Statement WIP Balance Finished: A3+A4+A6=Finished $3,805+$4,175+$1,110=$9,090 Work In Process: A5+A7=WIP $2,380+$1,145=$3,525 The WIP balance for Job A-5 is $2,380 and the WIP balance for Job A-7 is $1,145. Together, they create a balance of $3,525. a.) I would not have taken the order from Mrs. Carter at the price of $1,500. b.) If Lambeth would have taken the offer, they would have lost a profit of at least $125. Mrs. Carter was willing to pay no more than
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com/shop/bmgt-321-chapter-5-homework/ ACTIVITY-BASED COSTING AND ACTIVITY-BASED MANAGEMENT 5-16 (20 min.) Cost hierarchy. Forrester, Inc., manufactures karaoke machines for several well-known companies. The machines differ significantly in their complexity and their manufacturing batch sizes. The following costs were incurred in 2014: a. Indirect manufacturing labor costs such as supervision that supports direct manufacturing labor, $825,000 b. Procurement costs of placing purchase orders, receiving materials, and
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One Student Guide Welcome to the first week of Cost Accounting. This week, you learn what managerial and cost accounting are and how these relate and contrast to financial accounting. You then learn about the two basic forms of cost accounting—job order and process cost systems. Most importantly, you will consider ethical considerations within managerial and cost accounting. Your work this week is a critical foundation for the entire course. The first chapter presents a thorough orientation to
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Reynolds uses an actual Job-order costing system. An actual overhead rate is calculated at the end of each month using Actual direct labor hours and overhead for the month. Once the actual cost of a job is determined, The customer is billed at actual cost plus 50. During April, Mrs. Lucky, a good friend of owner Jane Reynolds, ordered three sets of wedding announcements to be delivered May 10, June 10, and July 10, respectively. Reynolds scheduled production for each order on May 7, June 7, and
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[pic]standard [pic]actual [pic]process [pic]job order 2. Process costing is used in companies that _______. (Points: 1) [pic]engage in road and bridge construction [pic]produce sailboats made to customer specifications [pic]produce bricks for sale to the public [pic]construct houses according to customer plans 3. A producer of ____ would not use a process costing system. (Points: 1) [pic]gasoline [pic]potato chips
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Scenario One: (500 Words) You are an audit senior in an accounting firm and you asked the audit partner about the ‘audit expectation gap’. The audit partner provided his opinion on the issue as follows: There is a so called ‘audit expectation gap’, and it is associated with unreasonable expectations of users. They want all fraud found, and a guarantee that the company will continue forever! This is quite unreasonable and not what the audit is designed to do! Perhaps we could do more on these issues
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Q1. Memorandum To : Encik Razali Mohd General Manager From Date Subject : : : Fred Ironstein, Management Accountant 12 March 2002 Implementation of Target Costing and the concerns Target costing is an approach developed by the Japanese companies. It is: “Target costing is the process to determine the maximum allowable cost for a particular new product and then developing the prototype that can be profitably manufactured and distributed for that maximum target cost figure.” Target
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GULU UNIVERSITY FACULTY OF BUSINESS AND DEVELOPMENT STUDIES DEPARTMENT OF FINANCE AND ACCOUNTING BACHELOR OF BUSINESS ADMINISTRATION (BBA) COST AND MANAGEMENT ACCOUNTING (BBA 314) COURSE WORK SEMESTER ONE: 2012/2013 Henry Egyeyu 07/U/456/BAK/PS Tel: +256774366667/+256714366667 Question: Accounting theory and practices have identified financial management, financial accounting and management accounting as distinct entities and granted them independent status. Unfortunately, cost accounting
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COSTING METHODS Costing methods for Super Bakery University of Phoenix ACC/561 December 19, 2011 Timothy W. Williams, Ph.D. Costing methods for Super Bakery Super Bakery is a virtual corporation created in 1990 by Franco Harris, developing a network of supply for “donuts and other baked goods aimed for the institutional food market” (Kimmel, et al, 2009, pg 867). According to Kimmel, et al (2009), “only the cores, strategic functions of the business are performed
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Running head: COSTING METHODS PAPER Costing Methods Paper Marsha Pettus University of Phoenix Accounting ACC/561 Bethany Kessel November 27, 2013 Costing Methods Paper Super Bakery, Inc. was founded by Franco Harris, formerly of the Pittsburgh Steelers, in 1990. The corporation supplies healthy, vitamin enriched doughnuts and other baked goods, out of an initial desire to make a difference in the institutional food market by targeting school systems nationwide
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