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Question - You have been hired as the assistant controller of a company which produces boxes and other packaging materials. You have been doing research into using activity-based costing to determine if you can provide a reduction in costs of 5% per year over the next 3 years.
You are looking at how to reduce the cost of order taking and feel you can computerize the process and change how to process small orders. In doing your analysis of the order department you have determined activity-based costing would satisfy the cost savings but would require reducing the staff by 2 employees (all the employees have been with the company for many years).
What is your responsibility to reduce costs?
Utilize the IMA's ethical standards to support your answer.
What is your responsibility to the employees?
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
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.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
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A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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