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Consider a proposed business (as a healthy ice cream shop) and develop some initial ideas about what considerations need to be taken into account for the company to reach profitability. Answer the following questions in your groups:
Problem 1: Describe your business. What product or service will you provide? What will your high-level strategy be: to focus on cost/efficiency or provide high value?
Problem 2: How much will you charge for your product, and what factors do you have to consider for setting the sale price?
Problem 3: What would be the variable costs you would have to consider for your business?
Problem 4: What would be the fixed costs you would have to consider for your business?
Problem 5: Do you believe that your business can break-even in its first year? Why or why not? Make sure to take volume into account.
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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