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This assignment task will consolidate your understanding of some of the key concepts covered in this unit. This task provides you with opportunities to learn the knowledge and skills required in the study and practice of management in organizations. By completing this task, you will develop your skills in understanding, applying, critical thinking, problem-solving, and communicating information required of business professionals.
Each barbecue is sold for $5.00, and each balloon is sold for $2.00. Throughout the two weekend days, the four friends were able to sell 300 barbecues and 170 balloons. The four friends did not have to bother about the stock of sausage and bread or balloons; they arranged with a supplier and had to pay only $0.25 per barbecue served (a slice of bread and a sausage) and $0.07 for each balloon.
After reviewing the activity-based costing, the four friends have decided to prepare a contribution format income statement for each product sold – balloons and barbecues. For allocating the manufacturing overhead between the two products, the whole expense of leasing the BBQ was allocated to the sales of barbecues whereas the whole expense of leasing the balloon pump was allocated to the sales of balloons. For the expenses for leasing the gazebo and getting the permit, the amount was split evenly between the two products.
Agnetha is interested in understanding whether the difference between the flexible budget and the actual results in the direct material used (i.e., bread and sausage and balloon) is due to a price variance and/or a quantity variance.
After crunching all the numbers, the time has come to divide the enterprise’s income between the four friends based on their individual performance. Agnetha argued she and Björn should split between themselves the income because they did all the hard work while Benny and Anni-Frid spent most of their time counting money or talking to people; Benny replied by arguing that selling balloons was the worst idea ever.
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