Explain how “job costing” is a useful technique to be adopted in your firm.
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You are the main partner of Juruadit Bertauliah. Explain how “
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- Besides the “Shop,” how else does Barcelona try to maximize employee fit? What other suggestions do you have for the company to improve new hires’ fit with the job and organizationIt is your first day at a new job and you talk about the themes of cost system design. One of your new colleagues asks, “If different cost information is used for different purposes, does that mean we do not know what something costs? I thought that was what a cost system reported.” How would you respond?Keating& Associates is a law firm specializing in labor relations employee-related work. Keating & Associates received feedback from Punch, Inc., that its bid for the labor contract work was too high. This feedback prompted Keating to review its work activities and how they are reflected in its job-costing system. The review included the detailed analysis of how past jobs used the firm’s resources and interviews with personnel about what factors drive the level of indirect costs. Management concluded that a system with two direct-cost categories (professional partner labor and professional associate labor) and two indirect-cost categories (general support and secretarial support) would yield more accurate job costs. Budgeted information for 2016 related to two direct cost categories is as follows: Professional Professional Partner labor…
- You are working with a firm of Cost Consultants. A client having a large manufacturing FMCG co. comes to you for advice for installing a cost accounting system in his organization. What are the basic considerations you would keep in mind in designing a cost accounting and management accounting system for your client? What are the practical difficulties you perceive on its implementation by your client and how do you propose to overcome the same?Susan Mills, Company B's chief accountant, has developed an automated costing system that helps track the cost of production activities. This system is capable of accurately measuring and allocating post-manufacturing activities, such as selling, promotional, and distribution activities, in such a way that Company B gets a more detailed view of its product costs. One of the benefits of this system is that it allows Company B to determine which product lines are more profitable When Susan implemented the new costing system, she realized that the company's current period profits would increase significantly if the new product cost information was used for inventory valuation on the financial statements. Susan has been under intense pressure to improve the company's profits, and this would be a quick and effective way for her to help meet the company's short-term profit goals. As a result, Susan has decided to use the automated costing system to determine the company's profits. 1. Why…Imagine that you own your own business, or you are the manager of a company. Please tell us about your firm , explain the product the production process. Please refrain from using theexamples discussed in class (pizza shop, web design company, etc). Please provide concrete examples of the fixed costs and variable costs that are sp ecific to YOUR firm. Please provide an example of sunk costs in YOUR firm and explain why they are sunk costs.
- Mel Gibbeson has recently graduated from a business school and has joined the family business as anaccountant. At the first management meeting with production, marketing and sales, a great deal oftime was spent discussing the unit cost of products.Required: What kinds of decisions can managers make using the unit cost information?( explain briefly your answer) (use your own words to avoid plagirism)If you were a small business owner would you implement an activity based costing system? What potential benefits or pitfalls do you foresee? The answer doesn't have to be long.Stan is opening a coffee shop next to Big State University. He knows that controlling his costs will be important to the success of the shop. He will not be able to work all the hours the shop is open, so the employees will need some guidelines to perform their jobs correctly. After talking to an accounting professor, he decides he needs a standard cost system for his shop. Describe the process Stan should follow in setting his standards for materials and labor.
- Walsh & Coggins, a professional accounting firm, collects cost information about the services they provide to their clients. Describe the types of cost data they would collect and explain the importance of analyzing this cost data.Felipes Restaurant and Pie Shop needs help defining the costs for his business. He also wants to know which costs are relevant or irrelevant to his decision. Identify each cost as relevant or irrelevant. Then identify the type of cost (sunk. fixed, variable, or opportunity).What factors would you consider in deciding whether to use direct labor dollars or direct labor hours in charging overhead to jobs in a service firm?