You have been hired as a managerial accountant by mr smith

Assignment Help Financial Accounting

Reference no: EM13376683

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 2-3 page document with all of the following task requirements:

Your role as an accountant
- Prepare a job description that includes the typical duties of a managerial accountant.
Types of Costs
- Explain what type 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. In other words, what types of expenses 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: ABC, job order, or process costing? Validate your answer with reasons for and against the other types of costing. Also, include examples of how you plan to use your chosen costs.
Analysis for Contribution Margin, Absorption, Variable, Throughput, and Joint Product Costing
- Using examples, discuss how each will be used in the cabinet department.
- Include a formula where necessary (contribution margin).
- Explain in detail where you will find the appropriate information or calculation.
Fixed, Variable, Mixed Costs
- Based on the cabinet division, give an explanation and 2 examples for each type of cost: fixed, variable, and mixed.
Budget
- Explain why setting up a budget is so important for this new start-up division.
- Explain how you plan to gather budget information. Do you plan on including other department heads in the budget process? Why or why not?
- Explain what type of information will be found on each type of budget: master, flexible, and capital. Explain how you will ensure that the budget's estimates are as accurate as possible.

Reference no: EM13376683

Questions Cloud

Case study titled revitalizing a brand located in the : case study titled revitalizing a brand located in the online course shell. use the internet or strayer databases to

Module 11 what are the maturities on intels long-term debt2 : module 11 what are the maturities on intels long-term debt?2 what are intels projected obligations on long-term debt

Astaire company uses the gross profit method to estimate : astaire company uses the gross profit method to estimate inventory for monthly reporting purposes. presented below is

Abby corp adds raw materials to production at the beginning : abby corp. adds raw materials to production at the beginning of the process in the assembly dept. materials data for

You have been hired as a managerial accountant by mr smith : you have been hired as a managerial accountant by mr. smith of wilson-west manufacturing a start-up company that

Following is information taken from the accounting records : following is information taken from the accounting records of kagawa company at the end of 2009.- net sales 660000-

Kansas city corporation holds three assets when it comes : kansas city corporation holds three assets when it comes out of chapter 11 bankruptcybook

Olds company declares chapter 7 bankruptcy the following : olds company declares chapter 7 bankruptcy. the following are the asset and liability book values at that time

Question 11 during 2010 von co sold inventory to its : question 11. during 2010 von co. sold inventory to its wholly-owned subsidiary lord co. the inventory cost 30000 and

User Account

All Pages