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1. What are equivalent units? Why do we need to calculate equivalent units? Why are they calculated separately for materials and conversion costs? How do they impact the cost of the products?
2. What are the differences between variable and absorption costing? Why is variable costing not allowed for GAAP reporting? Which method is more useful for internal decision-making? Why? As a manager, which would you prefer? Why?
3. For what is cost-volume-profit (CVP) analysis used? What are some of the key underlying assumptions that make CVP analysis useful for decision makers? Why might decision makers use CVP analysis?
The three product cost elements?direct materials, direct labor, and overhead? Flow through job order costing system in structured, orderly fashion. Specific accounts and subsidiary ledgers are employed to verify and record cost information.
Reed company employs a standard costing system. Manufacturing overhead is applied to products based on machine hours (MH). Employ the following information to make the needed calculations:
Prepare a master budget for the three-month period.
Describe the key historical events up to 1900 that have shaped the development of accounting. How do these events support the notion accounting is socially constructed?
What is the definition of the relevant cost and how would it execute to both job costing and process costing.
Rebecca owns several successful coffeehouses. Each one has its own manger and is operated independently of the others. In what ways do the coffeehouses utilize managerial accounting in the operational planning process?
Determine the predetermined overhead rate. Determine the amount of overhead applied during the year. Was overhead overapplied or underapplied? How much?
Recognize which costing system - job order or process cost - the following companies would use:
Calculate the total work done in equivalent units and the unit cost for April. Calculate the cost of units completed and transferred. Also, compute the costs in ending work in process.
Planning strategies for the audit
Recognize three firms from 2009 FSB 100 which need a job-order costing system. Describe why they would most likely employ a job-order costing system.
Give the following cost data Costs /per unit labor . $ 4 Materials .5 Fixed cost . $ 12000 Determine the break even point in units if the selling price is $ 19.00 Determine the break-even point in sales at a selling price of $ 19.00 What would profit..
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