Management Accounting Assignment Fall 2020
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Management Accounting Assignment Fall 2020
Problem 1
Chef Gary has been a pioneer of farm-to-table cooking. In fact, he used to be a farmer
and decided that he wanted to use everything grown and raised on his farm to make the
freshest fine cuisine possible. Sure, some of the spices and ingredients have to be
sourced from elsewhere, but 90% of what is in Chef Gary’s food is direct from his farm.
He spent $2 million in savings and converted some of his many acres of farmland into a
restaurant. He is the head chef and has a staff of about 10 people working for him. He
pays his workers cash, but he does not pay himself a salary; the profit of the restaurant
is what he claims at the end of the year as his income.
- What are some of the accounting costs for Gary’s restaurant? Try to think of at least
five.
- What are some of the opportunity costs for Gary’s restaurant? Hint: there are three
big ones.
- Suppose a global epidemic of avian flu causes a massive reduction in the supply of chickens, resulting in a dramatic increase in the market price of the chickens at Gary’s farm that he uses to make his famous Chicken Cordon Bleu. What happens to Gary’s accounting costs and opportunity costs? As a wise manager of his restaurant, what should Gary do in response to this?
Problem 2
Say that you are a manager with the Transportation Security Administration (TSA). The table shows fictional estimates of the marginal benefit and marginal cost of additional TSA security lines at Mahlon Sweet Field, the airport in Eugene, Oregon.
- What is the surplus of benefit over cost for the second security line? For the third security line? If your goal is to maximize the total surplus, would you want to operate the third security line? Explain your answer.
- What is the optimal number of TSA security lines? Relate this answer to your answer to part a.
Management Accounting Assignment Fall 2020
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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Management Accounting Assignment Fall 2020