to make sure there is enough funding 9. Update FY Time bank spreadsheet for FY Financial Reports. Accounting Principles Indirect Cost – Any cost that cannot be directly identified with a single final cost objective but can be identified with two or more final cost objectives or an intermediate cost objective. (Cost Accounting Standard – CAS) EXAMPLE of Indirect Costs: Paid time off, holiday pay, Fica, Medicare, Futa, Suta, payroll expenses, 401k matching expense, 401k administration
Words: 2910 - Pages: 12
Products L M N Sales price per kg. 5 10 20 Post-separation point costs 10,000 5,000 15,000 Output in kg 2,500 1,000 1,500 Pre-separation point costs amounted to Rs.20,000 The joint products are manufactured in one common process, after which they are separated and may undergo further individual processing, the pre-separation point costs are apportioned to joint products according to weight. You are required to prepare a statement showing the estimated
Words: 880 - Pages: 4
market means that you company is a price-taker - if the firm wants to continue to stay relevant in this area, the firm must be able to match competitors’ prices. Considering that pumps are your company’s major product line, an understanding of the costs of producing them is necessary in order to maintain your place as a major pump supplier. From the time that the company invented a unique design for high-quality valves, it has enjoyed a loyal customer base; however, your company’s leadership recognizes
Words: 1091 - Pages: 5
barriers |organizational structure in order to adjust |costing system because it will result in more| |fall and manufacturing cost of balloons will |as per changing business environment. For |accurate product cost, labor cost etc. This | |decrease due to increase in product demand, |e.g. Sky’s the limit needs to establish |will also result in one rate for cost | |hence attracting new competitors entering New|separate departments for manufacturing |allocation for each manufacturing
Words: 3466 - Pages: 14
system: 5 4. Assessment of overconsumption in 1995-1998 period: 6 5. Cost savings through reduced consumption in the 1999 system: 7 6. Conclusion: 8 7. Recommendation: 8 Appendix 1: Calculation cost of a large and a small customer in 1995-1998 system and 1999 system 9 Appendix 2: Calculation cost of actual usage in 1998 and proposed usage in 1999 under 2 systems in Huntsville Division 10 Appendix 3: Cost savings company get and lost 11 Ciatation: 12 1. Introduction: For
Words: 2351 - Pages: 10
valves, connectors, and fixtures used in commercial and residential plumbing applications. Recently a senior manager walked into the cost accounting department and asked Nick Somner to tell her the cost of the D45 valve. Nick quickly replied, “why do you want to know?” Noticing that the manager appeared somewhat startled by this question, he explained, “The cost information you need depends on the decision you’re going to make. You might be thinking of increasing a scheduled production run of 3000
Words: 452 - Pages: 2
Use the Overhead Cost Activity Analysis in Exhibit 5 and other data on manufacturing costs to estimate product costs for values, pumps and flow controllers. Based on the information in the case, the cost of valves is $39, the cost of pumps is $81 and the costs of flow controllers is $147. The breakdown of the analysis is below. Total Values Pumps Flow Controllers Manufacturing Costs Material Cost per Unit 16 20 22 Units per Month 7500 12500 4000 Material Cost per Month 120000
Words: 853 - Pages: 4
provide 2 grounds of land free of cost for the construction. A Trainee Accountant has prepared an estimate on the basis of which he has advised that the contract should not be accepted at the price offered. His estimate was as follows: (Rs.lakhs) Land (3 grounds @20 lakhs per ground) | 60 | Drawing and design cost | 7 | Registration | 10 | Materials | | Cement and Sand (In stock at original cost) | 12 | Bricks and tiles (To
Words: 2209 - Pages: 9
monitoring. Job costing is an accounting method used to assign product costs to custom products or services. In job costing, direct costs are traced and overhead costs are allocated to individual jobs. Sometimes defects occur in custom products. Defective units can sometimes be reworked. The costs for both spoilage and rework need to be accounted for, as does the cost of scrap that arises from production. This Chapter Addresses the Following Questions: How are costs assigned to customized goods and
Words: 21831 - Pages: 88
indicators. For the issues with Ferguson & Son, Tom Emory’s statement regarding not knowing if the accounting department’s reports would reflect a good or bad performance shows a lack of communication within the organization. It seems the accounting department and the business owners are not communicating well because the business owners are not being kept informed of how they are performing and accounting is unaware of the business reasons behind the expense fluctuations. This creates inefficiency
Words: 1715 - Pages: 7
