This document discusses various methods, techniques, and systems of costing. It describes job costing, contract costing, batch costing, process costing, operation costing, and others. It also covers techniques like marginal costing, direct costing, and absorption costing. For systems of costing, it explains historical costing using post-costing and continuous costing, as well as standard costing.
Classmate ALearning OutcomesIn Chapters 5 and 6, we haveVinaOconner450
Classmate A
Learning Outcomes
In Chapters 5 and 6, we have learned about the cost behavior patterns and process costing in an organization. It considered that the cost behavior patterns and process costing in accounting decisions. Cost behavior patterns define how the organization and operating expenditures change or remain the same through dissimilar events. Practices can be changed, particularly while changing the production levels or sales volume within a business. It may rise in fixed, variable, and mixed expenditures. For example, let's assume that the cost of direct material of a bike company for each bike is $40. If the motorcycle unrestricted made one bike, the total variable price for natural materials is around $40. If the bike company made two bikes, the total variable cost becomes double that is $80. It shows that the variable cost mainly changes in percentage to change in the volume of activity. If the production becomes double, then total variable cost also double, and the cost per unit remains similar. The term variable costs must define the full price with the variations in activities, not the price per unit.
In chapter 8, we also learned about how united airlines fight to regulate costs. United Airlines is considered the second primary air carrier in the world. The industry study that the airlines had high fixed prices, making it hard for the business to cut prices rapidly in line with its deduction in income. It also shows that there is difficulty in finding the fixed costs. The fixed expenses are a significant element of total operating expenditures, making it hard for airlines to create short-term cuts in spending when income reduces. It seems that the variable, fixed, and mixed expenses are essential for quick decision-making and are used for a particular period. The appropriate variety is the range of actions for which cost behavior patterns are like to be correct.
In chapter 9 it has been discussed the process costing in production costs. Process costing is an introductory section in production costs because process costing defines the price of each product made as similar to the price of every other product. It seems that a desk company produces desks, and it maintains a benefit over it that their participants made desks in large quantities, that is 4000 to 8000 desks per month, with the help of globally accepted designs. It permits the business to purchase material in bulk, which results in a discount on costs from suppliers. The same desk is made for all the consumers; as a result, desk products can limit the production procedure to two processing sections: assembly and finished. New participants recently started producing the same desk, and the desk company worried whether the desk production price is reasonable. The above example shows that it is hard to make the production process successful without proper technique costing.
The managers can use cost behavior patterns while making decisions because it helps ...
Process costing is a method of assigning costs to products in a manufacturing environment where standardized goods are produced continuously. Costs are accumulated for each stage of production, or process, and then averaged across all units produced during an accounting period. This allows costs to be tracked by production department and allocated to individual units. Process costing is commonly used for industries that produce homogeneous goods like chemicals, textiles, food products, and more.
The document discusses activity-based costing (ABC), a method that assigns costs to products and services based on the activities consumed by each. It provides a 4-step process for ABC implementation: 1) identify activities, 2) assign resource costs to activities, 3) identify outputs, and 4) assign activity costs to outputs using cost drivers. ABC aims to more accurately determine costs by tracing them to specific causes like production activities rather than allocating overhead broadly.
Process costing is an accounting method used to assign costs to units produced in continuous or repetitive processes. Costs like direct materials, direct labor, and manufacturing overhead are accumulated and averaged over total units produced during a period, then allocated to individual units. This contrasts with job costing, which tracks costs of individual jobs. Process costing is suitable when identical or similar units are mass produced continuously, as in oil refining or food manufacturing. Key aspects of process costing include determining equivalent units, allocating total costs based on normal or actual output, and assigning costs to completed units and work-in-process inventory.
Job order costing and process costing are two different costing systems. Job order costing tracks costs for unique jobs or orders, while process costing is used for mass production of standardized products. Under job order costing, a separate cost record is kept for each job, while process costing accumulates costs for each production process over a period of time. Job order costing is suitable when products differ for each order, while process costing is more appropriate for continuous, large-scale production of homogeneous items.
This document discusses various methods, techniques, and systems of costing. It describes job costing, contract costing, batch costing, process costing, operation costing, and others. It also covers techniques like marginal costing, direct costing, and absorption costing. For systems of costing, it explains historical costing using post-costing and continuous costing, as well as standard costing.
Classmate ALearning OutcomesIn Chapters 5 and 6, we haveVinaOconner450
Classmate A
Learning Outcomes
In Chapters 5 and 6, we have learned about the cost behavior patterns and process costing in an organization. It considered that the cost behavior patterns and process costing in accounting decisions. Cost behavior patterns define how the organization and operating expenditures change or remain the same through dissimilar events. Practices can be changed, particularly while changing the production levels or sales volume within a business. It may rise in fixed, variable, and mixed expenditures. For example, let's assume that the cost of direct material of a bike company for each bike is $40. If the motorcycle unrestricted made one bike, the total variable price for natural materials is around $40. If the bike company made two bikes, the total variable cost becomes double that is $80. It shows that the variable cost mainly changes in percentage to change in the volume of activity. If the production becomes double, then total variable cost also double, and the cost per unit remains similar. The term variable costs must define the full price with the variations in activities, not the price per unit.
In chapter 8, we also learned about how united airlines fight to regulate costs. United Airlines is considered the second primary air carrier in the world. The industry study that the airlines had high fixed prices, making it hard for the business to cut prices rapidly in line with its deduction in income. It also shows that there is difficulty in finding the fixed costs. The fixed expenses are a significant element of total operating expenditures, making it hard for airlines to create short-term cuts in spending when income reduces. It seems that the variable, fixed, and mixed expenses are essential for quick decision-making and are used for a particular period. The appropriate variety is the range of actions for which cost behavior patterns are like to be correct.
In chapter 9 it has been discussed the process costing in production costs. Process costing is an introductory section in production costs because process costing defines the price of each product made as similar to the price of every other product. It seems that a desk company produces desks, and it maintains a benefit over it that their participants made desks in large quantities, that is 4000 to 8000 desks per month, with the help of globally accepted designs. It permits the business to purchase material in bulk, which results in a discount on costs from suppliers. The same desk is made for all the consumers; as a result, desk products can limit the production procedure to two processing sections: assembly and finished. New participants recently started producing the same desk, and the desk company worried whether the desk production price is reasonable. The above example shows that it is hard to make the production process successful without proper technique costing.
The managers can use cost behavior patterns while making decisions because it helps ...
Process costing is a method of assigning costs to products in a manufacturing environment where standardized goods are produced continuously. Costs are accumulated for each stage of production, or process, and then averaged across all units produced during an accounting period. This allows costs to be tracked by production department and allocated to individual units. Process costing is commonly used for industries that produce homogeneous goods like chemicals, textiles, food products, and more.
The document discusses activity-based costing (ABC), a method that assigns costs to products and services based on the activities consumed by each. It provides a 4-step process for ABC implementation: 1) identify activities, 2) assign resource costs to activities, 3) identify outputs, and 4) assign activity costs to outputs using cost drivers. ABC aims to more accurately determine costs by tracing them to specific causes like production activities rather than allocating overhead broadly.
Process costing is an accounting method used to assign costs to units produced in continuous or repetitive processes. Costs like direct materials, direct labor, and manufacturing overhead are accumulated and averaged over total units produced during a period, then allocated to individual units. This contrasts with job costing, which tracks costs of individual jobs. Process costing is suitable when identical or similar units are mass produced continuously, as in oil refining or food manufacturing. Key aspects of process costing include determining equivalent units, allocating total costs based on normal or actual output, and assigning costs to completed units and work-in-process inventory.
Job order costing and process costing are two different costing systems. Job order costing tracks costs for unique jobs or orders, while process costing is used for mass production of standardized products. Under job order costing, a separate cost record is kept for each job, while process costing accumulates costs for each production process over a period of time. Job order costing is suitable when products differ for each order, while process costing is more appropriate for continuous, large-scale production of homogeneous items.
This document discusses key aspects of job-order costing systems. It explains that job-order costing is used when many different products or services are produced each period and each job is unique. It also describes how overhead costs are allocated using a predetermined overhead rate. The document provides examples of how costs such as direct materials, direct labor, and manufacturing overhead are recorded on job cost sheets and used to determine the cost of completed jobs. It also discusses how underapplied or overapplied overhead is handled at the end of a period.
Acc mgt noreen03 systems design activity based costingJudianto Nugroho
The document provides an overview of activity-based costing (ABC). It begins by explaining the limitations of traditional costing methods and why ABC was developed. ABC assigns overhead costs to products based on their consumption of activities, rather than a single allocation base like direct labor hours. The document then demonstrates how to design and implement an ABC system using an example company. It shows how ABC can assign costs differently than traditional methods and help identify areas for process improvement.
This document discusses process costing and job costing accounting systems. It explains that process costing identifies costs by departments over time, while job costing tracks costs for individual jobs/products. The document also discusses modified and hybrid cost systems that combine elements of job and process costing. It provides details on how materials, labor, and overhead costs are handled differently between the two systems.
Design and Engineering Module 3: Prototype to ProductNaseel Ibnu Azeez
As per KTU Syllabus Design and Engineering
Prototyping- rapid prototyping; testing and evaluation of design; Design modifications; Freezing the design; Cost analysis. Engineering the design – From prototype to product.
Planning; Scheduling; Supply chains; inventory; handling; manufacturing/construction operations; storage; packaging; shipping; marketing; feed-back on design.
The document discusses activity-based costing (ABC). It provides an example of calculating activity rates for a purchase invoice processing activity. It shows calculating the activity usage and unused activity amounts as well as the total cost of resources supplied broken into usage and unused amounts. The document also provides an example comparing traditional overhead allocation and ABC for two products. ABC results in more accurate product costs that reflect resource usage compared to traditional methods.
The document discusses activity-based costing (ABC). It provides an example of calculating activity rates for a purchase invoice processing activity. It shows calculating the activity usage and unused activity amounts as well as the total cost of resources supplied broken into usage and unused amounts. The document also provides an example comparing traditional overhead allocation and ABC for two products. ABC results in more accurate product costs than traditional methods.
BBA 2301, Principles of Accounting II 1 Course LeaCicelyBourqueju
This document provides an overview of the learning outcomes and content covered in Unit VIII of BBA 2301, Principles of Accounting II. The key topics covered include:
1. Explaining how financial information influences short-term and long-term management decisions through tools like standard costs and balanced scorecards.
2. Discussing operational and capital budgets, including describing various capital budgeting methods like net present value, internal rate of return, and payback period.
3. Introducing the concepts of variances in standard costs, which are differences between actual and standard costs that can be analyzed, and the balanced scorecard for evaluating organizational performance using financial and non-financial measures.
CHAPTER 3Product Costing and Cost Accumulation in a Batch PrEstelaJeffery653
CHAPTER 3
Product Costing and Cost Accumulation in a Batch Production Environment Focus on ethics (Located before the Chapter Summary in the text.)
Did Boeing exploit accounting rules to conceal cost overruns and production snafus?
According to the circumstances alleged in the Business Week article cited in the text, Boeing did not handle its cost overruns, production problems, and the merger with McDonnell-Douglas in a transparent manner. Boeing allegedly acted to conceal its worsening operational problems through “earnings management” to ensure that the merger would be approved by the stockholders of both companies. While the method of “program accounting” is common in the aircraft industry, in this rather extreme case that accounting method did not result in a fair portrayal of the company’s financial and operational situation. As a result, the merger was approved on the basis of alleged misleading information, and it is the investors who will bear the brunt of this action.
The company’s top executives and their accountants must share the responsibility for these actions, the former for providing the data and the latter for approving it for public release. No accounting system should be used as a tool to cover up operational problems and mislead shareholders. One wonders also what the auditors were doing to assess the accuracy of the accounting information. Answers to Review Questions
3-1(a)Use in financial accounting: In financial accounting, product costs are needed to determine the value of inventory on the balance sheet and to compute the cost-of-goods-sold expense on the income statement.
1. Use in managerial accounting: In managerial accounting, product costs are needed for planning, for cost control, and for decision making.
1. Use in cost management: In order to manage, control, or reduce the costs of manufacturing products or providing services, management needs a clear idea of what those costs are.
(d)Use in reporting to interested organizations: Product cost information is used in reporting on relationships between firms and various outside organizations. For example, public utilities such as electric and gas companies record product costs to justify rate increases that must be approved by state regulatory agencies.
3-2In a job-order costing system, costs are assigned to batches or job orders of production. Job-order costing systems are used by firms that produce relatively small numbers of dissimilar products. In a process-costing system, production costs are averaged over a large number of product units. Process-costing systems are used by firms that produce large numbers of nearly identical products.
3-3Concepts of product costing are applied in service industry firms to inform management of the costs of producing services. For example, banks record the costs of producing financial services for the purposes of planning, cost control, and decision making.
3-4a.Material requisition form: A document upon which the product ...
This document discusses different methods of costing used in various industries. It describes job costing, contract costing, batch costing, process costing, unit costing, multiple costing, and operation costing. Job costing and process costing are identified as the two basic methods of costing, with other methods being combinations or extensions of these. Each method is suitable for different types of industries and production processes. The purpose of the different costing methods is to accurately ascertain the costs incurred for jobs, contracts, batches, units or operations.
The document discusses different types of manufacturing and service processes. It identifies 5 main types of manufacturing processes: repetitive, discrete, job shop, continuous, and batch. It also discusses factors that affect process design decisions and types of service processes such as line operations, job shop operations, and intermittent operations. The degree of customer contact in a service process also impacts operations management.
Cost accounting is a process that collects, records, analyzes, and evaluates costs to advise management on the most cost-efficient course of action. It originated during the Industrial Revolution to help managers understand complex business costs. Costs are classified as either variable, meaning they change with production volume, or fixed, remaining constant regardless of production levels. Key cost objects include direct materials, direct labor, and manufacturing overhead. Analyzing these cost objects allows for more accurate cost calculation and identification of inefficient activities to improve cost efficiency.
This document discusses job costing and batch costing. Job costing involves compiling costs for specific quantities of goods or services produced according to a customer's order. Costs are accumulated separately for each job. Batch costing is used when a company produces goods in batches for stock. The cost per unit is determined by dividing the total batch cost by the number of units in the batch. The document outlines the key features, objectives, advantages, and disadvantages of job costing as well as providing examples of job cost sheets and how to calculate economic batch size.
Managerial Accounting before 1950 was focused on the manufacturing product costs. The technology was also simple in evaluating the product-related cost. In 1977 the more complex managerial accounting method was introduced, and the company starts using the costs accounts to evaluate the product-related material and direct labor costs.
1) Activity-based costing (ABC) is a cost accounting method that allocates overhead costs to products and services based on their actual consumption of resources instead of traditional methods that use less accurate cost drivers.
2) Target costing is a process that sets a target cost for a product by subtracting the desired profit margin from an estimated selling price and then works to reduce costs to meet the target.
3) Life-cycle costing tracks and accumulates all costs associated with a product or service over its entire lifetime from design through disposal to determine total profitability.
This document discusses different costing techniques used in various industries and businesses. It provides examples of four costing techniques - marginal costing, standard costing, budgetary costing and how they help in decision making, cost control and cost reduction. Marginal costing helps management take short-term decisions and control variable costs. Standard costing enables cost control and performance evaluation by comparing actual and standard costs. Budgetary costing facilitates achieving organizational goals through periodic review of actual performance against budgets.
THE EFFECTS OF OVERHEAD COST IN THE SELLING PRICE OF A PRODUCT. Alex Raji
Abstract
www.projectworld.com.ng
This study aims to examine the effects of overhead cost in the selling of a product determination in the Nigeria automobile manufacturing industry. Specifically, the study looks at the treatment of overhead costs apportionment from the perspective of the profit making effort of automobile manufacturing firms. The methodology used is interview with staff of one automobile manufacturing company in Nigeria taken as a case study: that is innoson vehicle manufacturing co. ltd in Nnewi Anambra State. The findings of this study show that overhead costs apportionment has significant effect on the determination of “true and fair” selling price of an automobile manufacturing firm, especially as service centres are considered in primary apportionment before their shares are re-apportioned to production centres, using an appropriate method. This study, therefore, recommends that automobile manufacturing firms in Nigeria should adopt the activity based costing method of overhead costs apportionment as it considers service centres of the company together with production centres in fair apportionment of overhead costs, taking into account the percentage of services enjoyed by the production centres from the service centres. This would allow room for fairly accurate determination of total cost per unit of their products, which would ultimately lead to effective pricing decision.
Keywords: Overhead costs, Cost apportionment, Activity Based Costing, Selling Price, and Automobile Manufacturing Industry.
(No Plagiarism) Explain the statement Although many leading organi.docxtamicawaysmith
(No Plagiarism) Explain the statement: "Although many leading organizations have invested significant resources in developing the culture and routines for this innovation processes, most organizations continue to rely on the efforts of a handful of people and chance. An innovative organization is one that can perfect these routines in addition to creating an innovation culture in the organization that engages people. Five key routines can facilitate its management of the innovation process” (Dooley & O'Sullivan, 2003).
.
What made you choose this career path What advice do you hav.docxtamicawaysmith
The document discusses potential paths and college options after high school but provides little details. It briefly mentions fields of study and interests without elaborating on specific choices or recommendations. The document offers no clear direction or next steps for the reader.
Patient Population The student will describe the patient populati.docxtamicawaysmith
Patient Population: The student will describe the patient population that is impacted by the clinical issue. With a focus on the diversity of the human condition found within this patient population, the student will describe the influence that cultural values may have on the proposed solution. Proposed
Solution
: The student will set the stage for proposing the best solution to the clinical problem by using appropriate evidence-based data and integrating data from peer-reviewed journal articles. In this paper, the student will: i. Propose a clear solution to the clinical problem that is supported by a minimum of three scholarly, peer-reviewed journal articles.ii. Expand on the ethical considerations when developing the plan.
.
Dr. Paul Murray Bessie Coleman Jean-Bapiste Bell.docxtamicawaysmith
Dr. Paul Murray
Bessie Coleman
Jean-Bapiste Belley
Harriet Elizabeth Brown
Monte Irvin
Shirley Graham Dubois
Vernon Dahmer
Hale Woodruff
Jo Ann Robinson
Eugene "Pineapple" Jackson
Dr. Francis Cress Welsing
Dr. Kenneth Clark
Amy Jacques Garvey
Ophelia DeVore
Augusta Fells Savage
Eugene Jacques Bullard
Bobby Timmons
Clyde Kennard
Madison Washington
Joseph Winters
Sam Sharpe
Joseph Rainey
Bessie Stringfield
DJ Kool Herc
Lonnie Clayton
Mrs. Mamie Lang Kirkland
Lucius Septimius Bassianus
Carolyn Gudger
Jasmine Twitty
Daisy Bates
Ella Jenkins
Lewis Henry Douglass
Cynthia Robinson
Sylvester Magee
Mabel Fairbanks
Cathay Williams
Clara Belle Williams
John Baxter Taylor Jr.
Anna J. Cooper
The Black Seminoles
Dr. Daniel Hale Williams
Matthew Williams
Phillipa Schuyler
Yarrow Mamout
Mamie "Peanut" Johnson
Frank E. Petersen
"Miss Maggie" Walker
Paul Robeson
Olivia J. Hooker
Dr. Henry T Sampson
Lovie Yancy
Willie James Howard
Toni Stone (Marcenia Lyle Alberga)
Lucien Victor Alexis
Mevinia Sheilds
Dr. Lonnie Smith
Rosewood
Miss Jane Pittman
Lucy Terry
Abraham Galloway
Thomas Jennings
Irene Morgan
Paul Lawrence Dunbar
Jean Toomer
Doris Payne
Ann Petry
Madam C.J. Walker
Dr. May Edward Chinn
Greenwood, Tulsa, OK
Karen Bass
Dr. Dorothy Height
Dr. Geneva Smitherman
Michaëlle Jean
Robin Kelly
Mary Macleod Bethune
Jane Bolin
Donna Edwards
Dame Eugenia Charles
Dr. Thomas Elkins
Wilma Rudolph
Annie Malone
Ann Lowe
Black Wall Street
Cathy Hughes
Kamala Harris
Fannie Lou Hamer
Sarah Rector
Ruth Simmons
Claudette Colvin
MC Lyte
Benajin Banneker
Benjamin O. Davis, Jr.
Thurgood Marshall
Doris "Dorie" Miller
Cecil Noble
WC Handy
Dorothy Counts
Bayard Rustin
Dr. Eliza Ann Grier
Matthew Henson
Jesse Owens
Nina Simone
Wendell Scott
Adam Clayton Powell
Percy Julian
Dr. Charles Drew
Thomas "Fats" Waller
Satchel Paige
Bass Reeves
Marian Anderson
Josephine Baker
Joe Louis
Walter White
William Hastie
Elijah McCoy
Jan Matzelger
Lewis Latimer
Granville T. Woods
Fred Jones
Nella Larsen
Lloyd Hall
A. Philip Randolph
Althea Gibson
Barbara C. Jordon
Marcus Garvey
Malcolm X
James Meridith
Guy Buford
Hazel Scott
Stokely Carmichal
Denmark Vessey
Alex Haley
Virginia Hamilton
Ishmael Reed
Nalo Hopkinson
George Schuyler
Patricia Roberts Harris
John Lewis
Les McCann
Martin Delany
Derek Walcott
Carter Godwin Woodson
Alvin Ailey
Debbie Allen
Ralph Abernathy
Arthur Ashe
Crispus Attucks
Amiri Baraka
Seko.
In depth analysis of your physical fitness progress Term p.docxtamicawaysmith
In depth analysis of your physical fitness progress
Term paper should include details of:
▪ What worked and why (include all documentation)
▪ What didn’t and why
▪ Are your physical fitness results in alignment with your health continuum goals (include documentation)
▪ What are your current goals
▪ What are your future goals
▪ Develop a road map to get achieve those goals Due no later than November 30, 2020.
samples
Physical fitness benchmark assessments
Fitness assessment data sheet
Exercise charts
Personal physical fitness progress chart
Self assessment: Individual Health Continuum
.
Information systems infrastructure evolution and trends Str.docxtamicawaysmith
Information systems infrastructure: evolution and trends
Strategic importance of cloud computing in business organizations
Big data and its business impacts
Managerial issues of a networked organization
Emerging enterprise network applications
Mobile computing and its business implications
Instructions:
9- 10 pages (does not include Title page and references )
can Include images (not more than two)
Minimum six (6) sources – at least two (2) from peer reviewed journals
Include an abstract, introduction, and conclusion
.
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This document discusses key aspects of job-order costing systems. It explains that job-order costing is used when many different products or services are produced each period and each job is unique. It also describes how overhead costs are allocated using a predetermined overhead rate. The document provides examples of how costs such as direct materials, direct labor, and manufacturing overhead are recorded on job cost sheets and used to determine the cost of completed jobs. It also discusses how underapplied or overapplied overhead is handled at the end of a period.
Acc mgt noreen03 systems design activity based costingJudianto Nugroho
The document provides an overview of activity-based costing (ABC). It begins by explaining the limitations of traditional costing methods and why ABC was developed. ABC assigns overhead costs to products based on their consumption of activities, rather than a single allocation base like direct labor hours. The document then demonstrates how to design and implement an ABC system using an example company. It shows how ABC can assign costs differently than traditional methods and help identify areas for process improvement.
This document discusses process costing and job costing accounting systems. It explains that process costing identifies costs by departments over time, while job costing tracks costs for individual jobs/products. The document also discusses modified and hybrid cost systems that combine elements of job and process costing. It provides details on how materials, labor, and overhead costs are handled differently between the two systems.
Design and Engineering Module 3: Prototype to ProductNaseel Ibnu Azeez
As per KTU Syllabus Design and Engineering
Prototyping- rapid prototyping; testing and evaluation of design; Design modifications; Freezing the design; Cost analysis. Engineering the design – From prototype to product.
Planning; Scheduling; Supply chains; inventory; handling; manufacturing/construction operations; storage; packaging; shipping; marketing; feed-back on design.
The document discusses activity-based costing (ABC). It provides an example of calculating activity rates for a purchase invoice processing activity. It shows calculating the activity usage and unused activity amounts as well as the total cost of resources supplied broken into usage and unused amounts. The document also provides an example comparing traditional overhead allocation and ABC for two products. ABC results in more accurate product costs that reflect resource usage compared to traditional methods.
The document discusses activity-based costing (ABC). It provides an example of calculating activity rates for a purchase invoice processing activity. It shows calculating the activity usage and unused activity amounts as well as the total cost of resources supplied broken into usage and unused amounts. The document also provides an example comparing traditional overhead allocation and ABC for two products. ABC results in more accurate product costs than traditional methods.
BBA 2301, Principles of Accounting II 1 Course LeaCicelyBourqueju
This document provides an overview of the learning outcomes and content covered in Unit VIII of BBA 2301, Principles of Accounting II. The key topics covered include:
1. Explaining how financial information influences short-term and long-term management decisions through tools like standard costs and balanced scorecards.
2. Discussing operational and capital budgets, including describing various capital budgeting methods like net present value, internal rate of return, and payback period.
3. Introducing the concepts of variances in standard costs, which are differences between actual and standard costs that can be analyzed, and the balanced scorecard for evaluating organizational performance using financial and non-financial measures.
CHAPTER 3Product Costing and Cost Accumulation in a Batch PrEstelaJeffery653
CHAPTER 3
Product Costing and Cost Accumulation in a Batch Production Environment Focus on ethics (Located before the Chapter Summary in the text.)
Did Boeing exploit accounting rules to conceal cost overruns and production snafus?
According to the circumstances alleged in the Business Week article cited in the text, Boeing did not handle its cost overruns, production problems, and the merger with McDonnell-Douglas in a transparent manner. Boeing allegedly acted to conceal its worsening operational problems through “earnings management” to ensure that the merger would be approved by the stockholders of both companies. While the method of “program accounting” is common in the aircraft industry, in this rather extreme case that accounting method did not result in a fair portrayal of the company’s financial and operational situation. As a result, the merger was approved on the basis of alleged misleading information, and it is the investors who will bear the brunt of this action.
The company’s top executives and their accountants must share the responsibility for these actions, the former for providing the data and the latter for approving it for public release. No accounting system should be used as a tool to cover up operational problems and mislead shareholders. One wonders also what the auditors were doing to assess the accuracy of the accounting information. Answers to Review Questions
3-1(a)Use in financial accounting: In financial accounting, product costs are needed to determine the value of inventory on the balance sheet and to compute the cost-of-goods-sold expense on the income statement.
1. Use in managerial accounting: In managerial accounting, product costs are needed for planning, for cost control, and for decision making.
1. Use in cost management: In order to manage, control, or reduce the costs of manufacturing products or providing services, management needs a clear idea of what those costs are.
(d)Use in reporting to interested organizations: Product cost information is used in reporting on relationships between firms and various outside organizations. For example, public utilities such as electric and gas companies record product costs to justify rate increases that must be approved by state regulatory agencies.
3-2In a job-order costing system, costs are assigned to batches or job orders of production. Job-order costing systems are used by firms that produce relatively small numbers of dissimilar products. In a process-costing system, production costs are averaged over a large number of product units. Process-costing systems are used by firms that produce large numbers of nearly identical products.
3-3Concepts of product costing are applied in service industry firms to inform management of the costs of producing services. For example, banks record the costs of producing financial services for the purposes of planning, cost control, and decision making.
3-4a.Material requisition form: A document upon which the product ...
This document discusses different methods of costing used in various industries. It describes job costing, contract costing, batch costing, process costing, unit costing, multiple costing, and operation costing. Job costing and process costing are identified as the two basic methods of costing, with other methods being combinations or extensions of these. Each method is suitable for different types of industries and production processes. The purpose of the different costing methods is to accurately ascertain the costs incurred for jobs, contracts, batches, units or operations.
The document discusses different types of manufacturing and service processes. It identifies 5 main types of manufacturing processes: repetitive, discrete, job shop, continuous, and batch. It also discusses factors that affect process design decisions and types of service processes such as line operations, job shop operations, and intermittent operations. The degree of customer contact in a service process also impacts operations management.
Cost accounting is a process that collects, records, analyzes, and evaluates costs to advise management on the most cost-efficient course of action. It originated during the Industrial Revolution to help managers understand complex business costs. Costs are classified as either variable, meaning they change with production volume, or fixed, remaining constant regardless of production levels. Key cost objects include direct materials, direct labor, and manufacturing overhead. Analyzing these cost objects allows for more accurate cost calculation and identification of inefficient activities to improve cost efficiency.
This document discusses job costing and batch costing. Job costing involves compiling costs for specific quantities of goods or services produced according to a customer's order. Costs are accumulated separately for each job. Batch costing is used when a company produces goods in batches for stock. The cost per unit is determined by dividing the total batch cost by the number of units in the batch. The document outlines the key features, objectives, advantages, and disadvantages of job costing as well as providing examples of job cost sheets and how to calculate economic batch size.
Managerial Accounting before 1950 was focused on the manufacturing product costs. The technology was also simple in evaluating the product-related cost. In 1977 the more complex managerial accounting method was introduced, and the company starts using the costs accounts to evaluate the product-related material and direct labor costs.
1) Activity-based costing (ABC) is a cost accounting method that allocates overhead costs to products and services based on their actual consumption of resources instead of traditional methods that use less accurate cost drivers.
2) Target costing is a process that sets a target cost for a product by subtracting the desired profit margin from an estimated selling price and then works to reduce costs to meet the target.
3) Life-cycle costing tracks and accumulates all costs associated with a product or service over its entire lifetime from design through disposal to determine total profitability.
This document discusses different costing techniques used in various industries and businesses. It provides examples of four costing techniques - marginal costing, standard costing, budgetary costing and how they help in decision making, cost control and cost reduction. Marginal costing helps management take short-term decisions and control variable costs. Standard costing enables cost control and performance evaluation by comparing actual and standard costs. Budgetary costing facilitates achieving organizational goals through periodic review of actual performance against budgets.
THE EFFECTS OF OVERHEAD COST IN THE SELLING PRICE OF A PRODUCT. Alex Raji
Abstract
www.projectworld.com.ng
This study aims to examine the effects of overhead cost in the selling of a product determination in the Nigeria automobile manufacturing industry. Specifically, the study looks at the treatment of overhead costs apportionment from the perspective of the profit making effort of automobile manufacturing firms. The methodology used is interview with staff of one automobile manufacturing company in Nigeria taken as a case study: that is innoson vehicle manufacturing co. ltd in Nnewi Anambra State. The findings of this study show that overhead costs apportionment has significant effect on the determination of “true and fair” selling price of an automobile manufacturing firm, especially as service centres are considered in primary apportionment before their shares are re-apportioned to production centres, using an appropriate method. This study, therefore, recommends that automobile manufacturing firms in Nigeria should adopt the activity based costing method of overhead costs apportionment as it considers service centres of the company together with production centres in fair apportionment of overhead costs, taking into account the percentage of services enjoyed by the production centres from the service centres. This would allow room for fairly accurate determination of total cost per unit of their products, which would ultimately lead to effective pricing decision.
Keywords: Overhead costs, Cost apportionment, Activity Based Costing, Selling Price, and Automobile Manufacturing Industry.
Similar to 3 Process CostingdjedzureiStockThinkstockLearning Ob.docx (16)
(No Plagiarism) Explain the statement Although many leading organi.docxtamicawaysmith
(No Plagiarism) Explain the statement: "Although many leading organizations have invested significant resources in developing the culture and routines for this innovation processes, most organizations continue to rely on the efforts of a handful of people and chance. An innovative organization is one that can perfect these routines in addition to creating an innovation culture in the organization that engages people. Five key routines can facilitate its management of the innovation process” (Dooley & O'Sullivan, 2003).
.
What made you choose this career path What advice do you hav.docxtamicawaysmith
The document discusses potential paths and college options after high school but provides little details. It briefly mentions fields of study and interests without elaborating on specific choices or recommendations. The document offers no clear direction or next steps for the reader.
Patient Population The student will describe the patient populati.docxtamicawaysmith
Patient Population: The student will describe the patient population that is impacted by the clinical issue. With a focus on the diversity of the human condition found within this patient population, the student will describe the influence that cultural values may have on the proposed solution. Proposed
Solution
: The student will set the stage for proposing the best solution to the clinical problem by using appropriate evidence-based data and integrating data from peer-reviewed journal articles. In this paper, the student will: i. Propose a clear solution to the clinical problem that is supported by a minimum of three scholarly, peer-reviewed journal articles.ii. Expand on the ethical considerations when developing the plan.
.
Dr. Paul Murray Bessie Coleman Jean-Bapiste Bell.docxtamicawaysmith
Dr. Paul Murray
Bessie Coleman
Jean-Bapiste Belley
Harriet Elizabeth Brown
Monte Irvin
Shirley Graham Dubois
Vernon Dahmer
Hale Woodruff
Jo Ann Robinson
Eugene "Pineapple" Jackson
Dr. Francis Cress Welsing
Dr. Kenneth Clark
Amy Jacques Garvey
Ophelia DeVore
Augusta Fells Savage
Eugene Jacques Bullard
Bobby Timmons
Clyde Kennard
Madison Washington
Joseph Winters
Sam Sharpe
Joseph Rainey
Bessie Stringfield
DJ Kool Herc
Lonnie Clayton
Mrs. Mamie Lang Kirkland
Lucius Septimius Bassianus
Carolyn Gudger
Jasmine Twitty
Daisy Bates
Ella Jenkins
Lewis Henry Douglass
Cynthia Robinson
Sylvester Magee
Mabel Fairbanks
Cathay Williams
Clara Belle Williams
John Baxter Taylor Jr.
Anna J. Cooper
The Black Seminoles
Dr. Daniel Hale Williams
Matthew Williams
Phillipa Schuyler
Yarrow Mamout
Mamie "Peanut" Johnson
Frank E. Petersen
"Miss Maggie" Walker
Paul Robeson
Olivia J. Hooker
Dr. Henry T Sampson
Lovie Yancy
Willie James Howard
Toni Stone (Marcenia Lyle Alberga)
Lucien Victor Alexis
Mevinia Sheilds
Dr. Lonnie Smith
Rosewood
Miss Jane Pittman
Lucy Terry
Abraham Galloway
Thomas Jennings
Irene Morgan
Paul Lawrence Dunbar
Jean Toomer
Doris Payne
Ann Petry
Madam C.J. Walker
Dr. May Edward Chinn
Greenwood, Tulsa, OK
Karen Bass
Dr. Dorothy Height
Dr. Geneva Smitherman
Michaëlle Jean
Robin Kelly
Mary Macleod Bethune
Jane Bolin
Donna Edwards
Dame Eugenia Charles
Dr. Thomas Elkins
Wilma Rudolph
Annie Malone
Ann Lowe
Black Wall Street
Cathy Hughes
Kamala Harris
Fannie Lou Hamer
Sarah Rector
Ruth Simmons
Claudette Colvin
MC Lyte
Benajin Banneker
Benjamin O. Davis, Jr.
Thurgood Marshall
Doris "Dorie" Miller
Cecil Noble
WC Handy
Dorothy Counts
Bayard Rustin
Dr. Eliza Ann Grier
Matthew Henson
Jesse Owens
Nina Simone
Wendell Scott
Adam Clayton Powell
Percy Julian
Dr. Charles Drew
Thomas "Fats" Waller
Satchel Paige
Bass Reeves
Marian Anderson
Josephine Baker
Joe Louis
Walter White
William Hastie
Elijah McCoy
Jan Matzelger
Lewis Latimer
Granville T. Woods
Fred Jones
Nella Larsen
Lloyd Hall
A. Philip Randolph
Althea Gibson
Barbara C. Jordon
Marcus Garvey
Malcolm X
James Meridith
Guy Buford
Hazel Scott
Stokely Carmichal
Denmark Vessey
Alex Haley
Virginia Hamilton
Ishmael Reed
Nalo Hopkinson
George Schuyler
Patricia Roberts Harris
John Lewis
Les McCann
Martin Delany
Derek Walcott
Carter Godwin Woodson
Alvin Ailey
Debbie Allen
Ralph Abernathy
Arthur Ashe
Crispus Attucks
Amiri Baraka
Seko.
In depth analysis of your physical fitness progress Term p.docxtamicawaysmith
In depth analysis of your physical fitness progress
Term paper should include details of:
▪ What worked and why (include all documentation)
▪ What didn’t and why
▪ Are your physical fitness results in alignment with your health continuum goals (include documentation)
▪ What are your current goals
▪ What are your future goals
▪ Develop a road map to get achieve those goals Due no later than November 30, 2020.
samples
Physical fitness benchmark assessments
Fitness assessment data sheet
Exercise charts
Personal physical fitness progress chart
Self assessment: Individual Health Continuum
.
Information systems infrastructure evolution and trends Str.docxtamicawaysmith
Information systems infrastructure: evolution and trends
Strategic importance of cloud computing in business organizations
Big data and its business impacts
Managerial issues of a networked organization
Emerging enterprise network applications
Mobile computing and its business implications
Instructions:
9- 10 pages (does not include Title page and references )
can Include images (not more than two)
Minimum six (6) sources – at least two (2) from peer reviewed journals
Include an abstract, introduction, and conclusion
.
⦁One to two paragraph brief summary of the book. ⦁Who is the.docxtamicawaysmith
⦁One to two paragraph brief summary of the book.
⦁Who is the author and his/her background?
⦁Does the author have any particular ideological viewpoint that he or she is trying to advance or do you consider the author to have been neutral and presented both sides of controversial issues? (You will find asking this same question will help you in other courses and your future career.)
⦁When was this book written? Does the author reflect the views (biases) of the time when the book was written? Why or why not?
⦁What did you find most interesting in the book? Least interesting?
⦁What additional topics should the author have included in the book? Why?
⦁How had people before the age of the telegraph attempted to communicate faster over distances?
⦁How did the telegraph reflect scientific and technological developments, both in the United States and other countries?
⦁Why did the telegraph represent such a revolutionary development and not just an incremental improvement in communication?
⦁How did the telegraph impact politics, journalism, business, military strategy and society in general?
⦁How were the American and European experiences similar or different in developing the telegraph? Did the telegraph have a similar impact in the United States and Europe?
⦁What do you think of the author’s title? Is the Victorian-era telegraph really the equivalent of today’s internet in terms of its impact or is that an exaggeration? Why or why not?
⦁Do you think the author makes the material interesting, understandable and relevant to the general public? Why or why not?
⦁If you were the editor in the publishing company, what changes would you make to the author’s draft?
⦁Did the book increase your interest in a particular issue that you would like to learn more about?
⦁Do you think it is worthwhile learn about the historical impact of scientific and technological developments?
⦁Would you recommend this book to a friend? Why or why not?
⦁Would you recommend that I continue to use this book in this course with future students?
.
100.0 Criteria10.0 Part 1 PLAAFP The PLAAFP thoroughly an.docxtamicawaysmith
This document provides information about a student named Alicia for the purposes of developing her IEP. It includes her background information and diagnoses of ADD and dyscalculia. Her strengths include average reading skills and interest in dance, while her challenges involve focus, organization, math skills, and independence. The PLAAFP section will use this information to outline Alicia's present levels of performance, while her transition plan will address independence, employment, and post-secondary education goals based on her interests.
102120151De-Myth-tifying Grading in Sp.docxtamicawaysmith
10/21/2015
1
De-Myth-tifying Grading
in Special Education
1980 2015
10/21/2015
2
Primary Purpose
• “the primary purpose of…grades…
(is) to communicate student
achievement to students, parents,
school administrators,
post-secondary institutions and
employers.” and
• To provide teachers with information
for instructional planning.
Taken from “Reporting Achievement at the Secondary School Level: What and How?”, in Communicating Student
Learning: ASCD Yearbook 1996, p. 120.
What makes grading so
hard?
• Teacher preparation programs seldom include course work or
even discussions of recommended practices for grading
students in general, much less for students who may be
struggling learners. As a result, teachers at all grade levels
grapple with issues of fairness in grading.
• Despite the magnitude of this problem, few recommendations
for grading struggling learners can be found in the research
literature or in education policy.
• Urban Grading Legends
10/21/2015
3
Urban Legends:
Bigfoot/Sasquatch
Urban Legends
• I can’t fail a special education
student.
• I give all my Life Skills students an
85.
• The report card grade does not really
mean anything.
10/21/2015
4
Urban Legends
• The grade on the report card can’t be less
than the IEP mastery level (default 70%)
• I teach a lot in my classroom, but I can
only grade the things that are on the IEP.
• I don’t do the grades for my special
education students in my classroom, the
special education teacher does that for
me.
What’s the
problem??
• Some students are not getting REAL
grades.
• Multiple court cases regarding failing
students who are not receiving
appropriate specially designed instruction
or students only get “A’s” and it doesn’t
truly reflect how he/she really performs in
relation to the curriculum
10/21/2015
5
What does the law really
say?
• Neither the Individuals with Disabilities Education Act
(IDEA) nor any other federal education laws contain
requirements for grading. Therefore, each state has
discretion on the issue.
• The TEC is the set of state laws our state legislators have
passed that relate to education. ARD committees do not
have the authority to override state laws. The Texas
Administrative Code (TAC) is the set of rules that the State
Legislature has authorized Texas Education Agency (TEA)
or the State Board to write. ARD committees must also
follow these rules.
• The state statutes apply to all public school students in
Texas regardless of special education eligibility.
Local Grading Policies
TEC §28.0216
(1) “must require a classroom teacher to assign a grade that
reflects the students’ relative mastery of an assignment;
[and]
(2) may not require a classroom teacher to assign a
minimum grade for an assignment without regard to the
student’s quality of work.”
(3) may allow a student a reasonable opportunity to make up
or redo a class .
100.0 %Criteria
30.0 %Flowchart Content
The flowchart skillfully depicts the two possible discipline paths following the manifestation determination. In addition, there are two comprehensively aligned IEP goals for each determination.
40.0 %Legal Issues Analysis
A compelling analysis is included regarding any legal issues raised by the change in Carrie's transportation, proficiently incorporating relevant statutes, regulations, and case decisions.
5.0 %Research
Research strongly supports the information presented. Sources are timely, distinctive and clearly address all of the criteria stated in the assignment.
5.0 %Rationale Organization
The content is well organized and logical. There is a sequential progression of ideas related to each other. The content is presented as a cohesive unit and the audience is provided with a clear sense of the main idea.
5.0 %Overall Flowchart Presentation
The work is well presented. The overall appearance is neat and professional. Work would be highly desirable for public dissemination.
10.0 %Mechanics of Writing (includes spelling, punctuation, grammar, language use)
Submission is virtually free of mechanical errors. Word choice reflects well-developed use of practice and content-related language. Sentence structures are varied and engaging.
5.0 %Documentation of Sources (citations, footnotes, references, bibliography, etc., as appropriate to assignment and style)
Sources are documented completely and correctly, as appropriate to assignment and style, and format is free of error.
100 %Total Weightage
.
100 words agree or disagree to eac questions Q 1.As her .docxtamicawaysmith
100 words agree or disagree to eac questions
Q 1.
As her defense attorney, I will argue that the officer did not only not read Sally's Miranda rights; he also did not respect her right to consul. After Sally made her allegedly verbal utterance, the Officer should have known to read Sally her rights. I will bring up that during New Jersey v. James P. Kucinski, Oct 26, 2016, the defendant was arrested for the bludgeoning death of his brother. The defendant was taken to police headquarters for questioning after the defendant was advised of his Miranda rights; he requested an attorney. The law enforcement officers terminated the interrogation, spoked with their supervisor, and approximately eight minutes later, the officers returned into the room and advised the defendant that he was being charged with murder. The scare tactic worked, and the defendant asked to speak with the officers. The defendant reluctantly answered a series of questions. Before trial, the defendant moved for suppression motion because the officers did not honor his request for counsel. The court denied the motion, during further questioning the defendant claimed to have acted in self-defense, the defense counsel moved for a mistrial. The trial court denied the motion for mistrial but instructed the jury that the defendant's right to remain silent should be limited to assessing his credibility. The defendant was charged with first-degree murder and third-degree possession of a weapon for unlawful purposes The Appellate Division reversed the defendant's conviction and motion for a new trial due to the prosecutor's question doing cross-examination was improper. The panel concluded that the defendant invoked his right to remain silent by telling law enforcement officers that he did not want to talk or answer questions. The Appellate Division found that the trial court instructions to the jury were flaws, and the supreme court agreed and affirmed. The officers should have stopped all questioning and contacted the defendant's attorney.
New Jersey v. Kucinski (2017). https://law.justia.com/cases/new-jersey/supreme-court/2017/a-58-15.html
Q 2.
My last name begins with a K. so I am answering in the role of prosecutor. Sally was originally pulled over because she had shown probable cause of drunk driving. Upon her traffic stop, Sally was then searched after being arrested and the handgun and drugs were found on her body. The police asked about the two items but did not “interrogate” her. Sally voluntarily answered the arresting officers’ questions and in doing so piled new charges onto her initial arrest charge. I believe that the judge will deny the request to suppress the admission of Sally’s statements. Sally does have rights under the Fifth Amendment, but her statements to the police officers were not coerced out of her. The Cornell Law School website states that the Fifth Amendment, under the self-incrimination clause, if an individual makes a spo.
101118, 4(36 PMCollection – MSA 603 Strategic Planning for t.docxtamicawaysmith
10/11/18, 4(36 PMCollection – MSA 603 Strategic Planning for the Admin ...
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Thread: dis 4
Post: dis 4
Author:
Posted Date: October 9, 2018 8:50 PM
Status: Published
Overall Rating:
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(Post is Read)
Brian Mcleod
I would say that for them to move the work and still be ethical defensible are work conditions,
respect for labor laws of the parent company, and job opportunities for the long-term
employees.
To expand on this would be the work conditions. The conditions that the workers have to work
under should be the same conditions that workers in the US have to work under. This involves
safety and environmental protection for the workers.
Labor laws of the host country and “most” of the internally recognized laws must be observed.
Overtime and child labor are a couple of items.
The long-term employees should be given the opportunity to move to another US based plant if
possible or to the new country.
Sometimes because of the state of the industry companies do have to make these decisions or
face possible bankruptcy. This alternative may not be the perfect solution but better than
bankrupting a company that still has operation in the US.
← OK
�
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Thread: DB4
Post: DB4
Author:
Posted Date: October 10, 2018 8:51 PM
Status: Published
Overall Rating:
Tags: None
(Post is Read)
Christina Lacroix
It is ethically defensible to outsource production when the outcome of not outsourcing
would negatively impact stakeholders. Organizations define their most important
stakeholders, often the shareholders, as they invested capital. While some risk is
assumed by shareholders as a fiduciary managers have an obligation to the
shareholders to protect their interest when possible. A company risks shareholder
investment (access to capital) and jeopardizes all other stakeholders such as
employees, suppliers, and creditors. An organization cannot risk itself and the other
stakeholders depending upon in order to save employees.
The organization should do its due diligence in securing its outso.
100 words per question, no references needed or quotations. Only a g.docxtamicawaysmith
100 words per question, no references needed or quotations. Only a general idea or opinion.
A.
· Compare and contrast two works from the Italian Baroque period with two works from the Renaissance. Be sure to note the appearance in the works of the defining characteristics from each period.
· Discuss why artistic expression shifted from the restrained stoicism of the Renaissance to that of the heightened emotion in the religious and other works of the Baroque.
B. From video
Goya -
The Third of May
- If you cannot see this video, click here -
https://youtu.be/e7piV4ocukg
Respond in writing to the following questions after reading Chapter 12, watching the video, and exploring the sites above.
1. Heroism, nationalism, and passion are themes associated with Romanticism. Which
three
landmarks of the nineteenth century are most representative of these themes? You can discuss art, philosophy, or literature.
2. Compare Neoclassicism and Romanticism as styles and sensibilities. What do their differences reflect about patronage, popular taste, and historical change? Provide specific examples from the chapters.
C.
1. From the arts of West Africa, what are some characteristics of African cultural heritage?
2. How did their religious beliefs influence their art and music.
D.
Watch video below
Manet -
Déjeuner
sur
l’herbe -
If you cannot see this video, click
https://youtu.be/3xBGF8H3bQ4
1. Viewers of Manet’s
Déjeuner sur l’herbe
initially responded to its public display by attacking the canvas with their umbrellas. Why?
2. What kind of art has evoked a comparable response in our own time? Do some research online. Find a recent work of art that caused controversy. Summarize the reasons for the controversy and your reaction to it. Try not post the same article as someone else. (This board is not POST FIRST, so you will be able to see what others have posted right away.) If you can, attach a picture of the image you are describing to your posting.
E.
Watch the video below. If you cannot see the video, click here:
https://youtu.be/XyLNPumMMTs
George Braque, Violin and Pitcher, (1909)
•
Pablo Picasso, Guernica, (1937)
•
Marcel Duchamp, Nude Descending a Staircase, (1912)
Respond in writing to the following question after reading Chapter 14 in your text, watching the video above, viewing the Web Assignments, and the sites above.
1. Describe how they three have departed from styles such as symbolism and impressionism of the late nineteenth century.
F.
Take some time to reflect on all we have covered in this course. Then, respond in writing to the following question.
1. After your experience in this course, describe why you feel the humanities are important.
.
100A 2
2 4 4
5
1A 1034 5
1B 1000 10
1C 1100 1
1D 1123 20
1E 1210 5
20 10 10
7
1A 2180 20
1B 1283 20
1C 3629 5
1D 3649 3
1E 4051 15
1F 4211 1
1G 5318 5
100B 1
2 4 1
3
1A 2180 10
1B 1283 10
1C 3629 5
100C 2
0 0 0
3
1A 6774 5
1B 6869 5
1C 6879 2
0 0 0
4
1A 6774 2
1B 6869 5
1C 6879 1
1D 7555 10
100D 1
10 5 3
3
1A 2180 5
1B 3649 2
1C 4211 3
Self-care and Residency Reflection Paper Scoring Rubric -
Content
80 Points
Points Earned
Additional Comments:
All key elements of the assignment are covered in a substantive way.
Write a 700- to 1,050-word paper to reflect on your residency experience and outline your plan for self-care. Please use the self-care and residency reflection paper template posted in Student Materials for this assignment.
Consider the following questions when writing your reflection:
a) What have you learned about yourself during residency?
b) What have you learned about yourself as a counselor-in-training during residency?
c) What are aspects of residency that you enjoyed? Why did you enjoy these aspects?
d) What aspects of residency did you not enjoy? Why did you not enjoy these aspects?
e) What is counselor self-care? Why is it important? Include two separate in-text and end of work references.
f) What strategies for maintaining self-care did you try throughout this program? How can you implement these strategies?
g) How will you know when you are experiencing burnout? What can you do to prevent this?
The content is comprehensive, accurate, and /or persuasive.
The paper links theory to relevant examples of current experience and industry practice and uses the vocabulary of the theory correctly. This refers to the use of literary references. Generally you will need one separate literary reference for each main point (objective) of your paper.
Major points are stated clearly and are supported by specific details, examples, or analysis.
Organization / Development
35 Points
Points Earned
Additional Comments:
The paper has a structure that is clear, logical, and easy to follow.
The paper develops a central theme or idea, directed toward the appropriate audience.
The introduction provides sufficient background on the topic and previews major points.
The conclusion is logical, flows from the body of the paper, and reviews the major points.
Transitions between sentences/ paragraphs/sections aid in maintaining the flow of thought.
The tone is appropriate to the content and assignment.
Mechanics
35 Points
Points Earned
Additional Comments:
The paper, including the title page, reference page, tables, and appendices follow APA guidelines for format.
Citations of original works within the body of the paper follow APA guidelines.
The paper is laid out with effective use of headings, font styles, and white space.
Rules of grammar, usage, and punctuation are followed.
Sentences are complete, clear, concise, and varied.
Spelling is correct.
.
10122018Week 5 Required Reading and Supplementary Materials - .docxtamicawaysmith
10/12/2018
Week 5 Required Reading and Supplementary Materials - MGMT 670 9042 Strategic Management Capstone (2188)
https://learn.umuc.edu/d2l/le/content/333174/viewContent/13406413/View
/2
Required Readings:
From the UMUC library: (Note: You must search for these articles in the UMUC library. In the case of video links in the UMUC library, exact directions are given on how to find the video.)
Porter's Five-Forces model. (2009). In Encyclopedia of management (6th Ed., pp. 714-717).
From Other websites:
Evaluating the industry. (2012). In Mastering strategic management. Washington, DC: Saylor Academy. Retrieved from https://saylordotorg.github.io/text_mastering-strategic-management/s07-03-evaluating-the-industry.html
The impact of external and internal factors on strategy. (2016, 31 May). In Boundless Management. Retrieved from https://courses.lumenlearning.com/boundless-management/chapter/strategic-management/
Mapping strategic groups. (2012). In Mastering strategic management. Washington, DC: Saylor Academy. Retrieved from https://saylordotorg.github.io/text_mastering-strategic-management/s07-04-mapping-strategic-groups.html
The PESTEL and SCP frameworks. (2016, 26 May). In Boundless management. Retrieved from https://courses.lumenlearning.com/boundless-management/chapter/external-inputs-to-strategy/
The relationship between an organization and its environment. (2012). In Mastering strategic management. Washington, DC: Saylor Academy. Retrieved from https://saylordotorg.github.io/text_mastering-strategic-management/s07-01-the-relationship-between-an- or.html
Strategic group mapping. (2010, October 5). MBA lectures. Retrieved from http://mba-lectures.com/management/strategic- management/1000/strategic-group-mapping.html
Supplementary Materials:
From the UMUC library: (Note: You must search for these articles in the UMUC library. In the case of video links in the UMUC library, exact directions are given on how to find the video.)
Anand, B. N. (2006). Crafting business strategy and environmental scanning [Video]. Harvard Business School Faculty Seminar Series.
Follow these steps to find this video:
Go to http://sites.umuc.edu/library/index.cfm
Type in the entire name of the article: "Crafting business strategy and environmental scanning," into the search box and click on "search."
Click on "multimedia" in the upper left hand corner of the webpage (under "Ask a Librarian.)
Type in the entire name of the article: "Crafting business strategy and environmental scanning," in the box at the top of the page to the left of the word, "Search."
Make sure only "Business Videos" and "Find all my search term" are the only boxes that are checked. Uncheck both "Image Collection" and "Apply equivalent
subjects"
Click on "Search" at the bottom right hand corner of the webpage. It is a small word in a box. The next page shows the article. Click on the article.
Dahab, S. (2008). Five forces. In S. R. Clegg & J. R. Bailey (Eds.), International en.
101416 526 PMAfter September 11 Our State of Exception by .docxtamicawaysmith
10/14/16 5:26 PMAfter September 11: Our State of Exception by Mark Danner | The New York Review of Books
Page 1 of 11http://www.nybooks.com/articles/2011/10/13/after-september-11-our-state-exception/?printpage=true
After September 11: Our State of Exception
Mark Danner OCTOBER 13, 2011 ISSUE
We are in a fight for our principles, and our first responsibility is to live by them.
—George W. Bush, September 20, 2001
1.
We are living in the State of Exception. We don’t know when it will end, as we don’t know when the War on Terror will
end. But we all know when it began. We can no longer quite “remember” that moment, for the images have long since
been refitted into a present-day fable of innocence and apocalypse: the perfect blue of that late summer sky stained by acrid
black smoke. The jetliner appearing, tilting, then disappearing into the skin of the second tower, to emerge on the other
side as a great eruption of red and yellow flame. The showers of debris, the falling bodies, and then that great blossoming
flower of white dust, roiling and churning upward, enveloping and consuming the mighty skyscraper as it collapses into the
whirlwind.
To Americans, those terrible moments stand as a brightly lit portal through which we were all compelled to step, together,
into a different world. Since that day ten years ago we have lived in a subtly different country, and though we have grown
accustomed to these changes and think little of them now, certain words still appear often enough in the news—
Guantánamo, indefinite detention, torture—to remind us that ours remains a strange America. The contours of this
strangeness are not unknown in our history—the country has lived through broadly similar periods, at least half a dozen or
so, depending on how you count; but we have no proper name for them. State of siege? Martial law? State of emergency?
None of these expressions, familiar as they may be to other peoples, falls naturally from American lips.
What are we to call this subtly altered America? Clinton Rossiter, the great American scholar of “crisis government,”
writing in the shadow of World War II, called such times “constitutional dictatorship.” Others, more recently, have spoken
of a “9/11 Constitution” or an “Emergency Constitution.” Vivid terms all; and yet perhaps too narrowly drawn, placing as
they do the definitional weight entirely on law when this state of ours seems to have as much, or more, to do with politics
—with how we live now and who we are as a polity. This is in part why I prefer “the state of exception,” an umbrella term
that gathers beneath it those emergency categories while emphasizing that this state has as its defining characteristic that it
transcends the borders of the strictly legal—that it occupies, in the words of the philosopher Giorgio Agamben, “a position
at the limit between politics and law…an ambiguous, uncertain, borderline fringe, at the intersection of the legal and the
political.”
Call it, then, the s.
100 words per question, no references needed or quotations. Only.docxtamicawaysmith
100 words per question, no references needed or quotations. Only a general idea or opinion.
A.
· Compare and contrast two works from the Italian Baroque period with two works from the Renaissance. Be sure to note the appearance in the works of the defining characteristics from each period.
· Discuss why artistic expression shifted from the restrained stoicism of the Renaissance to that of the heightened emotion in the religious and other works of the Baroque.
B. From video
Goya -
The Third of May
- If you cannot see this video, click here -
https://youtu.be/e7piV4ocukg
Respond in writing to the following questions after reading Chapter 12, watching the video, and exploring the sites above.
1. Heroism, nationalism, and passion are themes associated with Romanticism. Which
three
landmarks of the nineteenth century are most representative of these themes? You can discuss art, philosophy, or literature.
2. Compare Neoclassicism and Romanticism as styles and sensibilities. What do their differences reflect about patronage, popular taste, and historical change? Provide specific examples from the chapters.
C.
1. From the arts of West Africa, what are some characteristics of African cultural heritage?
2. How did their religious beliefs influence their art and music.
D.
Watch video below
Manet -
Déjeuner
sur
l’herbe -
If you cannot see this video, click
https://youtu.be/3xBGF8H3bQ4
1. Viewers of Manet’s
Déjeuner sur l’herbe
initially responded to its public display by attacking the canvas with their umbrellas. Why?
2. What kind of art has evoked a comparable response in our own time? Do some research online. Find a recent work of art that caused controversy. Summarize the reasons for the controversy and your reaction to it. Try not post the same article as someone else. (This board is not POST FIRST, so you will be able to see what others have posted right away.) If you can, attach a picture of the image you are describing to your posting.
E.
Watch the video below. If you cannot see the video, click here:
https://youtu.be/XyLNPumMMTs
George Braque, Violin and Pitcher, (1909)
•
Pablo Picasso, Guernica, (1937)
•
Marcel Duchamp, Nude Descending a Staircase, (1912)
Respond in writing to the following question after reading Chapter 14 in your text, watching the video above, viewing the Web Assignments, and the sites above.
1. Describe how they three have departed from styles such as symbolism and impressionism of the late nineteenth century.
F.
Take some time to reflect on all we have covered in this course. Then, respond in writing to the following question.
1. After your experience in this course, describe why you feel the humanities are important.
Edit question's body
.
This presentation was provided by Racquel Jemison, Ph.D., Christina MacLaughlin, Ph.D., and Paulomi Majumder. Ph.D., all of the American Chemical Society, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxEduSkills OECD
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
Leveraging Generative AI to Drive Nonprofit InnovationTechSoup
In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
The chapter Lifelines of National Economy in Class 10 Geography focuses on the various modes of transportation and communication that play a vital role in the economic development of a country. These lifelines are crucial for the movement of goods, services, and people, thereby connecting different regions and promoting economic activities.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
2. resale or redistribution.
96
Chapter Outline
3.1 Overview of Job and Process Costing
Environment
Materials, Labor, and Overhead Costs
Focal Point for Cost Accumulation
3.2 Modified and Hybrid Systems
3.3 The Job Cost System
3.4 The Cost Elements in a Process Cost System
Materials
Conversion Costs
Cost Flows
3.5 The Equivalent Unit Concept
Unit Costs
Flow of Physical Units
Stage of Completion
Timing of Inputs
Computational Steps
3.6 Cost of Production Report
Management’s Use of Cost of Production Reports
Ethical Considerations
3.7 Simplifications of JIT and Automation
4. One day, Stein decided to invest his growing profits into a new
venture that would be
oriented to preparing specialized wills. One of Stein’s many
concerns was how he would
determine the costs of these customized jobs. He knew that the
process costing system used
for his current firm would not be suitable for his new venture.
This chapter discusses how to determine the costs of products
produced in a process cost
environment as well as products produced in a job cost
environment. Although we focus on
manufactured products, the concepts presented are applicable in
service organizations, as
was just indicated in the above vignette.
3.1 Overview of Job and Process Costing
A job cost system identifies costs with individual jobs or
products. A separate tracking of
costs is associated with each job or product. The costs
accumulated for a job in process can be
determined at any point in time by referring to the job order
cost sheet.
A process cost system identifies costs with individual
departments for an interval of time,
such as one month. Costs are not charged to specific units or
orders as work is performed,
but unit costs are based on costs incurred during a time period
and on the volume of output
during the same period. The unit cost of a final product will be
the sum of all costs allocated
to the product by each department that worked on it.
Several other characteristics distinguish job costing from
6. performed during the assembly process.
In a job cost environment, sales orders usually precede
production. Production is for a spe-
cific order. In a process cost environment, however, production
usually precedes sales. Goods
are produced for anticipated sales.
Materials, Labor, and Overhead Costs
A process cost environment will generally use materials that are
standard. In a job cost set-
ting, materials requirements are often unique to each job, and
sometimes even the types of
materials needed are unknown. Hence, process cost companies
usually have larger invento-
ries of materials.
Tasks in a process cost environment are generally routine. Less-
skilled labor is usually needed
than in a job cost environment, where workers need to perform a
greater variety of tasks
because of the different types of jobs. Automation is found
more often in process cost settings.
Therefore, the proportion of overhead cost in the total product
cost will generally be higher
than for job cost settings.
Focal Point for Cost Accumulation
In process cost systems, we identify materials, labor, and
overhead costs with specific depart-
ments or operating centers. This differs from job cost systems,
which identify costs with spe-
cific batches or customer orders. In this chapter, the term
department will be used as a generic
term and will cover the traditional concepts of department,
operating or work center, opera-
8. labor and factory overhead
costs for the operations can use a process cost system.
Figure 3.1: Comparison of job costing and process costing
PRODUCT SIMILARITY
Job costing Process costing
TIMING
MATERIALS
LABOR
OVERHEAD
COST IDENTIFICATION
Products/jobs differ from one
another
Products are all alike
Salesorders precede
production
Production precedes sales; goods
produced for anticipated sales
Unique materials for each
product/job
Standard materials for all products
Variety of tasks are preformed due
10. missions, and so forth may be produced where a job cost system
is used. In assembly, every
car, regardless of model, has the same assembly operations
performed. Therefore, the labor
and factory overhead costs of the assembly operations may be
accounted for using a process
cost system. Hybrid cost systems can involve various sequences
of job and process costing,
depending on the particular production process.
Operation costing is a term often used to refer to modified or
hybrid cost systems. Except in
the simplest of cases, pure job costing or process costing does
not exist. There is usually some
modification. Managers need to understand their own
organization’s cost system in order to
evaluate the cost information generated by that system. The
remainder of this chapter pro-
vides detailed discussions of job cost and process cost systems.
3.3 The Job Cost System
The job cost system accumulates separately the costs of
materials, labor, and overhead for
each job, whether a job of one unit or a job of many units.
Every job is assigned a number,
which is used for accumulating the costs of that job. Daily,
weekly, or monthly cost summaries
for each job are generated. These summaries are referred to as
job, work, or production
orders. The file of production orders in process constitutes a
subsidiary ledger in support of
the work in process account in the general ledger.
Whereas a job cost system accumulates costs by jobs, a process
cost system accumulates costs
by departments. This, and other differences, changes the
12. als are added in the first department or in subsequent
departments. Distinguishing between
direct materials and indirect materials is not considered critical
to obtain accurate unit costs.
Two major differences in accumulating materials costs between
the job cost system and the
process cost system should be noted. Materials costs are
identified first with departments
and then assigned to individual units in a process cost system.
Materials costs bypass depart-
ments and are charged directly to specific jobs in a job cost
system. In process costing, materi-
als costs are accumulated for a period of time and averaged over
all units receiving materials
during the period. This averaging of costs is broader in a
process cost system than in a job cost
system, where costs would be averaged only over the batch of
units comprising a particular
job.
Conversion Costs
Labor and overhead costs are incurred to convert materials into
a finished product; hence,
labor and overhead costs are called conversion costs. Because
labor and overhead often enter
the process at the same time, we combine them for illustrations
throughout the chapter. This
assumes that overhead is applied to production using direct
labor hours or dollars. Where
another cost driver is used, we separate the two cost elements.
Labor cost is measured monthly, by department, and without
identifying specific orders.
Labor time tickets may be used for payroll accounting, but are
not needed to measure the
14. ure 3.2.
Both the physical units and costs will be identified for the
fabricating operation over a period
of time, such as a month. When the inner components of the
phones are completed in the fab-
ricating operation, the units with their costs are transferred by
automated guided vehicles to
the next operation—in this case, the molding operation where
the casings are formed. Addi-
tional costs will be incurred and accounted for in the molding
operation. At the completion
of the molding operation, the units and accumulated costs of
preceding operations will be
transferred to the last operation in this example, the finishing
operation.
Figure 3.2: Flow of units and costs in a process manufacturing
system
Department B,
Molding
Operation
Department C,
Finishing
Operation
Finished Goods
Inventory
Cost of
Goods Sold
Department A,
16. Figure 3.3: Flow of units and costs for subassembly components
Department B,
Molding
Operation
Department C,
Finishing
Operation
Finished Goods
Inventory
Cost of
Goods Sold
Department A,
Fabricating
Operation
Department X,
Soldering
Operation
Transfer units and
costs to Dept. C.
Department W,
Forming
Operation
Start units.
Add costs.
17. Transfer units and
costs to Dept. B.
Add Dept. B
costs.
Start subassembly
units and costs.
Transfer units and
costs to Dept. X.
Add Dept. X
costs.
Transfer units and
costs to Dept. C.
Add Dept. C
costs.
Transfer units and
costs to Finished
Goods Inventory.
Record the cost
of goods sold.
Main Production Line Subassembly Production Line
Because costs need to be identified with departments, a process
cost system normally involves
accounting transfers between departmental work in process
inventory accounts. Each depart-
ment has its own work in process account; when goods are
completed in one department,
19. the units are wholly or par-
tially completed. The mechanism for tracing costs to units is a
unit cost.
Unit Costs
When calculating unit costs, we typically think of a formula
similar to the following:
Unit cost =
Total costs
Units produced or work done
Applying this formula to the typical process cost situation is
complicated by two major fac-
tors: (1) the stage of completion of units in work in process
inventories, and (2) the different
points in time that materials and conversion costs enter a
departmental process. We will dis-
cuss point (2) in more detail later in the chapter.
The number of units completed is not a good measure for
determining an appropriate unit
cost when there are partially completed units in beginning or
ending inventories. Conse-
quently, an equivalent unit must be identified. Equivalent units
represent the theoretical
number of units that could have been produced had the
resources been applied to units that
were started and completed during the period. We can also think
of equivalent units as rep-
resenting the actual work done on the physical units. For
instance, two physical units 50%
complete represent the equivalent of one unit 100% complete.
Flow of Physical Units
21. 105
Section 3.5 The Equivalent Unit Concept
Stage of Completion
In a process cost system, the units in the beginning and ending
inventories are usually at
different stages of completion. The stage of completion is the
average percentage of work
completed on a unit of product at any point in time. For a
department, it is useful to identify
three distinct groupings of products when computing equivalent
units:
1. Partially completed units in the beginning inventory that are
completed during the
current period. The work to complete these units is represented
by 100% less the
stage of completion when the period started. We generally
assume a first-in, first-out
flow, which will be explained in more detail later in this
chapter.
2. Units started and completed during the period. The work
completed is represented
by 100%.
3. Partially completed units at the end of the period. The work
completed is represented
by the percentage of completion at the end of the period.
When all three of these groups are summed, the result is
equivalent units of output for this
time period—the work done by the workers in this department.
This is the number of units
that could have been produced if all production were started and
22. completed during the
period, assuming no beginning or ending work in process
inventories.
For example, the Norwich Post Office has a sorting department.
On March 1, 15,000 units
were in process and were 60% completed. During March, the
department started work on
200,000 units. On March 31, 20,000 units were in process and
were 30% completed. From
our flow of physical units formula, we calculate the number of
units completed as follows:
Figure 3.4: Relationship among physical units within a
department
Units Completed and Transferred Out
Units in beginning
work in process
inventory
Units started and completed
during the period
Units in ending
work in process
inventory
Units Started During the Period
24. Units completed and transferred 195,000
− Units in beginning inventory (15,000)
Units started and completed 180,000
Units started during period 200,000
– Units in ending inventory (20,000)
Units started and completed 180,000
We now have the three groups of units and their stages of
completion, which are necessary to
find the number of equivalent units. The calculation for the
equivalent units of output for the
period is as follows:
Timing of Inputs
Materials, labor, and overhead are the inputs to the production
process. These inputs may
enter at different points during the process. The most common
situation is for materials to
enter at the beginning of a departmental process and for labor
and overhead to be added
continuously throughout the process. Consequently, it is
possible for some units in process to
have all of their materials added but only part of the labor and
overhead. In other processes,
the materials may be added continuously or at the end of the
process. For our purposes,
unless otherwise stated, presume that materials are added at the
beginning of the process,
and labor and overhead enter the process together and are added
continuously or evenly
throughout the process.
26. The last step checks whether the four previous steps were
completed accurately. This step veri-
fies that the total costs distributed to the units equal the total
costs charged to the department.
Each of these steps will be presented in detail as part of
developing a cost of production report.
We assume a first-in, first-out (FIFO) cost method in
progressing through the five compu-
tational steps. The beginning inventory is completed before new
units are completed. Costs
incurred flow in the same manner. Most companies using
process costing use the FIFO cost
method. Another frequently used method, the weighted average
cost method, is discussed
later in this chapter.
Under FIFO, the older units and costs are transferred out first,
and the more current units
and costs are transferred out next. Only the most recent costs
are held as ending inventory.
With the FIFO cost method, the equivalent units of output are
literally the units that could
have been completed if all efforts during the period were
devoted to starting and completing
units, allowing no partially completed units. Usually, however,
some units will be in a stage
of partial completion at both the beginning and at the end of the
month. The beginning work
in process units are completed during the month, and a start has
been made on the units in
ending work in process.
To illustrate the computational steps, consider the current plant
of Shirts Unlimited. Sweat-
28. Total units 16,000
Work in process, May 1:
Units 4,000
Stage of completion:
Materials 100%
Conversion costs 40%
Costs:
Materials $400,000
Conversion costs 80,000
Beginning inventory total cost $480,000
Units started 12,000
Units completed and transferred 14,000
Current period costs:
Materials $1,200,000
Conversion costs 650,000
Total costs added $1,850,000
Work in process, May 31:
Units 2,000
30. May’s work in ending inventory:
2,000 × 100% 2,000
2,000 × 30% 600
Equivalent units (work done during May) 12,000 13,000
Materials Conversion Total
Beginning inventory $400,000 $80,000 $480,000
May’s costs 1,200,000 650,000 1,850,000
Total costs $1,600,000 $730,000 $2,330,000
Note that in deriving the 2,400 equivalent units to complete the
beginning inventory for con-
version costs, we multiply the 4,000 physical units by 60%
(100% – 40%) because the units
were already 40% complete and another 60% of work is needed
in the current period to
complete those units.
Step 3: Compute Unit Costs. We begin this step by itemizing
the costs for which the Cutting
Department will be held accountable.
The unit costs for materials and conversion costs are calculated
from the current month’s
costs and equivalent units. Last month’s costs and equivalent
units of work are included in
the beginning inventory amount and will be treated separately.
Using May’s costs and the
equivalent units from above, the costs for May are divided by
the equivalent units for May to
32. occur very often.
Step 4: Distribute Total Costs to Units. We next show the
distribution of costs to units using
the unit costs and equivalent units derived earlier.
Costs Accounted for: Materials Conversion Total
Completed and transferred to Sewing:
Work in Process, May 1:
Prior period costs $400,000 $80,000 $480,000
May:
Equivalent units 0 2,400
Times costs per unit $100 $50
Costs $0 $120,000 $120,000
Completed cost of beginning inventory $400,000 $200,000
$600,000
Started and Completed:
Units 10,000 10,000
Times cost per unit $100 $50
Costs $1,000,000 $500,000 $1,500,000
Total cost of completed and transferred units $1,400,000
$700,000 $2,100,000
34. assigned to units completed
and units in ending inventory. If rounding errors occur, it is
customary to adjust the costs
assigned to units completed to compensate for the rounding
error.
Step 5: Reconcile the Costs. This final step in the computational
process is really a check to
ensure that all department costs are charged to units completed
and units in the ending inven-
tory. As shown in Step 3, the total costs charged to the Cutting
Department are $2,330,000.
After distributing the costs to the units completed and units in
the ending inventory, the sum
should also equal $2,330,000. This is confirmed by the total
costs accounted for in Step 4.
This check shows that materials and conversion costs charged to
the department have indeed
been distributed to all units.
3.6 Cost of Production Report
The five computational steps provide all of the calculations
needed to prepare a cost of pro-
duction report for May. This report, which presents information
about units, costs charged
to the department, and how the costs are accounted for, is
shown in Figure 3.5.
In T-account form, the transactions reflected in the cost of
production report would be sum-
marized as shown in Figure 3.6.
We use the same procedures to determine costs for subsequent
departments in the process-
ing operation. In departments after the first, however, unit costs
must be combined with the
36. Physical
Units
4,000
Shirts Unlimited
Cutting Department
Cost of Production Report for the Month of May
Materials Equivalent
Units
Conversion Equivalent
UnitsUnits:
Beginning work in process:
Prior Month
4,000 × 100%
4,000 × 40%
May’s work:
4,000 × (100% – 100%)
4,000 × (100% – 40%)
Units started and completed:
37. 10,000 × 100%
Ending work in process
2,000 × 100%
2,000 × 30%
Total units
Equivalent units of output
10,000
2,000
16,000
$ 400,000
4,000
$ 100
$1,200,000
12,000
$ 100
$1,600,000
4,000
10,000
39. Beginning work in process:
Costs
Divided by equivalent units
Cost per unit
May’s production:
Costs
Divided by equivalent units
Cost per unit
Total costs charged
0 2,400
Costs Accounted for:
Completed and transferred to Sewing:
Prior period costs
May: Equivalent units
Times cost per unit
Costs
Completed cost of beginning
inventory
40. Started and completed:
Units
Times cost per unit
Costs
Total cost of completed and transferred units
Work in process, May 31:
Equivalent units
Times cost per unit
Costs
Total costs accounted for
$ 400,000
0
$ 100
$ 0
$ 400,000
10,000
$ 100
$1,000,000
43. show trends. Here certain
questions arise. Are inventories bouncing around, or are they
stable? Why? Why are unit
costs steadily moving up, or why are they erratic? Are we
changing the mix of workers as
reflected in labor cost changes? These and many other questions
help managers understand
their working environment and the company’s focus much
better.
Ethical Considerations
As with all financial reports, production reports can easily be
manipulated. Estimating the
stage of completion of the work in process is an area
particularly susceptible to manipulation
by production managers. These estimates are very subjective.
Two reasons explain why man-
agers might be motivated to overestimate the stage of
completion. First is pressure to meet
production quotas of units or equivalent units produced. A
second reason relates to minimiz-
ing unit costs. A higher estimate for the degree of completion of
the work in process inventory
results in a greater number of equivalent units of output for the
period. This, in turn, gener-
ates a lower cost per equivalent unit. Notice, however, that any
overestimate in one period
results in an opposite impact in the following period.
Management accountants, nevertheless,
need to be aware that temptations to overestimate the stage of
completion may exist.
Beg. Inventory
Materials
44. Conversion
End. Inventory
480,000
1,200,000
650,000
230,000
Completed 2,100,000 Transferred in 2,100,000
Work in Process — Cutting Work in Process — Sewing
Figure 3.6: Flow of cost from Cutting Department to Sewing
Department
Contemporary Practice 3.1: Process Costing
at a Consumer Packaged Goods Company
A journal article describes process costing at a consumer
packaged goods company as
follows: “Production volume that’s in process at the end of the
reporting period is estimated
based on the standard cost per unit multiplied by a percentage-
complete standard. A study
is conducted periodically that analyzes the level of work-in-
process over time. Results
indicate that work-in-process tends to be, on average, 75%
complete. The company uses this
percentage (75%) of the inputs placed into production for the
period as the volume standard
to apply to work-in-process inventory for reporting purposes.”
(Dosch & Wilson, 2010, p. 43)
46. have fairly uniform amounts of
beginning and ending work in process inventories. Thus, work
done during the period will be
approximately equal to the number of units completed during
the period.
In addition, little need exists to transfer costs from one
department to the next. The costs of
the period can be recorded directly to the cost of goods sold
account. Process costs per unit
can still be computed, but on a daily or weekly basis. The unit
costs will be calculated using
units produced, rather than equivalent units. Further aspects of
JIT product costing are dis-
cussed in Chapter 4.
In JIT factories, certain departments remain idle until their
outputs are needed by the next
department. This may cause a particular department to appear
inefficient in one period and
very efficient in another. Therefore, evaluations of managers
and costs in JIT plants need to
consider the flow of production and who controls decisions of
what and when to produce.
Many managers believe that a system truly operating under JIT
will have no inventories and,
therefore, no need for a process cost system. Because the
process flow time is not zero, some
items are always in production in a partially completed stage.
Process costing becomes greatly
simplified in such a setting, but it is not eliminated.
3.8 Weighted Average Cost Method
An alternative to the first-in, first-out cost method for
calculating equivalent units is the
48. simplicity. One can argue that a
process which produces identical or similar units should
generate the same unit costs from
one month to the next. In addition, if beginning and ending
inventories do not differ signifi-
cantly from period to period, the costs per unit are relatively
stable. However, the weighted
average method commingles costs and production efforts of two
time periods. The resulting
product costs do not match production management’s measures
of inputs and outputs. Thus,
many managers view the extra effort for FIFO as worthwhile.
Weighted Average Computational Steps
We apply the same computational steps to the weighted average
cost method that we used
for the FIFO cost method. A slight difference occurs in the
“Costs Accounted for” section of the
cost of production report. In this section, costs are distributed to
units completed and units in
the ending inventory. The weighted average cost method will
usually have different unit costs
from FIFO.
We continue the example of Shirts Unlimited that we explored
earlier in the chapter. For the
Cutting Department, we prepared the cost of production report
using the FIFO cost method.
Now, we apply the weighted average cost method to the data.
Step 1: Determine Flow of Physical Units. Determining the flow
of physical units for a
department is the same as for the FIFO method:
Units in beginning work in process 4,000
50. 116
Section 3.8 Weighted Average Cost Method
Step 3: Compute Unit Costs. The unit costs for materials and
conversion costs are calculated
from the total costs and the equivalent units. The costs for
which the Cutting Department will
be held accountable are:
Costs Charged to Dept. Materials Conversion Total
Beginning inventory $400,000 $80,000 $480,000
Current month 1,200,000 650,000 1,850,000
Total costs $1,600,000 $730,000 $2,330,000
We calculate unit costs by using the equivalent units from
above and dividing them into the
total costs:
Unit Costs for May:
Unit cost for materials = $1,600,000 / 16,000 = $100
Unit cost for conversion = $730,000 / 14,600 = $50
These unit costs are identical to those calculated using the FIFO
cost method because April’s
unit costs were the same as those for May. Usually, some
difference will occur in the numbers,
but generally not a significant one.
52. 117
Section 3.8 Weighted Average Cost Method
Cost of Production Report
The five computational steps provide all of the calculations
needed to prepare a cost of pro-
duction report for May. The report prepared under the weighted
average cost method appears
in Figure 3.7.
Figure 3.7: Cost of production report for Cutting Department
(weighted
average method)
Physical
Units
Shirts Unlimited
Cutting Department
Cost of Production Report for the Month of May
Material Equivalent
Units
Conversion Equivalent
UnitsUnits:
Units completed:
53. 14,000 × 100%
Ending work in process:
2,000 × 100%
2,000 × 30%
Total units
Equivalent units of work to date
14,000
2,000
16,000
14,000
2,000
16,000
14,000
600
14,600
Materials Conversion Total
Materials Conversion Total
Prior period cost
54. Current month costs
Total per unit
Divided by equivalent units
Cost per unit
$ 400,000
1,200,000
$1,600,000
16,000
$ 100
$ 80,000
650,000
$730,000
14,600
$ 50
$ 480,000
1,850,000
$2,330,000
Costs Charged to Department:
55. Costs Accounted for:
Completed and transferred to Sewing:
Units
Times cost per unit
Costs
Work in process, May 31:
Equivalent units
Times cost per unit
Costs
Total costs accounted for
14,000
$ 100
$1,400,000
2,000
$ 100
$ 200,000
$1,600,000
$2,100,000
58. resale or redistribution.
119
Summary & Resources
cost of production report A report that
presents information about units, costs
charged to the department, and how the
costs are accounted for.
equivalent units The theoretical number of
units that could have been produced had the
resources been applied to units that were
started and completed during the period.
first-in, first-out (FIFO) cost method A
process costing method that presumes the
beginning inventory is completed before
new units are completed.
hybrid cost system One type of cost system
is used for one phase of the production
process, and another system is used for a
subsequent phase.
job cost system A cost system that sepa-
rately tracks costs associated with each job
or product.
job order A cost summary for each job.
just-in-time (JIT) philosophy An inven-
tory management approach that seeks to
60. 120
Summary & Resources
Problem for Review
Irene Carol Fisheries raises cutthroat trout for local restaurants
and uses a FIFO process cost
system. The fish represent materials. The process involves three
ponds: raising, growing, and
fattening. Fingerlings are grown after hatching in the raising
pond. At a specified point, the
fingerlings are moved to the growing pond, where they mature.
After maturing, the fish are
transferred to the fattening pond. The growing pond had 5,000
fingerlings on April 1 that
were 10% complete for the growing pond. During the month, an
additional 30,000 fingerlings
were put into the pond. By the end of April, 28,000 fish had
been moved to the fattening pond.
The fingerlings remaining in the growing pond were 30%
complete.
Questions:
1. Determine the equivalent units for fingerlings.
2. Determine the equivalent units for conversion costs.
Solution
61. :
1. Equivalent units for fingerlings:
Physical flow:
Beginning inventory 5,000
Add units started during month 30,000
Available 35,000
Minus units completed (28,000)
Ending inventory 7,000
Started and completed:
Units completed 28,000
Minus beginning inventory (5,000)
Units started and completed 23,000
or
63. Summary & Resources
2. Equivalent units for conversion costs:
To complete beginning inventory: 5,000 × (100% − 10%) 4,500
Units started and complete: 23,000 × 100% 23,000
Ending inventory: 7,000 × 30% 2,100
Equivalent units 29,600
Questions for Review and Discussion
1. Distinguish between a job cost system and a process cost
system as to the timing of
sales versus production.
2. What is the focal point for cost accumulation in a process
cost system?
3. Distinguish between a modified cost system and a hybrid cost
system.
4. What is the purpose of a job, work, or production order?
5. List the five computational steps necessary to account for
64. costs in a process cost
system.
6. Explain how equivalent units are computed under the FIFO
method of process
costing.
7. How are the unit costs computed under the FIFO method of
process costing?
8. Why are equivalent units for materials usually different from
equivalent units for
conversion costs?
9. What accounting report is the major document for a process
cost system?
10. How can one check to ensure that cost distribution to
completed units and ending
inventory has been done properly?
11. How can management use a cost of production report?
12. Which aspect of determining unit costs in a process cost
system is particularly sus-
ceptible to manipulation by production managers?
65. 13. Explain how a just-in-time environment can simplify a
process cost system.
14. What is the distinction between equivalent units under the
FIFO method and equiva-
lent units under the weighted average method?
15. Under what circumstances will both FIFO and weighted
average yield the same
equivalent units?
16. On a cost of production report, the costs of units completed
and transferred out are
treated one way under the FIFO method and a different way
under the weighted
average method. Explain this difference.
Exercises
3-1. Physical Flow. Rolnick’s Protective Coating Service
specializes in providing
protective coating for eyeglasses. The company’s work in
process inventory in
Operation 1 on July 1 was 2,500 units. During July, 72,000
units were completed
67. Cleaners uses a FIFO
process cost system. Its work in process on December 1
consisted of 8,000 gar-
ments, which were 20% complete; $12,800 in processing costs
were incurred last
month for these garments.
During December, 82,000 garments were started and 78,000
were completed. Pro-
cessing costs during December amounted to $245,225. The
ending work in process
was 80% complete.
Question:
Determine the cost of the finished garments and the cost of the
ending work in process.
3-3. Cost of Completed Units. Blair Products of Wellington,
New Zealand, produces a
kiwi fruit drink and uses a FIFO process cost system. The units
and equivalent units
(in liters), as well as unit costs, for the Initial Mix Department
are as follows:
69. 123
Summary & Resources
3-4. Conversion Costs. The Fabrication Department is the first
stage of Hiller Company’s
production process. Conversion costs in beginning work in
process for this depart-
ment were 70% complete, and in the ending work in process
they were 40% com-
plete. Hiller Company uses a FIFO process cost system.
Conversion costs data in the
Fabrication Department for January are as follows:
Units
Conversion
Costs
Work in process at January 1 28,000 $ 51,000
Units started and costs incurred during January 153,000
$293,000
70. Units completed and transferred to next department during
January 131,000
Questions:
1. What was the conversion cost of work in process in the
Fabrication Department at
January 31?
2. What were the conversion costs per equivalent unit last
month and this month,
respectively?
3-5. Distribution of Total Cost and Ethics. There were 5,000
units in process in the
Cutting Department of Grossman & Marcus, Inc., at the
beginning of February. These
units had materials and conversion costs of $48,000 and were
60% complete for
conversion costs. Materials are added at the beginning of the
process. During Febru-
ary, 60,000 units were started. The ending inventory for the
month totaled 8,000
units, 25% complete for conversion costs. The unit cost
71. calculation shows $4 for
materials and $8 for conversion costs. A FIFO process cost
system is used.
Questions:
1. Compute the cost of units completed and transferred to the
next department.
2. Compute the cost of units in the ending inventory for the
month.
3. Why might the production manager wish to inflate the
estimate of the degree of
completion of the ending inventory from 25% to 50%? Support
your answer with
computations.
3-6. Unit Costs in a Bank. Chittenden Bank of Columbus, Ohio,
processes checks in its
Check Clearing Department. No materials costs are incurred in
this department. On
June 1, 4,000 checks in process were 25% complete with an
associated processing
cost of $200. During June, 100,000 checks were started in
process. By the end of June,
73. process that were 25%
complete for conversion costs. Materials (a coating) are added
at the end of the
process. The cost of the beginning work in process was $1,800.
July conversion costs
were $36,000, and the materials costs were $17,000. Koniver
Products started and
completed 60,000 units in July. The work in process inventory
on July 31 of 10,000
units was 60% complete.
Questions:
1. What was the total cost of work transferred to the finished
goods inventory in July?
2. Determine the cost of work in process inventory on July 31.
3-8. Equivalent Units—FIFO and Weighted Average.
Schroeder’s Photo Lab began the
month with 6,000 items in inventory, which averaged 50%
complete for materials
and 40% complete for conversion costs. At the end of the
month, there were 7,000
items in inventory, which averaged 60% complete for materials
and 30% complete
74. for conversion costs. During the month, 65,000 items were
completed.
Questions:
1. Using the FIFO method, determine the appropriate numbers
of equivalent units
needed to compute unit costs for materials and for conversion
costs.
2. Using the weighted average method, determine the
appropriate numbers of equiva-
lent units needed to compute unit costs for materials and for
conversion costs.
3-9. Conversion Costs—Weighted Average Cost Method. Abe’s
Vineyards grows
grapes; after sorting and crating them, it sells the crates of
grapes to Madelyn’s Win-
ery. On December 1, Abe’s Vineyards had 10,000 pounds of
grapes that were 40%
complete for conversion costs. The conversion costs in the
beginning work in pro-
cess inventory were $20,000. In December, 150,000 pounds of
grapes were started
76. beginning and end
of the year as follows:
Percentage of Completion
Direct Materials Processing Costs
January 1 – 3,000 pounds 40% 10%
December 31 – 2,000 pounds 80% 40%
The company completed 41,000 pounds of finished products
during the year.
Costs incurred during the year were: direct materials, $242,600;
processing costs,
$456,200. Work in process at January 1 was carried at a cost of
$16,600 (direct
materials, $13,000; processing costs, $8,900).
Questions:
1. Compute the cost of ending work in process using the
weighted average method.
2. Compute the cost of finished products using the weighted
average method.
77. 3-11. Total Costs—FIFO and Weighted Average. Lefkove, Inc.
manufactures staplers.
Materials are added at the beginning of the process; conversion
costs are incurred
uniformly. Beginning work in process consisted of 6,000
staplers. These units were
65% complete. During the period, the company began working
on an additional
87,000 staplers, and finished the period with 9,000 staplers that
were 30% com-
plete in ending work in process.
Costs attached to beginning inventory were $7,500 for
materials and $9,500 for
conversion costs. Costs added during the period were $74,000
for materials and
$22,000 for conversion.
Questions:
1. Compute the cost of finished products and the cost of ending
work in process using
the FIFO method.
79. information from his accountant:
Equivalent units for the weighted average method 4,780
Equivalent units for FIFO method 5,000
Costs in beginning work in process $800
Question:
Compute the unit cost for the weighted average method.
Problems
3-13. Cost of Production Report. McKemie Robotics, a
subsidiary of U.S.-based Kutner
Robotics located in Dublin, Ireland, manufactures a small robot
that looks like a
leprechaun and can be moved by remote control. It can be used
as a novelty to serve
food and drinks to guests; and, with a special attachment, it can
vacuum the carpet.
The materials are all added at the beginning of the Assembly
Operation (the first
80. operation). Labor and overhead are added during the month.
Data for the month of
July in the Assembly Operation are as follows:
Units
Work in process, July 1 35,000
Units started in process 250,000
Costs
(in U.S. Dollars)
Work in process, July 1:
Materials $240,000
Labor and overhead 80,000
July costs:
Materials $3,500,000
Labor and overhead 1,457,280
82. Municipality uses a FIFO
process cost system to compute water purification costs. All
materials (chemicals)
are added at the beginning of the purification process. Data for
the month of May are
given as follows (units are kiloliters of water):
Units
Work in process, May 1 5,000
Units started in process 120,000
Costs
Work in process, May 1:
Materials $15,000
Labor and overhead 2,500
May’s costs:
Materials $360,000
84. 128
Summary & Resources
3-15. Explanations About a Cost of Production Report. Daniel
S. Tryker’s Painting Ser-
vice receives a continuous flow of clear light bulbs from
various manufacturers who
want their bulbs painted—typically yellow or black. A partial
production report,
using FIFO, for the month of May is as follows for Department
1 (units are packages
of eight bulbs):
Physical Units:
Work in process, May 1 (40% complete) 500
Started and completed 1,700
Work in process, May 31 (50% complete) 300
Total units 2,500
85. Costs Charged to Department:
Work in process, May 1 $ 800.00
Production costs, May 9,020.00
Total costs charged $9,820.00
Costs Accounted for:
Transferred to Department 2:
Work in process, May 1 $ 800.00
Cost to complete work in process, May 1 1,258.60
Started and completed 7,132.09
$9,190.69
Work in process, May 31 629.30
Total costs accounted for $9,819.99*
87. Summary & Resources
3-16. Cost of Production Report—Several Months. David Jared
Industries is a bottling
company that purchases orange juice from growers in Florida
and bottles the juice
in one-gallon plastic containers for sale to grocery stores. Only
in its second year
of operations, the company’s accounting system is evolving and
has not been fully
formalized. A chief accountant, Alan Neal, has been hired to
bring order to the paper
shuffling. In the process, Neal has gathered data to prepare
FIFO cost of produc-
tion reports for Activity Center A for the first three months of
the current fiscal year
(April, May, and June). This information is as follows:
April May June
Gallons:
Beginning inventory 10,000 ? ?
Started in production 80,000 65,000 70,000
90. Summary & Resources
3-17. Analysis of a Work in Process Account. Garber
Pharmaceutical Company manu-
factures a tablet for allergy sufferers and uses a FIFO process
cost system. All
ingredients are added at the beginning of the Blending
Operation. Conversion costs
flow uniformly throughout the process. Tableting and Coating
are operations down-
stream from Blending. Information on the Blending Operation
for October is as
follows:
Work in Process – Blending Operation
October 1, balance (100,000 units,
40% complete for conversion costs)
$ 151,760 Completed and transferred to
Tableting:
Direct materials added (1,000,000 units) $1,310,000 Units – ?
91. Direct labor costs ? Costs – ?
Factory overhead (applied at 180%
of direct labor cost)
$396,000
October 31, balance (200,000 units,
70% complete for conversion costs)
?
The October 1 balance consists of the following cost elements:
Direct materials $128,000
Direct labor 8,800
Factory overhead 14,960
Total costs $151,760
Questions:
1. Compute the amount of direct labor cost for the period.
93. 131
Summary & Resources
Work in process, May 1:
Units (claims) 3,200
Conversion costs (10% complete) $6,900
Units (claims) started in May 13,500
May’s conversion costs $285,000
Work in process, May 31:
Units (claims) 1,900
Stage of completion for conversion costs 60%
Questions:
94. 1. Using the FIFO method, compute the cost of the May 31 work
in process.
2. Using the weighted average method, compute the cost of the
May 31 work in process.
3-19. Finished Goods and Work in Process Costs—Weighted
Average. The following
information is available for the Assembly Department of
Lerman Enterprises for
August:
Units Costs
Work in process, August 1 (70% complete) 5,000
Direct materials $ 6,000
Direct labor 3,000
Manufacturing overhead 4,000
Total work in process, August 1 $13,000
Started in production during August 20,000
96. 132
Summary & Resources
3-20. Work in Process—FIFO and Weighted Average. The
Division of Corporate Taxa-
tion processes corporate tax returns for a state located in the
northeastern United
States. Processing costs for this agency were 70% complete as
to the beginning work
in process and 60% complete as to the ending work in process.
Information on pro-
cessing costs for the month of August is as follows:
Number of
Returns
Processing
Costs
Work in process at August 1 8,000 $ 95,000
97. Returns started and costs incurred during August 45,000
$666,000
Returns completed during August 49,000
Questions:
1. Using the FIFO method, what amount of processing cost was
in work in process at
August 31?
2. Using the weighted average method, what amount of
processing cost was in work in
process at August 31?
3-21. Cost of Finished Units—FIFO and Weighted Average. The
Department of Motor
Vehicles processes auto tag applications. All materials costs
(i.e., tags) are completed
when processing begins. The following information was
obtained by the controller,
Arthur Kurtz, for October:
The October 1 work in process had 5,000 applications (40%
completed) and the fol-
98. lowing costs:
Direct materials $2,700
Direct labor 16,880
Overhead 31,400
During October, 11,000 applications were completed, and the
following costs were incurred:
Direct materials $5,200
Direct labor 95,775
Overhead 159,925
On October 31, there were 2,400 partially processed
applications on hand (80% completed).
Questions:
1. Using the FIFO method, determine the cost of completed
applications.
2. Using the weighted average method, determine the cost of
100. partially empty. Over certain segments, the line moves faster
than elsewhere as more product
is placed in and taken out. The line carries various products,
including crude oil of varying
weights, home heating oil, and numerous other petroleum
products.
As a transportation company, Wyncote Pipelines does not own
the products transported.
Instead, it is paid a fee for its services based on moving 10,000
barrels (420,000 gallons) of
product one mile. The variable cost of running the line is for the
30 pumping stations along
the line: the higher the traffic, the higher the fuel cost for
pumping. The other cost of running
the line is overhead cost, which relates to line maintenance. One
unit is considered to be
moving 10,000 barrels of product one mile.
On April 1, the Corpus Christi to Kansas City line had 1.44
million units in process (18 million
barrels that were to be transported an average of 800 miles),
which were 60% complete.
During the month, the line completed 12 million units of
delivered product and had ending
101. units in process of two million units (20 million barrels to be
transported 1,000 miles) that
were 40% complete. The beginning units in transit had
accumulated costs of $8,800,000,
of which $2,400,000 were variable costs. During the month, the
Corpus Christi to Kansas
City line had $33,420,800 in variable costs and $81,168,800 in
fixed costs. The completed
deliveries were billed at $134,400,000 for services.
Questions:
1. What is the nature of the costs incurred as to direct materials,
direct labor, and
variable or fixed overhead?
2. Why should this application be considered for a modified
process cost system?
3. Compute the equivalent units of production for the Corpus
Christi to Kansas City
line. (Round to four places, if needed.)
4. Compute a cost per unit of output for variable and fixed
costs.
5. What were the profits before administrative expenses and
taxes during April?
103. /
First Solar Preview: Manufacturing Costs,
Project Order Book In The Spotlight
Great Speculations
Opinions expressed by Forbes Contributors are their own.
Trefis Team , Contributor
First Solar, one of the world’s largest solar panel manufacturers
and project
developers, is expected to release its fourth quarter 2013 results
on February 25.
During Q3 2013, the company’s revenues stood at around $1.26
billion, up by
around 50% year-over-year, while operating income nearly
doubled to around $207
million. For the fourth quarter, we expect the company’s
earnings to be influenced
by revenue recognition on its Desert Sunlight project as well its
104. improving
manufacturing efficiencies. Here is an overview of what to
expect and some of the
factors we will be tracking when the company reports.
See Our Complete Analysis For Solar Stocks First Solar |
SunPower |
Yingli |Trina Solar
Desert Sunlight Project Will Power Results, Watching For New
Project
Orders
First Solar's project business now accounts for over 80% of the
company’s revenues.
For this quarter, we expect the 550 megawatt Desert Sunlight
project, which the
company is building in California, to contribute significantly to
revenues and
margins. While the company has been executing its existing
project orders relatively
smoothly, we will be watching its progress in improving its new
order book. At the
end of the third quarter, the company’s total outstanding
bookings stood at around
105. 2.7 gigawatts, while bookings in terms of expected revenues
were about $7.8 billion
(including contracted module sales), which is slightly below the
December 2012
value. However, the company has indicated that it has potential
project
opportunities to the tune of 7.7 GW, of which around 1.4 GW of
the opportunities
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106. 2/14/2018 First Solar Preview: Manufacturing Costs, Project
Order Book In The Spotlight
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-solar-preview-manufacturing-costs-project-order-book-in-the-
spotlight/#635b41381f20 2/2
are in the mid to late stages. We will be watching the
company’s progress in
converting these leads into project orders.
Panels Manufacturing Costs And Efficiencies
Although First Solar’s standalone panel sales remain small
when compared to its
systems sales , the company’s panel technology is an important
factor in driving its
competitiveness in the solar power systems business. Over the
third quarter, the
company took some significant strides in reducing its core panel
manufacturing
costs (excluding freight, recycling and warranty charges) by
around 12% sequentially
107. to $0.49 per watt, which is the lowest in the solar industry. The
company also
increased the conversion efficiency of its panels by around 30
basis points to about
13.3%, while the efficiency for its lead production line touched
13.9%. For this
quarter, we will be watching the company’s progress in bringing
down its
manufacturing costs further and also its progress in replicating
its lead line
conversion efficiency gains across its other production lines.
Trefis will be updating its model and price estimate for First
Solar following the
earnings release.
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