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Summary and Purpose of Assessment
There are a total of three (3) assessment tasks you need to complete for this unit. This is assessment task three (3) of three (3) that you need to complete satisfactorily, in order to be deemed competent for this unit. You will be divided in the teams of two (2). They will be given information on “Kevin’s Corporation,” from where each team will be required to write a detailed report on. Each team will prepare answers to specified questions (not in question and answer format) and submit this as part of a comprehensive and detailed report (format given) to the management of “Kevin’s Corporation” indicating their observations. Each team will also have a 5-10-minute power point presentation based around this report in week 15 class but as a “snap-shot” only. The assessment is competency based and a CA (competent) must be achieved for this assessment to pass this course. The purpose of the assessment is to check if you have got the skills and knowledge required to gather, record and analyse operating and cost data in accordance with organisational policy and procedures and prepare reports to meet management information requirements. What you must do: Please follow these step by step instructions when working on this assessment: • Refer to Appendix 1 for the “Case Study” and “Business Report Format” from Assessment 3 folder given in related Canvas shell. • Create a Google docs, Google sheets and Google slides file for their group. One of the group member can do this and share it with the other group member and the teacher. It is important that the you work on the assessment through these Google tools. OR • Create an Excel file, a Word file and a Power point file and share it through “one drive” with other group members and the teacher. You can do this through Microsoft outlook account. • One of the team member in each group must start preparing minutes of the meetings which will be conducted to discuss the case study. • Please note that regarding the case study, each group will be required to demonstrate to their teacher their progress from week 12-14, which are referred to as Pitstops. In these Pitstops, each student as part of a team is required to attend, demonstrate and evidence what progress and work on the case study has been |
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completed to that point.
• After completing the report and power points, there will be a power point presentation in week 15 • Please fill the Group peer evaluation form uploaded in Canvas from Assessment 1 folder. After completing the assessment, it is important that each team member uploads the following in Canvas: • MS Excel file • Power Points • Business Report • Group Peer Evaluation form and • Minutes of the meeting When and where? You will work on this assessment in your own time from week 3 to 6 and must submit the required documents in Canvas by the end of Week 15 Sunday 11:55pm as outlined above. How You will be assessed against the criteria listed in the marking guide in Section B of this task. You must achieve a satisfactory result against each of the criteria listed in the marking guide to be deemed satisfactory. |
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Conditions for assessment | |
• This is a group assessment task. You must not copy the work of other groups. (For more information regarding Academic Integrity please refer to RMIT Academic Integrity Guidelines.)
• This is intended as an online assessment. Please discuss with the assessor as soon as possible if any of them is eligible for special allowance or allowable adjustment to this assessment. • You can seek clarification from you about this assessment task. • You must upload MS Excel file, power points, report, minutes of the meetings and group peer evaluation form on Canvas. • You will be assessed as satisfactory or not satisfactory. • You should ensure that they submit assessments on the due date. |
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Instructions on submitting your project/portfolio/report | |
You are to submit your final assessment via Canvas by the due date. | |
Equipment/resources students must supply: | Equipment/resources to be provided by RMIT or the workplace: |
• Access to a laptop or mobile device
• Internet access if not on campus • Zoom software
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• Access to soft copy of the student version of this assessment task
• Access to Canvas and internet sites required for study in this course • Appropriate software as required |
Workplace Simulation - Presentation and submission of business report to the management of Kevin’s Corporation
Kevin’s Corporation, a manufacturer of lamps, maintains the same level of inventory each year. The following Information has been provided to you from various sections of the organisations including production, sales and accounts, about expenses anticipated for 2020.
Production costs: | |
Direct materials | $4.40 per unit |
Direct labour | $4.80 per unit |
Other Factory overhead | $375,000 at 50,000 units produced; |
$435,000 at 70,000 units, and | |
Selling expenses: |
$495,000 at 90,000 units produced |
Sales salaries | $87,000 per sales person |
Sales commissions | $0.65 per unit sold |
Advertising | $45,000 |
Advertising | $1.15 per unit sold |
Miscellaneous selling expense
General expenses: |
$16,200 |
Office salaries | $97,000 |
Supplies | $12,800 |
Miscellaneous general expense | $12,000 |
The selling price of Kevin’s Corporation's single product is $19. In recent years, profits have fallen, and Kevin’s management is now considering several alternatives. For 2020, Kevin’s Corporation wants to have a net income of $200,000, but still expects to sell only 90,000 units unless some changes are made.
REQUIRED:
All workings must be completed in accordance to organisational policy and procedures.
Alan has asked you to:
90,000 units sold) and the sales needed to achieve the company’s net income objective for 2020;
Note: Alan expects your work to be presented in line with Kevin’s Corporation organisational policy and procedures. As such, you must create an Excel Worksheet and utilise Excel formulas where appropriate to calculate and code your answers. You must prepare the budget worksheets in a professional manner that can be shared with senior management of the company. You must also perform a check on your workings including all raw data you transfer and any calculations you make to ensure data presented is both accurate and reliable.
WHAT-IF ANALYSIS
This would eliminate $77,000 of sales salaries and sales commissions would increase to $2.00 per unit. This move would be expected to increase sales volume by 40%.
Executive Summary which includes a summary of all the key points
Submit your report and PowerPoint. Before uploading to CANVAS, perform checks to ensure all information (above) in included and the data and information is accurate and comprehensive in line with organisational practices.
Note: Your PowerPoint must contain details on all staff you consulted with (including questions you asked your assessor during the pitstops in weeks 12-14) as well as key research you did that helped support your findings.
Your PowerPoint will be presented to senior management of Kevin’s Corporation to help gain support of any recommendations you put forward. As such, your language, including tone and pace should be appropriate.
Budgeting is one of the techniques that are used by the corporations to set their targets (Anandarajah, Aseervatham, & Reid, 2015). In costing, variable cost, fixed cost and mixed cost are very important. Fixed cost is the cost that does not change with the change in the production. Fixed cost remains same even the corporation stop production the products. Variable cost is the cost that changes with the change in the production units. Extending your budget far into the future often helps you to predict how much money you will be able to invest for crucial items like your holiday, a new car, your first house or house renovations, an emergency savings plan or your retirement (Anandarajah, Aseervatham, & Reid, 2015). You will really help with your long-term financial plans with a practical budget to estimate your expenditures for this year. Realistic assumptions can then be made on your annual income and costs that can help in planning for financial long-term objectives, such as starting own business, purchasing investment or retirement property.
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