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IFP3017 Accounting for Business Decisions Case Study
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Assessment Details:-
- Topic :: Accounting
- Document Type :: Assignment help (any type)
- Subject :: Accounting
- Deadline :*: As Per Required
IFP3017 – Presentation Question
You will have 7-10 minutes MAXIMUM to present your findings. Please submit your PowerPoint slides via QMplus link by Friday 26th March 2021.
Recording of presentation deadline:
The management of a business is concerned about its inability to obtain enough fully trained labour to enable it to meet its present budget projection.
Service | Alpha | Beta | Gamma | Total |
£000 | £000 | £000 | £000 | |
Variable Cost: | ||||
Materials | 6 | 4 | 5 | 15 |
Labour | 9 | 6 | 12 | 27 |
Expenses | 3 | 2 | 2 | 7 |
Fixed Cost | 6 | 15 | 12 | 33 |
Total Cost | 24 | 27 | 31 | 82 |
Profit | 15 | 2 | 2 | 19 |
Sales Revenue | 39 | 29 | 33 | 101 |
The amount of labour likely to be available amounts to £20,000. All of the variable labour is paid at the same hourly rate. You have been asked to prepare a statement of plans, ensuring that at least 50% of the budgeted sales revenues are achieved for each service and the balance of labour is used to produce the greatest profit.
Required:
- Prepare the statement, with explanations, showing the greatest profit available from the limited amount of skilled labour available, within the constraint (Hint: Remember that all labour is paid at the same rate)
- What steps could the business take in an attempt to improve profitability, in the light of the labour shortage?