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You've been appointed as an executive director of small nonprofit organization. Among your many duties are to estimate an annual budget and develop a fiscal plan for organization.
For this assignment, you must develop a 2-page spreadsheet that you will deliver to the director and staff containing an annual generic annual budget for the RTWMTC. Using an income of 800,000 per year, you must answer the following questions:- How many employees does the RTWMTC company have and what is the break down of their salaries (you may choose)- What additional costs does RTWMTC have (include utilities, lease/mortgage, phone, etc.)?- What is the surplus or deficit of the RTWMTC?
Some firms have a lot of fixed costs and a few variable costs, while other firms are configured the other way around. What effect do you think the existence of a high proportion of fixed costs has on the desirability of using ABC methods?
Pick a costing method: process, job, or activity based. Explain the nature of your chosen method. What types of organizations should choose that method?
Why is variable costing not allowed for financial reporting purposes?
Create a memo on the ‘state of the company's industry' and associated risk factors.
What are some of the critical assumptions behind Cost-Volume-Profit Analysis and why is CVP typically employed by organizations more often than time value money tools?
Which of the following characteristics applies to process costing but not to job costing?
Hoover Inc. uses a job-order coding system. The company's inventory balances on February 1, the start of its fiscal year, were as follows:
CollegePak Company produced and sold 60,000 units throughout the year just ended at an average price of $20 per unit. Variable manufacturing costs were $8 per unit, and variable marketing costs were $4 per unit sold.
Create journal entries for each transaction. Using the journal entries as a guide, show whether every transaction would be handled as revenue or an expense using both the cash and accrual by completing the table provided.
Prepare a master budget for the three-month period.
Describe the reasons a consulting firm might use a normal costing system rather than an actual costing system.
Recognize three firms from 2009 FSB 100 which need a job-order costing system. Describe why they would most likely employ a job-order costing system.
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