Puyricard Fine Chocolate. Puyricard is a premium chocolate-maker. It produces and sells fine handmade chocolates‚ calissons and confectionary through its own retail network (14 stores in France: 12 in Provence‚ 2 in Paris)‚ wholesales and website. It is the French leader for craft chocolate‚ with an annual production of 120 tons of chocolate and a turnover of 6‚9 million euros. The company is family-owned and run by the sons of the founders. It was created 40 years ago and the CEO‚ Tanguy Roelandts
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this formula Direct labor cost = 40000 = 6250 Hours Per D.Labor hours rate 6.40 1) Prime Cost (2) Conversion Cost Material opening 24000 Direct labor 40000 + purchase 56000 FOH Applied Material available for use 80000 6250 Hours@ 8 50000 - Material ending (20000) Conversion cost 90000 Material used 60000 + Direct labor 40000 Prime Cost 100000 (3) Cost of goods manufactured (4) Cost of goods sold Prime cost 100000 Cost of goods manufactured
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quality of decisions made using that information. True False 3. An operating unit of an organization is called a profit center if it is responsible: only for revenues. for investments in assets. for costs and revenues. only for costs. 4. Properly designed management control systems have both fixed compensation and contingent compensation. True False 5. Controllable revenue is included in a performance report of a:
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fully allocating all costs to products‚ customers‚ and other costing objects in an activity-based costing system. This results in overstated costs. More accurate product costs may result in increasing the selling prices of some products. 3. Matt Company uses activity-based costing. The company has two products: A and B. The annual production and sales of Product A is 8‚000 units and of Product B is 6‚000 units. There are three activity cost pools‚ with total cost and total activity as
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Chapter 9—Break-Even Point and Cost-Volume-Profit Analysis MULTIPLE CHOICE 1. CVP analysis requires costs to be categorized as a. | either fixed or variable. | b. | direct or indirect. | c. | product or period. | d. | standard or actual. | ANS: A PTS: 1 DIF: Easy OBJ: 9-1 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Decision Modeling 2. With respect to fixed costs‚ CVP analysis assumes total fixed costs a. | per unit remain constant
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What are the advantages and disadvantages of principles-based accounting? Perhaps the primary benefit of principles-based accounting rests in its broad guidelines that can be applied to numerous situations. Broad principles avoid the pitfalls associated with precise requirements that allow contracts to be written specifically to manipulate their intent. A 1981 study sponsored by FASB found evidence that managers purposefully try to structure leases as operating leases to avoid incurring additional
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40 a- Cost of goods manufactured = Direct cost + Indirect cost = [Direct Cost of Material + Direct Cost of Labor] + [Indirect Cost of Material + Indirect Cost of Labor + Utilities Overhead] = Total Cost of Material + Total Cost of Labor + Utilities Overhead = 120‚000 + 90‚000 + 40‚000 = $ 250‚000 b- Total Cost of Operation = Cost of goods manufactured + Selling‚ General admin. and expenses. = 250‚000 + 60‚000 = $ 310‚000 c- Prime Cost =Direct Material Cost + Direct Labor
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Chapter 1 An Introduction to Managerial Accounting and Cost Concepts Introduction to Managerial Accounting MSc. Mohammad Hicham Khalil Objectives 1. Comparison of Financial and Managerial 2. 3. 4. 5. 6. 7. 8. Accounting. General Cost Classifications. Product Cost versus Period Cost. Cost Classifications on Financial Statements. Cost Classifications for Predicting Cost Behavior. Cost Classification for Assigning Costs to Cost Objectives. Cost Classification for Decision Making. Review
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Synopsis. Historical Cost Accounting is a traditional valuation method as it reflects only on the past cost of the asset‚ however in the contemporary business environment companies must remain flexible and transparent. This belief has lead to the creation of several other valuation methods‚ due to word constraints I have focused primarily on Fair Value Accounting as an alternative to Historical Cost Accounting. Although Fair value accounting is a theoretically superior valuation methodology‚ there
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Framework Zhang Yi Fei and Che Ruhana Isa becoming more and more popular [3-7] ABC aims to provide accurate costing information to managers to allocate activity costs to products and services by applying cost drivers [8]. Academics who advocate ABC‚ such as‚ Cooper and Kaplan [9]‚ and Swenson [10] argue that it provides more accurate cost data needed to make appropriate strategic decisions about product mix‚ sourcing‚ pricing‚ process improvement‚ and evaluation of business process performance. These
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