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Give five disadvantages to using an activity-based costing system:
1. The company may be making single or few products,
2. The company may have low overhead costs as compared to direct labor,
3. The company may only have simple data available,
4. The company may have less non-product costs, and finally
5. The system may be too costly to install and/or execute
Based on these answers, why would a company who only makes a few products not want to use such a system? Is this kind of process more important to a company such as Ford or Boeing, who have several product lines and need to keep track of multiple lines of production?
Rebecca meets with the managers of each location each month to review operations results. this meeting, the manager must present a projection of operations for the coming month. Explain how Rebecca utilizes strategic planning.
Why is variable costing not allowed for financial reporting purposes?
City of Joseph Commercial Bank hired consultants to compute the costs of three products: checking accounts, personal loans, and the Gold visa card. The consultant identified the following activities, costs and activity drivers (annual data):
Determine the equivalent units of conversion. What is the conversion costs assigned to completed calendars? What amount of conversion is assigned to the ending work-in-process inventory?
Suppose the company decides instead to employ a traditional costing system in which ALL costs are allocated to customers on basis of cleaning hours. Evaluate the margin for the Lazzara family.
The Coastal Landscaping and Snow Removal company employs normal costing to assign overhead costs to firm's various jobs. Labor is charged to jobs at $25 per hour and for upcoming winter session, overhead is estimated at $200,000 for $10,000 hours ..
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Describe the similarities and differences between job order cost and process cost systems.
Camping for Fun, Inc., produces a variety of camping products on a year-round basis. The best-selling item is a compact portable camping stove made from sheets of rust-free aluminum.
What should the Manhattan Company do to improve its profitability? Consider pricing and product-level changes among your suggest. Who should be involved in implementing your recommendations?
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.
Evaluate the Predetermined Overhead Rate
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