Family Bakery Essay
I. Acknowledgments
I am really grateful for the help Family Bakery have provided me for this assignment. I like to thank, Mr. Hussain Mohamed, owner of the Family Bakery. I would also like to thank each and every one else who have helped me to accomplish this report.
II. Methodology
The information I mentioned in this report was collected from the owner Mr. Hussain Mohamed of the Family Bakery. To collect information, I interviewed MR. Hussain Mohamed using a questioner I made for this assignment.
1. Introduction
This report is prepared for the subject Management Accounting, Bachelor of Business. The purpose of this report is to examine the application of costs, management accounting principles and techniques for the production and distribution
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Cost classification and behaviour
2.1. Main features and characteristics
• Users
Family bakery’s submarine buns are mostly used by Cafés and restaurants of HD, HA and SH. As the majority of the market for submarine buns are Cafés and restaurants, it’s normally available in family bakery shop and carpentry only except for the month of Ramadan. As the percentage of individual customers increases in months like Ramadan, buns are available in local retails shops in Kulhudhuffushi for such months to make it easily accessible by the target customers.
• Purpose
Submarines buns are used to make submarines. Example: chicken submarines, beef submarines, tuna submarine.
•
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Variable costs
2.3.1.4. Semi-variable/semi-fixed/mixed costs
3. Cost accounting techniques
3.1. Accounting for Materials
3.1.1. Classifications of inventories o Raw materials
Raw material is the basic material that is processed and converted into finished goods. The cost incurred to obtain raw materials that have not yet been placed into production is reported as raw materials inventory in the current assets section of the balance sheet. For the product, submarine buns, these are the raw materials and its price and quantities.
Ingredients, Prices and Quantities Floor Yeast Water Sesame Seeds Salt Improver Margarine
Price (MVR) 380 450 3300 45 180 800 440
Quantity 22 Kg 22 Packets 40 liters 20 Kg 24 Packets 22 Kg 25 Kg
o Work in progress
Work-in-process inventory is the units that remain incomplete at the end of a period. These units need the addition of more materials, labor or manufacturing overhead to be completed in the coming period. For example, flour, yeast sesame seeds, salt, improver and margarine left after a month of production. Like raw materials, work-in-process inventory is reported in the current assets section of the balance sheet.
• Finished
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