develop a very structured argument which issufficiently focused on the task in handAdequate40 – 49Displays an understanding of the basics but lacks breadthand depth of knowledge. Work may be poorly structuredand rather general in scopeUnsatisfactory30 – 39Demonstrates only partial understanding of the basics.Work addresses some of the obvious features of the taskbut failed to reach the required the standard.Poor20 – 29inadequate and inaccurate knowledge displayed. Limitedeffort and planning evidentVery poor10 – 19Virtually no relevant knowledge displayed. Only limitedrelationship to the taskExtremely poor1 – 9Totally inadequate attempt, virtually nothing ofrelevance to the questionNo attempt0 CRN: 39347UNIVERSITY OF SALFORDSalford Business SchoolBSc (Hons) Business and ManagementFinancial and Management Information SystemsCRN = 39347ASSIGNMENTOverall Weighting in module = 25%NortonDate of Issue: 14 March 2021, 4 pmLtdDate of Submission: 16 April 2021, 4 pm.5CRN: 39347Norton LtdNorton Ltd is a manufacturing organisation supplying specialised engineered products to a wide range ofpublic and private sector throughout the UK.You are a trainee in the finance office recently recruited by the company.Management planning meeting:On the 29th of every month (or nearest Monday) the business executive management team meets to plantrading and production for the following month.The meeting commences with a review of the sales order book and a determination of the following monthsproduct sales volumes. The expected sales volumes inform the production planning process and decisionsare made with respect to production resources and closing inventory requirements.The agreed plan is the production schedule document. This is forwarded to the production departmentalmanagers who will examine and compare their available resources against the requirement for production.Any problems (constraints) or other issues arising are reported back to the executive management team whowill consider making adjustments to:• The production requirements• The available resourcesAt the start of the following month, the production process will commence with a view to meeting theobjectives of the agreed production (action) planThis process is described by the production planning flowchart (shown below):Production Planning FlowchartStart Plan document passed tofunctional production managersYManagementadjustmentsto originalplan data29th of the Month (or nearest Monday):Executive management planning meeting for thenext month’s trading objectives:• Expected sales determination NAgreed action plandocument ready forthe followingmonth’s productionprocess Problems / constraints/ other issues arising?End6 CRN: 39347Norton Ltd – continued:The production process:The production process of Norton Ltd takes place through 3 production departments; machining, paintingand assembly.Machining department:Direct materials are transferred from the direct materials stores to the machining department. These aretransformed using direct labour employees and machine processes into machined goods. The total of theprime costs add the fixed production overhead (allocated and / or apportioned) is the total cost of machinedgoods transferred to the painting department. For the machining department, the direct labour employeesare paid at a rate of £11.00 per hour and the variable machine cost is £6.00.Painting department:Incremental direct materials are transferred from the direct materials stores to the painting department.These are combined with the machined goods transferred in and are transformed using direct labouremployees and machine processes into painted goods. The total combined costs add the fixed productionoverhead (allocated and / or apportioned) is the total cost of painted goods transferred to the assemblydepartment. For the painting department, the direct labour employees are paid at a rate of £13.00 per hourand the variable machine cost is £4.00.Assembly department:Incremental direct materials and components are transferred from the direct materials stores to the assemblydepartment. These are combined with the painted goods transferred in and are transformed using directlabour employees and machine processes into saleable finished goods. The total combined costs add thefixed production overhead (allocated and / or apportioned) is the total cost of the saleable finished goodstransferred to the finished goods warehouse. For the assembly department, the direct labour employees arepaid at a rate of £8.00 per hour and the variable machine cost is £5.00.The production process is described in the production process flowchart below:7CRN: 39347Norton Ltd – continued:Norton Ltd – Production Process FlowchartStart inspection processesMaterials movementsand internal transfer inspection processesMaterials movementsand internal transferAssembly department:• Direct materials• Add painted goods transferred IN• Add Direct labour (£8.00 per hour)• Add Direct expenses (£5.00 per machine hour)• Add Fixed indirect production overhead costs absorbed• = Total cost of saleable finished goods produced(Transferred out to finished goods warehouse) EndNote:• The costs of materials movements between departments and internal inspection checks are includedin indirect production overheads.• The above flowchart is an outline process only and does not include control decision, documentationraising and filing requirements.8 Finished goods warehouseMaterials movementsand internal transferinspection processes Painting department:• Direct materials• Add machined goods transferred IN• Add Direct labour (£13.00 per hour)• Add Direct expenses (£4.00 per machine hour)• Add Fixed indirect production overhead costs absorbed• = Total cost of painted goods(Transferred out to assembly department) Machining department:• Direct materials• Add Direct labour (£11.00 per hour)• Add Direct expenses (£6.00 per machine hour)• Add Fixed indirect production overhead costs absorbed• = Total cost of machined goods(Transferred out to painting department)Materialsmovement process CRN: 39347Norton Ltd – continued:Goods receiving and locating / storage control process:When goods are received to the business raw materials stores, they are first checked by the store keeperfor quantity against a copy of the original purchase order document (this is forwarded to the raw materialsstores at the time that the order is placed – with all money values removed). If the quantity is incorrect(allowing for approved part-order deliveries) a ‘Quantity rejection note’ is prepared.Goods that are acceptable by quantity are quality inspected for size, weight, colour etc. Where goods arefound to be unacceptable by quality, a ‘Quality rejection note’ is prepared. Goods rejected by quantity orquality are located at the ‘Returns room’ ready for return to the supplier.Acceptable goods are initially identified as either ‘Alpha’ or ‘Beta’.Alpha:• Alphas that are ‘Square’ are to be located at ‘A01’• If the Alphas are not ‘Square’ are ‘Round’. ‘Round’ Alphas are further sub-analysed as ‘Clear’ or‘Opaque’. Alphas that are ‘Clear’ should be located at ‘A02’; otherwise the ‘Opaque’ Alphas shouldbe located at ‘A03’.Beta:• Betas that are ‘Pentagon’ should be located at ‘B01’• Betas that are not ‘Pentagon’ are ‘Hexagon’. ‘Hexagon’ Betas are further sub-analysed as either‘Large’ or ‘Small’. ‘Large Betas’ should be located at ‘B02’; otherwise the ‘Small Betas’ are to belocated at ‘B03’.After goods received have carefully and accurately been located, the store keeper will prepare a ‘goodsreceived note’ (GRN). This will be forwarded to the finance office.Required:Task 1:Prepare a flowchart in a A4 size paper (one side only) to describe the goods receiving and locating / storagecontrol process.Note:Your flowchart should be prepared in a good style using the Microsoft Office Word: ‘Insert / Shapes /Flowchart’ facility (Maximum 20 marks including 6 marks credit for software use, good style and clearpresentation).20 Marks9CRN: 39347Norton Ltd – continued:Trading (production and sales}:You should assume that today is Monday 29th March 2021.Sales:The company has the following sales orders to be delivered during March 2021. ‘Omega’Order 1103Order / product:Order 1101‘Alpha’Order 1102‘Beta’Quantity to be delivered (sales in units)480700860Selling price (per unit)£70£26£40 Production:The production schedule for March 2021 (product quantities and production resources requirement) is shownbelow. ‘Omega’Order 1103Order / product:Order 1101‘Alpha’Order 1102‘Beta’Finished goods:Quantity to be produced590750990 Note:At 1st March 2021 there will be no opening inventory of finished goods.Resources requirement for production:Direct costs (variable costs}: ‘Omega’Order 1103Order / product:Order 1101‘Alpha’Order 1102‘Beta’Machining department:TotalsIncremental materials cost£1,080£540£850£2,470Direct labour hours (total)8011060250 hoursMachine hours (total)140160190490 hoursPainting department:Incremental materials cost£650£1,300£210£2,160Direct labour hours (total)11010070280 hoursMachine hours (total)904530165 hoursAssembly department:Incremental materials cost£860£900£540£2,300Direct labour hours (total)160190150500 hoursMachine hours (total)455381180 hours 10 CRN: 39347Norton Ltd – continued:Fixed indirect production overheads:Indirect production overheads are fixed (unaffected by production activity levels) at £31,000 per month. Thisvalue has been allocated and apportioned to the 3 production departments as follows:Bases for absorption:• Machining department = Machine hours• Painting department = Direct labour hours• Assembly department = Direct labour hoursNote:The quantity for absorption basis (for each production department) should be established using the totaldepartmental resources requirement shown in the tables above.Required:Task 2:Prepare (for each product and in total) the following planned values for March 2021:a. Prime costs11 Marksb. Total (full) costs of production14 Marksc. Finished goods closing inventories / cost of sales7 Marksd. Gross profits (and gross profit margins)3 MarksNote to task 2:The requirement of task 2 should be established using an absorption costing system(as described in the production process flowchart)The total task 2 mark above, includes marks allocated to short descriptive notes to workings(