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Question - Manufacturing firms set standards for the amount and price of direct materials, direct labor, and factory overhead consumed by their products. Standards establish a benchmark to be used in evaluating actual performance. They allow management to recognize when costs are not in line with the company's projections and to take corrective action.
Starbucks and other companies have been in the headlines recently for tying executive compensation to their diversity and community impact goals.
For your discussion post:
(1) Describe a couple of examples of standards in your daily life. For example, following the Student Code of Conduct requires you to follow rules.
(2) If you are a member of the Board of Directors for a publicly-traded company, what position would you take - would you tie company performance, to CEO pay or would you establish different standards for the CEO?
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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