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Management Account - Assignment Example

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The paper "Management Account" considers particular actual and budget terms and analyzes the given information. Also, the paper looks into Procedures to Control the Various Elements as far as it is better to employ some inventory control methods so that realistic or optimum, and not maximum, inventory levels are maintained that are necessary for smooth production processes…
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Management Account
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Download file to see previous pages It has also been informed that actual sale income has been very near to the budgeted figure. This simply implies that debtors have not paid in time. The shortfall in the collection from debtors has made a huge impact (50%) when compared with the budgeted figure in working capital requirement. Stricter measures need to be deployed in the collection of the money.
3. The third major impact has come from finished stocks, which shows its inventory has risen by 46.6%. In absolute terms, this has increased the working capital requirement by £21,000. Again, it has been reported that sales income has remained the same.
Looking at above issues, it appears that no proper method of inventory control is administered with respect to item segregation on the basis of its importance, which needs to be incorporated for immediate and in-built control in stocks and money spent.
There is a negative balance in the bank also indicate that money has been overdrawn from the bank and that will increase the interest burden and reduce the profitability of the company. It will put a severe strain on the company’s financials.
Under this method of inventory valuation, it is assumed that goods are accounted for in the order of procurement. That means goods purchased first are used also first in manufacturing operation. It follows the natural flow of inventories, that is, those arrived first will be out first.
This method decides that the cost of the goods sold during the given period comes from the most recent raw material purchases. It means that the latest inventory of the goods is the first in the line of consumption.
It is a predetermined and fixed price taking into consideration the factors that affect the material price such as the likely change in prices as per market conditions. Standard material price can be further bifurcated in the current standard price, if taken into account for the short period or known as basic standard when remains unaltered for a long period.
Thus, it is seen that with all available ways of calculating stock issues, there are merits and demerits involved with each method.  ...Download file to see next pagesRead More
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