Referencing Styles : Harvard You are required to finish each of these questions, total 40 marks. Please give the solutions in detail, show calculations and submit the solutions to Moodle using a single file, it can be Excel format, Word format or PDF format, no requirement on word limits, if use any references, please refer to Harvard style.Question 1: Management accounting information for resource management (10 Marks)You have just been appointed as the management accountant for Close Up and Personal (CUP), a company that … View More You are required to finish each of these questions, total 40 marks. Please give the solutions in detail, show calculations and submit the solutions to Moodle using a single file, it can be Excel format, Word format or PDF format, no requirement on word limits, if use any references, please refer to Harvard style. Question 1: Management accounting information for resource management (10 Marks) You have just been appointed as the management accountant for Close Up and Personal (CUP), a company that sells pottery items, jewellery and cool clothing, featuring personal digital photos. This company employs a team of 12 designers who design the pottery items, jewellery and clothing. These products are manufactured by independent companies. CUP then prints the customer ordered photos onto the products and sells them to customers through six sales outlets located in shopping malls. Required: 1 Identify the specific types of management accounting information that may be needed by the following employees, on a monthly basis, to help them control operations: (a) Manager of each retail outlet. (b) Manager of the design team. (c) Marketing manager responsible for planning advertising campaigns and identifying customer needs. (d) Manager who manages and renegotiates contracts with the outside manufacturers. 2 The managing director of CUP is interested in developing more sophisticated planning systems, but has some doubts over the value of undertaking strategic planning. Prepare a report outlining the importance of planning systems. In your report, consider the interrelationships between the objectives of the company, its strategies and short-term planning systems. Explain how management accounting information may assist in improving the planning function of the company. Question 2: Schedules of cost of goods manufactured and sold; income statement (10 Marks) The following data refer to Flintoff Fashions for the current year: Sales revenue $570 000 Work in process inventory, 31 December 18 000 Work in process inventory, 1 January 24 000 Selling and administrative expenses 90 000 Income tax expense 54 000 Purchases of raw materials 108 000 Raw material inventory, 31 December 15 000 Raw material inventory, 1 January 24 000 Direct labour 120 000 Electricity: plant 24 000 Depreciation: plant and equipment 36 000 Finished goods inventory, 31 December 30 000 Finished goods inventory, 1 January 12 000 Indirect material 6 000 Indirect labour 9 000 Other manufacturing overhead 48 000 Required: 1 Prepare the schedule of cost of goods manufactured for Flintoff Fashions. 2 Prepare the schedule of cost of goods sold for Flintoff Fashions. 3 Prepare the income statement for Flintoff Fashions. 4 Construct an Excel® spreadsheet to solve all the preceding requirements. Include formulas in your spreadsheet wherever possible. Show how both cost schedules and the income statement will change if: (a) raw material purchases amounted to $110 400. (b) indirect labour was $9600. Question 3: Cost behavior; engineered cost; committed and discretionary costs: manufacturer (10 Marks) HappyDaze T-shirts manufactures and prints customised designs on T-shirts. Below is a list of some of their major costs. (a) Cost of daily radio advertising on the local community radio station. (b) Cost of the fabric used to make the T-shirts. (c) Cost of the ink used in the designs. (d) Salary of the managing director. (e) Wages of the production emp