Create appropriate costing systems and techniques for specific engineering business functions.

Course Work 2
Submit a report which provides answers to Questions 4 to 6.

Scenario
You have been approached by your employer to.

Learning Outcome 2.1
2.1: Create appropriate costing systems and techniques for specific engineering business functions

1. For two functions of your engineering business, create a costing system to implement in each function. Show an example of implementing the costing system of each function.
(200 words + Calculations)

Learning Outcome 2.2
2.2: Measure the impact of changing activity levels on engineering business performance

2. The engineering business you established in coursework 1, have to change the costing methodology due to market forces. Measure the impact that this would have on the business and the costing systems employed
(200 words)

Learning Outcome 3.3
3.3: Analyze standard costing techniques

3. For your company; you have designed a new component, which may revolutionize the manufacture of your particular product. Below lists the costing related to your new component:

Product costs:

Variable, material, labor etc: £15 per item
Fixed, machinery, tolling heating etc: £25,000 per year

Administration + selling overheads:
Fixed: £45,000

The company have to decide whether to make the components and sell them. Calculate the selling price based on absorption and marginal costing techniques. The company wish to make a 45% profit on each unit.

Analyze the most appropriate costing method if production is at a rate of 100 models of your component per hour and sales are predicted to be 20,000 per year. (200 words + calculations)

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