Australia’s food and beverage industry is anticipating significant growth, with a majority of food and beverage executives expecting increases in revenues (84% of executives) (Thornton, 2013). For the purposes of this report, the focus will be on the product costing systems in place at Voodoo Ltd, concentrating on their applicability and effectiveness. Our aim is to identify the weaknesses in Voodoo Ltd’s current operations which may impede its growth in what is a dynamic and fast paced industry. Currently Voodoo Ltd is in a battle to retain its momentum as a leading firm in the food and beverage industry as it faces strong competition from competitors who are out performing them in production rates and at lower prices for shelf-space. An analysis of the current costing measures and information will allow Voodoo Ltd to reassess its current operation and implement new initiatives to tackle increasing competition to ensure it maintains its velocity moving forward.
After analysing Voodoo Ltd’s current costing and production process we have carefully formulated our recommendations that we believe would greatly assist Voodoo Ltd in remaining competitive and ensuring exponential growth can be achieved within the coming financial years.
Below is an outline of our recommendations which will be further discussed later on in the report:
• Voodoo Ltd needs to consider R&D costs when designing product costing system. This is to avoid unwanted failure in its sales and marketing departments.
• Senior management should look to streamline the delivery and transportation across all three production plants.
• Voodoo Ltd should look to appoint a head of innovation to ensure its three production plants can be...
... middle of paper ...
...ing Review. 3(2). 195-218.
6. Jiao, J., & Tseng, M.M. (1999). A pragmatic approach to product costing based on standard time estimation. International Journal of Operations & Production Management, 19(7), 738-755. doi: 10.1108/01443579910271692
7. Langfield-Smith, K., Thorne, H., & Hilton, R. (2012). Management Accounting (6th ed.). Australia: McGraw-Hill Australia Pty Ltd.
8. Lere, J.C. (2001). Your product-costing system seems to be broken: Now what? Industrial Marketing Management, 30(7), 587-598. Retrieved from http://www.sciencedirect.com.ezproxy.lib.monash.edu.au
9. Smith, K.L, Thorne, H., and Hilton, R. (2012). Management Accounting (6th ed.). North Ryde, NSW: The McGraw Hill Australia Pty Ltd.
10. Turner, M.J and Hilton, R.W. (1989). Use of accounting product costing systems in making production decisions. Journal of Accounting Research. 27(2). 297-312.
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