us at: SUPPORT@ACTIVITYMODE.COM ACCT 505 FULL WEEK 2 ACCT 505 Full Week 2 ACCT 505 Week 2 Chaper 3 Systems Design – Job-Order Costing ACCT 505 Week 2 DQ 1 Job Order and Process Costing Systems ACCT 505 Week 2 DQ 2 Research and Application ACCT 505 Week 2 Quiz Activity mode aims to provide quality study notes and tutorials to the students of ACCT 505 Full Week 2 in order to ace their studies. ACCT 505 FULL WEEK 2 To purchase this visit following link: http://www.activitymode.com/product/acct-505-full-week-2/
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school systems. The strategic functions of the company are performed internally. The other activities including sales, warehousing, and shipping are outsourced to various external companies. The following questions explain the costing methods of the Super Bakery and what costing method system is the best process for the Super Bakery. Cost Methods Evaluated * What strategies and tactics did the management of Super Bakery, Inc. use to increase sales and growth? Management of Super Bakery Inc
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estimates calculated under each of the two costing systems are significant. This is especially the case with regard to Job order 973. The management accountant’s calculations for the cost estimates produce the following increase/ (decrease) in reported costs: Job order 973 Job order 974 $ $ Unit cost per job under existing system 1,172·00 620·00 Unit cost per job under activity based costing 1,612·00
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Included in this report is the brief overview of three separate companies who may utilize job-order costing systems. The three companies looked at are Nortech Systems, Dynamic Material Corporation and Globecomm. You will see that each of these companies has unique offerings and provides multiple products to multiple industries. The first company that apparently uses job-order costing systems is Nortech Systems, Inc. Their website is http://www.nortechsys.com and a brief summary of their services
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illustration Chapter 2 Job order costing: assigning of costs to each job or to each batch of goods. Process costing: manufacturing large volumes of similar products. (accumulates cost for a period of time) Objective of both cost accounting systems is to provide unit cost information for pricing, cost control, inventory evaluation and financial statement presentation. Companies accumulate then assign manufacturing costs. Revisit pages 46-47. Assign MOH to WIP and to specific jobs on as estimated basis
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Job-order costing systems assign costs to individual jobs and is best for when jobs use different mateials, different labor and/or different amounts of overhead resources. Think making movies. Each movie uses different actors, different props and different amounts of travel and setup. So, you would assign costs to each movie, not divide the total cost evenly across all movies. For oatmeal, you would not try to assign costs to each batch of oatmeal because they are all the same. So, for this firm
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CHAPTER 2 Job Order Costing YOUR LEARNING OBJECTIVES After completing this chapter, you should be able to: LO1 LO2 LO3 LO4 LO5 LO6 Describe the key differences between job order costing and process costing. Describe the source documents used to track direct materials and direct labor costs to the job cost sheet. Calculate a predetermined overhead rate and use it to apply manufacturing overhead cost to jobs. Describe how costs flow through the accounting system in job order costing
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Costing Methods: Super Bakery, Inc. George Mancuso ACC/561 Accounting March 18, 2013 Lisa Parker Abstract Super Bakery, Inc., a virtual corporation is a supplier of mineral-, vitamin-, and protein-enriched doughnuts and other baked goods to institutional food distribution centers nationwide (Kimmel, Weygandt, & Kieso, 2009). The company has grown at an average rate of 20% annually since 1990 but persistent challenges of identifying opportunities for cost efficiency in using traditional
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Costing Methods Paper The Super Bakery Case Paula Mack-Days ACC 561 June 4, 2012 Professor William Montgomery Costing Methods Paper Super Bakery used four defined strategies and they are 1) successful in changing the school’s decision of removing donuts from the lunch menu and supply the cafeterias with the Super Donut, a low-calorie and vitamin-enriched donut; 2) provided refrigerated baked goods and changed to national distribution; 3) outsourced to independent contractors which would
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Costing Methods Paper Amy Buckley University of Phoenix Bellevue Campus ACC561 April 2012 Instructor: Solomon Seyoum Costing Methods Paper Understanding and selecting the optimum method of cost accounting is vital to a company’s success and sustainability. Two types of costing methods are available: the traditional cost accounting method or the activity based cost system. Each delivers pros and cons; therefore each company may choose one or the other. The traditional method matches
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