80.2K

Verified Solution

Link Copied!

1. Provide a brief description of your chosen product/service and a visual/picture of it (this can be your own drawing or an image from the internet with your product brand/logo assigned to the image). Explain why you selected your product/service, whether there will there be a demand for it, and how it is similar or different to existing products/services in the market.

2. Undertake market research (i.e. search the internet) to calculate the per unit standard cost and selling price of your product.

a. Clearly list and determine the quantity and types of each direct materials, direct labour, and manufacturing overheads that will be required to produce one unit of your product/service and calculate your products per unit standard cost.

b. Explain the approach/method and activity level you used to calculate the overhead cost per unit and clearly differentiate/list fixed and variable manufacturing overheads.

c. Explain how you determined the selling price (i.e. explain and justify the pricing method, cost base, and mark-up you selected and used, and how your products price compares to the main competitors prices if there are any).

d. Your workings and calculations need to be prepared in Excel, and you need to clearly include your data sources (in-text references) in the Excel file.

3. Prepare a master budget for the first month the product/service is offered to the market. The master budget must include all components relevant to your chosen business.

a. You need to explain how you determined your sales estimation.

b. The Master Budget needs to be prepared using Excel and presented in a professional format, and all data sources (references) need to be properly referenced.

4. Reflection: provide a written critical reflection about the knowledge and skills you developed from this assignment, and which parts/sections of this assignment you enjoyed the most and found practical and which requirements you found the most challenging and/or difficult.

Answer & Explanation Solved by verified expert

See Answer