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Explain what types of costs you plan

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Assignment Description

You have been hired as a managerial accountant by Mr. Smith of Wilson-West Manufacturing, a start-up company that produces several different product lines. He would like you to set up the cost accounting system for the cabinet division. Listed below are your new job requirements and at least 1 task for each.

Compile a document or 400-600 words with the following requirements:

Types of costs

Explain what types of costs you plan on using to distinguish the different types of cabinets that will be produced.

Examples should include direct costs items, indirect costs items, as well as variable costing.

What are at least 5 types of expenses that are associated with manufacturing the cabinets?

Cost accounting methods

Explain how product costing is used for a cabinet division. Give 2 examples of how you will use product costing.

Which costing method will you use for the cabinet division: Activity-based costing (ABC), job order costing, or process costing?

Validate your answer with 2-3 reasons for and 2-3 reasons against the other types of costing.

Verified Expert

Different types of costing methodologies shall be used to measure different costs in different situations in the organization. Different organizations also use different costs. Variable costs like material cost or other extra labor costs that would be sued to bring the uniformity in decision making functions of the organization shall be considered to be relevant.

Reference no: EM131472206

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len1472206

4/24/2017 6:24:34 AM

I have been hired as a managerial accountant by Mr. Smith of Wilson-West Manufacturing, a start up company that produces several different product lines. He would like you to set up the cost accounting system for the cabinet division.

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