Explain the process for making adjustments to transfer food and beverage costs amongst
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Explain the process for making adjustments to transfer food and beverage costs amongst
different internal revenue centers. For example, the bar obtains limes and lemons from the
main kitchen
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- Assume you are the warehouse manager for Vinnies Vinyls, a multi-location business specializing in vinyl records. Vinniess operates under a cost-based transfer structure and the warehouse supplies all stores with the records. The stores can purchase records only from the warehouse, and the warehouse can only sell to Vinnies stores. The manager of the West store has some concerns relating to the stores financial performance and has asked for your help analyzing transfer costs. After calculating the operating income in dollars and the operating income percent, analyze the following financial information to determine costs that may need further investigation. (Hint: it may be helpful to perform a vertical analysis.)You are the warehouse manager for a multi-location business specializing in old style vinyl records. The company operates under a cost-based transfer structure and the warehouse supplies all stores with the records. The stores can purchase records only from the warehouse, and the warehouse can only sell to the stores. The manager of the West store has concerns relating to the store’s financial performance and has asked for help analyzing transfer costs. After calculating the operating income in dollars and the operating income percent, analyze the following financial information to determine costs that may need further investigation. It may be helpful to perform a vertical analysis (i.e., perform a vertical analysis). warehouse west store sales $18,920 $43,860 cost of goods sold 9,082 21,053 gross profit $9,838 $22,807 selling expenses 860 2,752 Wges expenses 4,730 15,351 costs allocated from corporate 2,838 4,386 total expenses $8,428 $22,489 operating…You have just been hired by Ogden Company to fill a new position that was created in response to rapidgrowth in sales. It is your responsibility to coordinate shipments of finished goods from the factory to distribution warehouses located in various parts of the United States so that goods will be available as ordersare received from customers.The company is unsure how to classify your annual salary in its cost records. The company’s costanalyst says that your salary should be classified as a manufacturing (product) cost; the controller says thatit should be classified as a selling expense; and the president says that it doesn’t matter which way yoursalary cost is classified.Required:1. Which viewpoint is correct? Why?2. From the point of view of the reported net operating income for the year, is the president correct in hisstatement that it doesn’t matter which way your salary cost is classified? Explain.
- Discuss how, as warehouse manager for Vinnies Vinyls, you view the different rate of allocated costs the warehouse is being charged compared to the West store. Describe the implications of this. What steps could you take to solve this discrepancy? What alternatives would you consider, assuming management is willing to consider making changes in the rate?The following is a list of costs incurred by several businesses:a. Cost of fabric used by clothing manufacturerb. Maintenance and repair costs for factory equipmentc. Rent for a warehouse used to store raw materials and work in processd. Wages of production quality control personnele. Oil lubricants for factory plant and equipmentf. Depreciation of robot used to assemble a productg. Travel costs of marketing executives to annual sales meetingh. Depreciation of copying machines used by the Marketing Departmenti. Fees charged by collection agency on past-due customer accountsj. Electricity used to operate factory machineryk. Maintenance costs for factory equipmentl. Pens, paper, and other supplies used by the Accounting Department in preparing various managerial reportsm. Charitable contribution to United Fundn. Depreciation of microcomputers used in the factory to coordinate and monitor the production scheduleso. Fees paid to lawn service for office grounds upkeepp. Cost of sewing…Madison Park Co-op, a whole foods grocery and gift shop, has provided the following data to be used in its service department cost allocations: . do not give solution in image
- Step-Down Method Madison Park Co-op, a whole foods grocery and gift shop, has provided the following data to be used in its service department cost allocations: Required: Using the step-down method, allocate the costs of the service departments to the two operating departments. Allocate Administration first on the basis of employee-hours and then Janitorial on the basis of space occupied.Each of the following cost items pertains to one of these companies: Home Depot (a merchandising-sector company), Apple (a manufacturing-sector company), and Rent a Nanny (a service-sector company): LOADING... (Click the icon to view the cost items.) Read the requirements LOADING... . Requirement 1. Distinguish between manufacturing-, merchandising-, and service- companies. ▼ Manufacturing-sector Merchandising-sector Service-sector companies provide services or intangible products to their customers—for example, legal advice or audits. ▼ Manufacturing-sector Merchandising-sector Service-sector companies purchase materials and components and convert them into different finished goods. ▼ Manufacturing-sector Merchandising-sector Service-sector companies purchase and then sell tangible products without changing their basic form. Requirement 2. Distinguish between inventoriable costs and period costs. Select whether each…Which of the following is a common fixed cost to the salesdepartments in a department store?a. Salaries of store security personnel.b. Salaries of sales department managers.c. Cost of goods sold.d. Depreciation on fixtures used exclusively in a specificsales department.
- World View Outfitters operates a large outdoor clothing and equipment store with three main product lines: clothing, equipment, and shoes. World View Outfitters operates at capacity and allocates selling, general, and administration (S, G & A) costs to each product line using the cost of merchandise of each product line. The company wants to optimize the pricing and cost management of each product line and is wondering if its accounting system is providing it with the best information for making such decisions. Store manager Abe Barry gathers the following information regarding the three product lines: For2017,World View Outfitters budgets the following selling, general, and administration costs: 1. Suppose World View Outfitters uses cost of merchandise to allocate all S, G & A costs. Prepare budgeted product-line and total company income statements. 2. Identify an improved method for allocating costs to the three product lines. Explain. Use the…The Helium Store has a Human Resources Department and a Janitorial Department that provide service to three sales departments. The Human Resources Department cost is allocated on the basis of employees, and the Janitorial Department cost is allocated on the basis of space. The following information is available:Consider the costs that are incurred by a local pizza business. Identify each cost as either expensed or depreciated and describe why that classification applies. • Cost for pizza dough and toppings • Cost to pay wages for janitor • Cost of new baking oven • Cost of new delivery van• Cost of furnishings in dining room • Utility costs for soda refrigerator
