30 Jun Question Description This week you will submit your final project.
Question Description
This week you will submit your final project.
You are looking for additional funding for your cookie company and will prepare a presentation for investors. In a clear, professional and concise manner prepare a PowerPoint slide presentation to introduce your company to a group of investors.
Your presentation should cover at a minimum the following:
Your company name, vision, mission, goals, and strategies
A balanced scorecard:
Review the mission statement and strategies you developed and submitted for the Module 02 Course Project Assignment.
Fit the strategy points into the 4 perspectives of the balanced scorecard (you may need to create more strategies or fine tune your Module 02 strategies **see attached document deliverable 2**).
Develop performance measures for each strategy point.
State which department(s) would be responsible for each performance measure.
Comment on how the departments must work together as a team to execute the balanced scorecard and how diversity among team members would enhance the outcomes.
Cost information including contribution margin and break-even
When preparing your presentation, be mindful of the information in which an investor might be interested. Please include talking points on slide notes where appropriate.
Include in-text citations and a reference page where necessary.
I have attached the completed assignments to use as reference when needed.
Tags: accounting investment Rasmussen College Rasmussen College Business Managers food products A332/ACG3357 A332/ACG3357
scrocker_module_1_graded_corrections.xlsx
scrocker_module02_02252019.xlsx.pptx
scrocker_module03_03032019.xlsx
scrocker_module04_03102019.xlsx
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Production Ingredient cost (variable) 25,000 Jars of soup $ Labor cost (variable) Depreciation (fixed) Other (fixed) Total $ Cost Per jar of soup (c.) (cost / 25,000 jars) Budget for the coming month (a.) (30,000 jars) 20,000 $ 0.80 $ 24,000 12,000 6,000 1,000 39,000 $ $ $ $ 0.48 0.24 0.04 1.56 $ $ $ $ 14,400 6,000 1,000 46,800 REQUIRED Using the above information: a. Prepare a budget for the coming month. Assume that production will increase to 30,000 jars of soup. Variable costs = (cost per jar X 30,000) Fixed costs do not change with a volume change. Question 1. a. Budget Production Ingredient cost (variable) 25,000 Jars of Cost Per jar of soup (c.) Budget for the coming soup (cost / 25,000 jars) month (a.) (30,000 jars) $ Labor cost (variable) Depreciation (fixed) Other (fixed) Total $ 20,000 $ 0.80 $ 24,000 12,000 6,000 1,000 39,000 0.48 0.24 0.04 1.56 14,400 7,200 1,200 46,800 $ $ $ $ $ $ $ $ b. Does the budget suggest that additional workers are needed? How do you know? Suppose the wage rate i How many additional labor hours are needed for the coming month (show your work)? What would happen if management did not anticipate the need for additional labor in the coming month? 1. b Budgeted Current labour cost $ 12,000 $ 14,400 Cost per labour hour $ 20 $ 20 Number of hours 600 720 Extra hours needed 120 The current labour cost is $12000 with a cost per labour unit of $20. The requred number of hours in the 600. The budget requires a total cost of 14400 with a cost per labour unit of $20. The total labour hours n budget schedule is 720. The extra number of hours required is 120 since there is additional productio The current labour cost is $12000 with a cost per labour unit of $20. The requred number of hours in the 600. The budget requires a total cost of 14400 with a cost per labour unit of $20. The total labour hours n budget schedule is 720. The extra number of hours required is 120 since there is additional productio c. Calculate the actual cost per unit in in the previous month and the budgeted cost per unit for the coming Explain why the cost per unit is expected to decrease (hint: look at the fixed costs). The increase in productionis not likely to affect the fixed. The total variable costs increase with increase However, when calcualting the total relevant costs, the fixed cost per unit is factored. The situation result in total cost but with a reduction in cost per unit due to unchanging fixed cost. The company is currently producing and selling 325,000 jars of soup annually. The jars sell for $5.00 each. The comp is considering lowering the price to $4.60. Suppose this action will increase sales to 375,000 jars. a. What is the incremental cost associated with producing an extra 50,000 jars of soup? b. What is the incremental revenue associated with the price reduction of $0.40 per jar? c. Should Suzy’s lower the price of its soup? The price reduction has resulted to a cange in the net profit by $22500 which is good for the performance o Suzy therefore can lower the price to to 4.6 Revenues Ingredient cost (variable) 325,000 $ 1,625,000 $ 260000 Labor cost (variable) 156000 6,000 Depreciation (fixed) 1,000 Other (fixed) 423000 Total costs $ 1,202,000 $ Profit Revenues 375,000 1,687,500 Incremental Costs and revenues $ 62,500 300000 $ 40,000 156000 6,000 1,000 463000 1,224,500 325,000 $1,625,000 $ $ $ $ $ 40,000 22,500 375,000 $1,725,000 Ingredient cost (variable) Labor cost (variable) Depreciation (fixed) Other (fixed) Total costs Profit 260000 156000 6000 1000 423000 $1,202,000 300000 180000 6000 1000 487000 $1,238,000 Cost per unit for the coming month (c.) $ 0.80 $ $ $ $ 0.48 0.20 0.03 1.51 to 30,000 jars of soup. volume change. Cost per unit for the coming month (c.) $ 0.80 $ $ $ $ 0.48 0.24 0.04 1.56 w? Suppose the wage rate is $20 per hour. abor in the coming month? qured number of hours in the production is $20. The total labour hours needed for the e there is additional production needed. qured number of hours in the production is $20. The total labour hours needed for the e there is additional production needed. ost per unit for the coming month. costs increase with increase in production. factored. The situation results to an increase unchanging fixed cost. sell for $5.00 each. The company $ $ 40,000 62,500 is good for the performance of the company. o 4.6 -7 GREEN ARE THE CORRECT ANSWERS FOR THE ONES ABOVE THAT AR Incremental Costs and revenues $100,000 $ $ $40,000 $24,000 $64,000 $36,000 Forming a Company Samantha Crocker Rasmussen College Introduction ▪ The discussion will focus on establishing a cookie company. The company has to operate in a particular locality. The new business needs to come up with a recipe and cookie specifications. It also needs to decide on a costing system. The business has to defend the choice of location and prove that the business concept will offer tangible returns in the long run. The business has to identify the overhead costs and come up with a flow chart to indicate the movement of costs in the business. COMPANY NAME Halls Cookies • Halls Cookies will major in the sale of organic and healthy cookies through office and home deliveries. • The company intends to take advantage of the increased demand for organic food stuffs through the use of organic ingredients (Mazzacano & Falzon, 2015) • The company will be located in the busy New York City. Company’s Mission Focus ▪ Halls Cookies will focus on satisfying the market niche. ▪ Halls Cookies will look to provide organic and healthy cookies to the residents of New York. Sale Platform and Target Market ▪ The target market for Halls Cookies will be New York residents. ▪ The company will especially target the working class residents of the city through home and office deliveries of healthy cookies. Expansion plans ▪ Halls Cookies intends to expand through the establishment of a traditional brick & motor storefront after an year of its inception. ▪ The storefront will address the needs of customers who may prefer to have sit-down cookies as snacks ▪ The company will also seek to engage partner with various institutions and corporations in enabling constant supply of cookies (Mazzacano & Falzon 2015). Halls Company Mission Statement ▪ At Halls Cookies, our goal is simple; to bake healthy and tasty cookies at the door step of your workplace, school or home at an affordable fee. Long range goals .To be New York’s number 1 cookie supplier ▪ Halls Cookies intends to secure contracts from institutions and companies in the future to allow them to supply cookies on a regular basis. Area of Operation ▪ The company will operate mainly in New York city. ▪ The choice of location is informed by the fact that the city is densely populated. ▪ Most of the locals are busy at their places of work and might not be in a position to grab a snack while at work. ▪ As of 2017, the city had about 8.623 million individuals. ▪ Most of the individuals in the city have an income and will greatly benefit the business in terms of purchasing power. Strategies ▪ The first strategy is to provide discounted prices for homes, institutions and companies which make monthly delivery subscriptions. ▪ The second is to carry out a strong campaign initiative through advertisement in local dailies and for a period of up to 6 months (Mazzacano & Falzon 2015). Objectives ▪ Makes over $100,000 worth of sales in the first year. ▪ Increase the sales by 50% in the second year. ▪ Open two more stores in the third year. Cookies Specifications ▪ The cookies baked by Halls Cookies will be in different shapes, appearances and colours depending on the customers needs. ▪ The predominant features will be round and brown cookies packed in packages containing 15 cookies. ▪ Key ingredients will be fetched from local natural ingredients such as coconut oil, organic cane sugar, raw honey and eggs. ▪ Other ingredients include; flour, baking soda, unrefined salt, butter and chocolate chips. Recipe ▪ Pre hit oven to 400 F ▪ Use a mixer blender to mix organic cane sugar, raw ▪ ▪ ▪ ▪ honey, vanilla, eggs, butter extracts. Blend the mix for two minutes. Combine unrefined salt, baking soda and almond flour in a different bowl. Combine the wet and dry ingredients until they are well combined. Stir them in chocolate chips. Place the mix in parchment lined cookie sheets. Bake for 6-10 minutes. Job Cost Card Job order 1 Job cost card Monies Customer; N/A Batch x custom Specifications 1 batch of Cinnamon Roll Sugar Cookies Date of order 8/15/2018 Date of completion 8/15/2018 Costs charged to job Previous months Current month Cost summary Direct material $0 $ 5.52 $ 5.52 Direct Labour $0 $ 13.07 $ 13.08 Overhead $0 $ 11.01 $ 11.01 Totals 29.61 Units completed 50 Product unit cost $0.59 Overhead costs ▪ Business licence ▪ Advertising costs ▪ Insurance costs ▪ Accounting fees ▪ Cottage food licence ▪ Supply and depreciation costs Accounting System ▪ The accounting system to be utilized in the business is the job order costing system. ▪ Job order costing system will focus on accumulating and assigning costs to each unit of output (Krumwiede & Walden, 2013). ▪ The accounting system will make it possible to assign the costs to each cookie (Krumwiede & Walden, 2013). ▪ The costing system can be utilized in determining the prices and deciding on whether the business is meeting its margins. Flow of Costs Direct Material costs Direct Labor Costs Overhead Costs Product unit cost Market Cost of each cookie Conclusion ▪ The discussion focuses on the establishing a company. The company adopted for the case is a cookie company dubbed Halls Cookies. The company will focus on New York City as it seeks to serve the residents. The company will focus on having a personal interaction with the consumers. The company will also seek to make over $100,000 in the first year and grow the sales by 50%. The company has come up with a recipe and cookie specifications. It has also adopted the job order costing system since it ensures they can meet their margins. References ▪ Krumwiede, K. R., & Walden, W. D. (2013). Dream Chocolate Company: Choosing a Costing System. Issues in Accounting Education, 28(3), 637–652. https://doi.org/10.2308/iace-50464 ▪ Mazzacano D’Amato, P., & Falzon, J. (2015). Why do some consumers prefer organic food? A discourse analytical perspective. Journal of Food Products Marketing, 21(3), 255-273. Ingredients Coconut oil Organic cane sugar raw honey eggs Unrefined salt Flour Baking Soda Salt Chocolate chips Classification of cost Variable Variable Variable Variable Variable Variable Variable Variable Variable Variable Overhead Indirect labor (Salaried) Insurance Utilities Employee benefits Depreciation equipment Rent Property taxes Classification of cost Fixed Fixed Fixed Fixed Fixed Fixed Fixed Month January February March April May June Kilowatt Hours Used Electric Costs 1866 $230 1439 $202 1146 $197 1046 $190 996 $182 1760 $225 Kilowatt Hours Used Electric Costs 1866 230 996 182 Highest Lowest Y = mx+c Electricity cost per kilowatt Total cost at high level $ less: Variable cost $ Fixed cost $ Cost per day $ 0.055172414 230.00 102.95 127.05 4.23 Assumption made Assume selling price per cookie Variable cost (other than electricity cost) Fixed cost per day (other than electricity) Contribution statement Selling price Less: Variaboe cost Electricity Other Contribution Margin $ 35.00 $ 29.65 $ 145.75 $ 35.00 $ $ 0.06 29.65 $ 29.71 $ 5.29 Fixed cost Contribution margin per cookie Breakeven point in cookies per day Breakevn in sales dollars per day $ 149.98 $ 5.29 28 $ 991.43 Target proft Application Target proft Numeber of Cookies that must be sold $ 100 47 @full capacity Existing selling Qty/Nos Selling Price Cookie Material Labour @50c/hour Other Variable Logo charge Napkin cost Fixed cost Sales Variable cost: Cookie Material Labour Other Variable Logo charge Napkin cost Total variable cost Contribution Fixed cost Profit Special Order 10,000 500 $5.00 $2.00 $2.00 $1.00 $1.50 $1.00 $1.00 $0.00 $0.03 $0.00 $0.01 $5,000.00 $200.00 $20,000.00 $10,000.00 $10,000.00 $0.00 $0.00 Min Rate $2,470.00 $4.94 $2,494.70 $4.99 PRICE CHARGED $1,000.00 $750.00 $500.00 $15.00 $5.00 $40,000.00 $10,000.00 $5,000.00 $5,000.00 $2,270.00 $224.70 $200.00 $24.70 Minimum Cost $50,000.00 selling Qty/Nos Selling Price Cookie Material Labour @50c/hour Other Variable Logo charge Napkin cost Fixed cost @full capacity New after giving up 9,500 $5.00 $2.00 $1.00 $1.00 $0.00 $0.00 $5,000.00 if 85% of price offered 500 $4.24 $2.00 $1.50 $1.00 $0.03 $0.01 $200.00 Sales Variable cost: Cookie Material Labour Other Variable Logo charge Napkin cost $2,120.50 $47,500.00 $1,000.00 $750.00 $500.00 $15.00 $5.00 $19,000.00 $9,500.00 $9,500.00 $0.00 $0.00 Total variable cost Contribution Fixed cost Profit $2,270.00 ($149.51) $200.00 ($349.51) $38,000.00 $9,500.00 $5,000.00 $4,500.00 Total Profit The company should accept the project at the reduced price because it reduces the overall profitability of the com The total fixed cost of the project is $200. At a price of $4.99, the project will make a profit of $24.70. When the p reduced by 85%, the project will make a negative contribution and loss of 349.51. Total profit generated from the 9500 units is $4500. Total profit generated when the company accepts the order at reduced price is $4,150.50. Th has a negative contribution and reduces the company overall profit. Therefore, the company should not accept the offer. Special Order 500 $4.24 $2.00 $1.50 $1.00 $0.03 $0.01 $200.00 $2,120.50 $1,000.00 $750.00 $500.00 $15.00 $5.00 $2,270.00 ($149.51) $200.00 ($349.51) $4,150.50 overall profitability of the company. e a profit of $24.70. When the price is Total profit generated from the sale of reduced price is $4,150.50. The project company should not accept the special …
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