Cost Accounting (Assignment – 1) Quaid-i-Azam School of Management Sciences, Quaid-i-Azam University, Islamabad Fall Semester 2012 Course: Course Instructor: Class: Cost Accounting Wasim Abbas Shaheen BBA – III (A) Assignment No 1: Instructions for Assignment: This is an individual assignment. The assignment should be hand written. All the students are advised to submit their assignments on maximum 14th of October, 2012 (Monday). There will be no late submission of the assignments. The assignments
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blending, the sherbet is packaged in quart containers. Wakefield has gathered the following information from Teresa Adams, TasteeFruit’s cost accountant: * TasteeFruit purchases raspberries at a cost of $0.80 per quart. * All other ingredients cost a total of $0.45 per gallon. * Direct labor is paid at the rate of $9 per hour. * The total cost of material and labor required to package the sherbet is $0.41 per quart. Adams has a friend who owns a berry farm that
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financial measure is indispensible. The plant makes profits by reducing the inventories and increasing the sales, but the cost of parts rises according to the financial report, which gives a red signal to Alex and his team. Through the novel, it is obvious that the current cost accounting system has some limitations and the allocation of costs has some distortions. Thus, the cost measurement remains to be improved and run in a more accurate way. Moreover, Lou, the plant controller, also claims that
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reasoning is he wants the highest percentage of overhead cost assigned to the military contracts (Whitecotton, 2011). This impacts the profitibility of both product lines by (a.) increasing the apparent “cost” of each unit so as to increase the sale price in a “cost-plus” contract and (b.) to reduce the amount of actual cost being charged to each unit sold on the open market, thereby improving the profit margin. In other words, the higher the cost base for each unit, the more the company can charge
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Managerial Accounting Discussion Questions: Owens & Minor 1. What are the services rendered by the distributor to manufacturers and hospitals? 2. How has the competitive environment at O&M changed over time? 3. Explain Exhibit 5. How does the pricing matrix work? How do the costs in exhibit 5 correspond to the costs shown in the customer profitability statement in Exhibit 4? 4. Numerical Exercise a. You are an account manager at O&M. You have two customers on a stockless program. Below are each
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Job Cost Set Up Overview The diagram below identifies the typical process for this task. For the most current and detailed information, refer to Help. |Setup Job | |Set up a job in Job Cost. | |( | | | |Setup Standard Cost Codes | |Set up standard cost codes in Job Cost.
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Case Study I ACCT-505 Managerial Accounting Information Provided Materials Purchased $325,000 Direct Labor $220,000 Sales $1,350,000 Gross Margin 30% Cost of Goods Available for Sale $1,020,000 Prime Costs $545,000 Manufacturer Overhead 65% Conversion Direct Materials $325,000 Beginning Balances Raw Materials $41,000 Works in Progress $56,000 Finished Goods $35,000 Conversion Cost= Manufacturing Overhead + Direct Labor Manufacturing Overhead= 65% of Conversion
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1. “The Goal” defines throughput as “the rate at which the system generates money through sales”. Our textbook defines it as “the total elapsed time from the start to the finish of a job or a customer being processed at one or more workcenters”. Inventory is defined by “The Goal” as “all the money that the system has invested in purchasing things which it intends to sell”. The textbook defines it as “a stock of materials used to satisfy customer demand or to support the production of services
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have separated our proposals into three sections: data collection/cost allocation and related controls, processing procedures and related controls, and disbursements. It is the opinion of our auditor team that if implemented these recommendations will provide the most cost savings and increased efficiency for your business. We conclude our report by offering suggestions for implementation of our recommendations. Data Collection/Cost Allocation & Related Controls Although not isolated to your payroll
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Advanced Variance Analysis: Calculation and Interpretation Subject: Professional 1 Strategic Management Accounting. Variance analysis is examinable both at Formation 2 (Management Accounting) and at Professional 1 (Strategic Management Accounting) levels. One main difference in syllabus between the two papers is that the Professional 1 (Strategic Management Accounting) syllabus includes ‘advanced’ variances, as follows: • • • • Materials mix & materials yield variances; Sales mix &
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