costing methods

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. The firm You are employed by Maddie's Corp. an Accounting Firm based in Houston has recently been asked by a client, a medium-sized manufacturing company in California to provide advice and recommendations to improve the company's existing costing system. The CEO of the manufacturing company is keen to implement standard costing. Requirement: Draft a report for your client that: a. b. Outlines the purposes of standard costing Explains the operating mechanisms of the standard costing system The company is also looking to expand and wishes to understand the scope, structure and purpose of transfer pricing. Requirement: Draft a report for your client that: C. Explains how transfer pricing works

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Instructions: Read and analyze the scenario below. Write your answers on the spaces provided. In the Interesting box, write down how each costing method would contribute in achieving the main objective of Expedia Industries. In the My Decision box, write down your Recta recommendation about the most effective costing approach that will resolve the problem in the given scenario using one (1) between the two (2) costing methods being compared. Scenario: Expedia Industries Expedia Industries is the largest supplier and manufacturer of modern women's clothing in the United States. The main objective of the company is to establish a costing procedure that will monitor the inflow and outflow of their raw materials relative in their production of clothes. The board members of the company have separate views in employing FIFO costing method or the Moving Average costing method since according to most of them, their major raw material which is cotton doesn't even have an expiration date, and…

Objective 2 - Define the concept of relevant costs and revenues.4 - Apply the tactical decision-making concepts in a variety of business situations. Apollonia Dental Services is part of an HMO that operates in a large metropolitan area. Currently, Apollonia has its own dental laboratory to produce two varieties of porcelain crowns-all porcelain and porcelain fused to metal. The unit costs to produce the crowns are as follows: cengage.com/static/nb/uvevolindex.html?elSBN=97813059707248id=187456249&nbld=524649&snapshotid=524649&dockAppUid=1. 7/13 Print Preview Porcelain Fused All Porcelain to Metal Direct materials S190 $ 80 Direct labor 50 20 Variable overhead 25 5 Fixed overhead 60 40 Total S325 $145 Fixed overhead is detailed as follows: Salary (supervisor) Depreciation Rent (lab facility) $30,000 8,000 22,000 Overhead is applied on the basis of direct labor hours. The rates above were computed using 8,000 direct labor hours. No significant non-unit-level overhead costs are incurred.

Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Cost Item 1. Labor time to repair products under warranty 2. Radio commercials 3. Labor costs of delivering customer orders 4. Testing of competitor's product 5. Direct manufacturing labor costs 6. Development of order tracking system for online sales 7. Design cost of new product brochures 8. Hours spent designing childproof bottles 9. Training costs for representatives to staff the customer call center 10. Installation of robotics equipment in manufacturing plant Business Function

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Question 1 Bradford Watch Company manufactures luxury and sports watches both for male and female customers. The luxury watches are famous for the high-end design materials while the sports watches are popular for their utilities. The company uses a traditional costing system in assigning overhead costs to the products on the basis of direct labour hours. However, the Production Manager seeks to replace the existing system with the Activity-based Costing (ABC) system to keep control over costs and offer more competitive pricing. After reviewing the existing costing system and interviewing the company’s personnel in relevant departments, the accountant compiled a report highlighting resources and costs involved in manufacturing watches per month: The following table lists out the overhead cost: Activity cost pool Overhead cost (£) Additional Notes Job-order set up 33,000   Procurement and placement 360,000   Installation of winding system   195,000 An…

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A variety of organizations, products, and services are described in the following table: product of services type of cost system Bayer Aspirin   Dentis practices   coca cola   conversion vans   Delta Airlines   exxon oil   auto repair   mayfield dairy   home builder   sony TV   Required:In the second column of the above table, enter "Process", Job Order”, or “Hybrid” as the expected most appropriate costing system.

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Question 4

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Cost of Goods Manufactured, Cost Identification, Solving for UnknownsObjective 2 - Explain the cost assignment process., 4 - Prepare incomestatements for manufacturing and service organizations.Allight Test Design Company creates, produces, and sells Intemet-basedCPA and CMA review courses for individual use. Davis Webber, head ofhuman resources, is convinced that question development employees musthave strong analytical and problem-solving skills. He asked Andrea Benson,controller for Allright Test Design, to help develop problems for use inscreening applicants before they are interviewed. One of the problems Andreadeveloped is based on the following data for a mythical company (Mythic, Inc.)for the previous year:a. Conversion cost was $140,000 and was four times the prime cost,b. Direct materials used in production equaled $5,000.c. Cost of goods manufactured was $154,000.d. Ending work in process is 40 percent of the cost of beginning work inprocess.e. There are no beginning or…

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Part 3:  Activity-Based Costing Similarly, Mr. Suncat has a couple of questions for you regarding the activity-based costing method.  He has provided the following additional information:           Cost Pools         Cost Drivers         Estimated Overhead       Expected Use of Cost Drivers Expected Use of Cost Driver:  Basic Wedding Cake Expected Use of Cost Driver Multi-Layer Wedding Cake Expected Use of Cost Driver Custom Wedding Cake Initial customer meeting Number of hours spent with customer $15,000 4.5 hours 0.75 hour 1.25 hours 2.5 hours Purchasing ingredients Number of purchase requisitions $15,000 1000 requisitions 150 requisitions 300 requisitions 550 requisitions Making and baking the wedding cakes Direct Labor hours $40,000 5.5 hours 1.25 hour 2 hours 2.25 hours Decorating the wedding cakes Direct Labor hours $70,000 9.5 hours 1.75 hours 3 hours 4.75 hours Final customer meeting and cake…

C2 - Please solve all sub-part questions with all steps. Thanks

ences Mc Hill Johnny Lee Incorporated produces a line of small gasoline-powered engines that can be used in a variety of residential machines, ranging from different types of lawnmowers, to snowblowers, to garden tools (such as tillers and weed-whackers). The basic product line consists of three different models, each meant to fill the needs of a different market. Assume you are the cost accountant for this company and that you have been asked by the owner of the company to construct a flexible budget for factory overhead costs, which seem to be growing faster than revenues. Currently, the company uses machine hours (MHS) as the basis for assigning both variable and fixed factory overhead costs to products. 3 Within the relevant range of output, you determine that the following factory fixed overhead costs per month should occur: engineering support, $17,000; insurance on the manufacturing facility. $7,000: property taxes on the manufacturing facility, $14,000; depreciation on…

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Objective: Consider that you are an analyst at Regeneron Pharmaceuticals. You need to decide how to allocate administrative overhead costs to Regeneron's main commercial products (Eylea, Dupixent, Kevzara and Praluent). Determine how to appropriately allocate the costs in the table below to each of the commercial products using an allocation methodology of your choice. Department2019 Annual Operating ExpenseTime spent supporting Commercial productsCommercial$200MM100%IT$100MM25%Facilities$150MM0%Finance$25MM20%Human Resources$75MM10% Use the supporting document Net Product Sales of REGN Products to facilitate your analysis. Provide a written summary of how you allocated the overhead costs to each product in an outline of no more than one page. As a starting point, it's recommended that you revisit the material we covered in Chapter 12. Guidance on calculations:Start off with Net Product Sales of REGN Products. Your objective pertains to 2019 expenses, so you should be reviewing 2019…

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C12 - Please solve all sub-part questions with all steps. Thanks

Knowledge Check Bluebean Incorporated produces two lines of coffee cups: espresso coffee cups and travel coffee mugs. The unit cost information is shown here. The company uses a traditional volume-based costing system and believes that the number of labor hours is the appropriate cost driver. Activity Cost Pool Selling price Direct materials Direct labor Units produced Direct labor hours Estimated total overhead costs Item Number 1-Predetermined overhead rate Item Number 2- Total manufacturing overhead allocated Item Number 3-Manufacturing cost per unit Item Number 4-Gross profit per unit Espresso Coffee Cups $ 20 $6 $2 10,000 units 10,000 hours $ 80,000 Travel Coffee Mugs $ 25 58 $5 4,000 units 6,000 hours Espresso Coffee Cups Travel Coffee Mugs

You are employed as a research and development manager for a production company. The chief ex- ecutive officer of the company has asked you to generate costing data to better assist in expansionary planning for the company. You are required to generate costs data from the equation below. C(y)=23y2 +12y+8 assume10

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Q.How might Decorative Doors, Inc., use the new cost information from its activity-based costing system to address the declining market share for interior doors?

Required information Skip to question [The following information applies to the questions displayed below.] Zenon Computer competes at the retail level on the basis of customer service. It has invested significant resources in its customer service department. Recently, the company has installed a traditional activity-based costing (ABC) system to provide better cost information for pricing, decision making, and customer profitability analysis. Most of the costs of running the customer service department are considered committed (i.e., short-term fixed) costs (principally, personnel and equipment costs). The budgeted cost for the upcoming period is $832,000. Activity analysis, recently conducted when the ABC system was implemented, revealed the following information: Activities Percentage of Employee Time Estimated (Budgeted) Cost Driver Quantity Handling customer orders 75% 8,320 customer orders Processing customer complaints 10 416 customer complaints Conducting customer credit checks…