You have been employed as a cost accountant by Pared Inc. The president, I.M. Pared, is having a hard time understanding the flow of costs through the cost accounting system. Beginning with the purchase of material and ending with the transfer to cost of goods sold briefly flow chart (draw) and describe (write out) how the costs will travel through the cost accounting system

You have been employed as a cost accountant by Pared Inc. The president, I.M. Pared, is having a hard time understanding the flow of costs through the cost accounting system. Beginning with the purchase of material and ending with the transfer to cost of goods sold briefly flow chart (draw) and describe (write out) how the costs will travel through the cost accounting system

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 3Q: Walsh & Coggins, a professional accounting firm, collects cost information about the services they...

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What will you use to allocate the cost of the purchasing department? a.Number of purchase orders generated b.Number of machines c.None of the answers are correct d.Number of employees
What are the most important factors tor instolling a cost accounting system? O The Industry in which business is operating. O Obtaining the complete knowiedge of the production process. O The lowest installation price is a good reoson tor installing the cost accounting system. O Inatypical business organisation accounts department needs to satisty bank requirements while installing o cost system. O Cost apportionment can be done on the basis that can be easily changed to save the cost. O Costing system should fultil the requirement of difforent level of manogement. O Nature of product determines the type of costing system to be implemented. O The costing system should repeat the same system as the mojor competitor has.
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In a team of two or three students, interview the manager/owner of a local business. In this interview, ask the manager/owner the following questions: A. Does the business collect and use cost information to make decisions? B. Does it have a specialist in cost estimation who works with this cost data? If not, who is responsible for the collection of cost information? Be as specific as possible. C. What type of cost information does the business collect and how is each type of information used? D. How important does the owner/manager believe cost information is to the success of the business? Then, write a report to the instructor summarizing the results of the interview. Content of the memo must include date of the interview, the name and title of the person interviewed, name and location of the business, type of business (service, merchandising, manufacturing) and brief description of the goods/services provided by the business, and responses to questions A-D.
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You are Accountant of the company and you are being asked to submit a report to the Managementregarding following matters:1) Briefly discuss the different cost classifications which are relevant for a business like RaajjeFresh.2) Using the information in Annex 1, identify the Fixed Costs and Variable Costs, showing them ina table.3) Using the table prepared in (2) above, prepare a break-even chart for the given period (withclear labels).4) Using the information in Annex 2, prepare an overhead summary, showing clearly the totaloverheads for each department. Prepare the following calculations using the total overhead foreach department:i. Calculate the Overhead Absorption Rate (OAR) based on Labour hours.ii. Calculate Overhead Absorption Rate (OAR) based on number of units (for 3000 units)iii. Calculate the Total Cost per unit from the available information (use OAR based on costper unit)iv. Which of the above absorption bases is more suitable for Raajje Fresh?
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good morning, I ask help with this preblem in the photos. I also ask if you can explain me how the COGS and finished good cost are computed? with all the precise steps(please!). thank you very much. ps. this exercise is also on this website, but i still don't get how the Cogs and finished goods cost are computed (from "fundamental of cost accounting" 6th ed., CH.7 problem: 22E).
Have a conversation with an Owner-Manager of a business in Australia or a Manager in an organisation such as a Bank, Retail Store, Restaurant, Hotel, Factory etc. Ask the Owner-Manager or the Manager the following questions: i) Does the business collect and use cost information for planning and control purposes? How often? (3 marks) ii) Who is responsible for the collection of cost information? Be as specific as possible. (3 mark) iii) What type of cost information does the business collect? Provide examples incl. types of reports. (3 marks) iv) How important does the Owner-Manager or the Manager believe cost information are to the Business's success? Explain. (3 marks)