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ACC202 Management Accounting
Question
Frykman Fashion is a retailer that sells to businessmen. The firm leases space for stores in upmarket shopping centers, and the organizational structure consists of regions, districts, and stores. Each region consists of two or more districts; each district consists of three or more stores. Each store, district and region has been established as a profit center. At all levels, the company uses a responsibility accounting system focusing on information and knowledge rather than on blame and control. Each year, managers, in consultation with their supervisors, establish financial and non-financial goals, and these goals are integrated into the budget. Actual performance is measured each month.
The Queensland region consists of the southern district and northern district. The southern district includes the Brisbane, Gold Coast and Sunshine Coast stores. The southern district’s performance has not been up to expectations. For the month of May the district manager has set performance goals with the managers of the Brisbane and Gold Coast stores, who will receive bonuses if certain performance measures are exceeded. The manager in the Sunshine Coast decided not to participate in the bonus scheme.
Since the district manager is unsure what type of bonus will encourage better performance, the Brisbane manager will receive a bonus based on sales in excess of budgeted sales of $1 140 000, while the Gold Coast manager will receive a bonus based on profit in excess of budgeted net profit. The company’s profit goal for each store is 12 percent of sales. The budgeted sales revenue for the Gold Coast store is $1 060 000. Other pertinent data for May are as follows:
Southern district sales revenue was $3 000 000, and it’s cost of goods sold amounted to $1 267 500.
The Southern district spent $150 000 on advertising.
General and administrative expenses for the Southern district amounted to $360 000.
At the Brisbane store, sales were 40 percent of Southern district sales, while sales at the Gold Coast store were 35 percent of district sales. The cost of goods sold in both Brisbane and the Gold Coast was 42 percent of sales.
Variable selling expenses (sales commissions) were 6 percent of sales for all stores, districts, and regions.
Variable administrative expenses were 2.5 percent of sales for all stores, districts, and regions.
Maintenance costs include cleaning and repair services are a direct cost for each store. The store manager has complete control over this outlay. Maintenance costs were incurred as follows: Brisbane, $15 000; Gold Coast: $1 200; Sunshine Coast, $9 000.
Advertising is considered a direct cost for each store and is completely under the control of the store manager. The Brisbane store spent two-thirds of the Southern district’s total outlay for advertising, which was ten times the amount spent in the Gold Coast on advertising.
Southern district rental expenses amounted to $300 000.
The rental expenses at the Brisbane store were 40 per cent of the southern district’s total, while the Gold Coast store incurred 30 percent of the district total.
Direct expenses were allocated to the stores based on sales.
Queensland Region general and administrative expenses of $330 000 were allocated to the southern district. These expenses were, in turn, allocated equally to the district’s three stores. Required:
1. Prepare the May profit and Loss statement for the Southern district and for the Brisbane and Gold Coast stores.
2. Calculate the Sunshine Coast store’s net profit for May.
3. Discuss the impact of the responsibility accounting system and the bonus structure on the managers’ behavior, and also the effect of their behavior on the financial results for the Brisbane store and the Gold Coast store.
4. The assistant financial controller for the Queensland region, Jack Jones, has been a close friend of the Brisbane store manager for over 20 years. When Jones saw the profit statement (as prepared in requirement 1), he realized that the Brisbane store manager had really gone overboard on advertising expenditures. To make his friend look better to the regional management, he reclassified $50 000of the advertising expenditures as miscellaneous expenditures and buried them in rent and other costs. Comment on the ethical issues in the assistant financial controller’s actions. (Refer to the specific ethical standards in APES 110.)
5. Assume for the month of June, the performance of each manager will be based on Return On Investment (ROI) for their stores. The higher the ROI the greater is the bonus. For the Brisbane store manager, assets will be based on carrying amount and for the Gold Coast store manager assets will be based on historical cost. Show with numerical examples why the manager of the Gold Coast store might think this is unfair. Make assumptions where necessary.
6. The manager in the Sunshine coast, Jane Fuller, saw a recent documentary on Artificial Intelligence (AI) and became very worried about her career. In her head she is thinking “ok this is the end of accountants”. Write an information page on Artificial Intelligence and highlight why there will still be a need for accountants and set Fuller’s mind at ease. (Approximately 500 words)
Altogether 2000 words (+/- 10%). Research requirements: Students need to support their analysis with reference from the text and a minimum of six (6) suitable, reliable, current and academically acceptable sources – check with your tutor if unsure of the validity of your sources. Groups seeking higher grades should support their analysis with an increased number of reference sources comparable to the grade they are seeking. Presentation: Report format. Title page, executive summary, table of contents, appropriate headings and subheadings . Single spaced.
ACC202 Management Accounting
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