1. Cost of Production Report: A company’s Department 2 costs for June were: Cost from Department 1 Cost added in Department 2: Materials Labor Factory overhead (FOH) $16320 43‚415 56‚100 58‚575 The quantity schedule shows 12‚000 units were received during the month from Department 1; 7‚000 units were transferred to finished goods; and 5‚000 units in process at the end of June were 50% complete as to materials cost and 25% complete as to conversion cost. Required: Prepare Cost of production report
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Absorption costing: * It is costing system which treats all manufacturing costs including both the fixed and variable costs as product costs * In absorption costing‚ all costs are absorbed into production and thus operating statements do not distinguish between fixed and variable costs. * Absorption costing is a process of tracing the variable costs of production and the fixed costs of production to the product. Absorption costing is used to cost products and to report financial
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Differential Costing Introduction Costs are an important feature of many business decisions. In making decisions‚ it is essential to have a firm grasp of the concepts differential cost. Decisions involve choosing between alternatives. In business decisions‚ each alternative will have costs and benefits that must be compared to the costs and benefits of the other available alternatives. A difference in costs between any two alternatives is known as a differential cost. A difference in revenues
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A process costing system is a costing system in which the cost of a product or service is obtained by assigning costs to masses of like or similar units. Unit costs are then calculated on an average basis. Process costing systems are used in industries that produce like or similar units which are often mass produced. In these industries‚ products are manufactured in a very similar way. The companies usually use the same amount of direct materials‚ direct manufacturing labor costs and manufacturing
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BACKFLUSH COSTING Definition of Backflush Costing : A streamlined cost accounting method that speeds up‚ simplifies‚ and reduces accounting effort in an environment that minimizes inventory balances‚ requires few allocations‚ uses standard costs‚ and has minimal variances from standard Product costing approach‚ used in a just - intime (jit) operating environment‚ in which costing is delayed until goods are finished. Standard costs are then flushed backward through the system to assign
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PAPER On Process Costing Submitted in fulfillment of the requirements for the 3rd SEM MBA Management Accounting and Control Systems Submitted to: Submitted by: Prof. G V M Sharma Vandana Rajput Dept. of MBA 1PB11MBA60 INTRODUCTION: Process costing is a form of operations costing which is used where standardized homogeneous goods are produced. This costing method is used in
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1 Target Corporation: Maintaining Relevance in the 21st Century Gaming Market Situation Analysis Target Corporation is one of the largest US based retailer popular among suburban women shopping with their children including high spending teenagers because it offers one-stop shopping opportunity with a trendy‚ superior mix of premium high quality merchandise as well as discount merchandise for its customers. Target.com‚ the online‚ electronic retail store‚ Target Financial Services‚ that operates
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Exercises (Group A) (15-20 min.) E 4-22A Req. 1 Plantwide overhead rate = Estimated total manufacturing costs Estimated cost allocation base = = $1‚150‚000 25‚000* direct labor hours = = $46 per direct labor hour *When calculating plantwide overhead rates‚ all direct labor hours incurred in the plant are used. (continued) E 4-22A Req. 2 Departmental overhead rate Machining Dept. overhead rate = = Finishing Dept. overhead rate Total department overhead
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ACKNOWLEDGEMENT In this assignment‚ we would like to take an opportunity to send our appreciation to the college due to a proper syllabus and good environment have been provided. Next‚ we would like to thank our Costing and Pricing lecturer‚ Mr.Balan for his generous help. We believe that we cannot create an excellent assignment without his advice and help. At the same time‚ we would like to express our thanks to those who helped us to carry this assignment successfully. Thank you very much
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Administration(SP 51-‘12) Case Study Report on Sony Corporation TABLE OF CONTENTS I. EXECUTIVE SUMMARY 3 II. INTRODUCTION 4 Objectives 4 Relationship between Mission & Vision Statement and Performance of Sony 4 Report Usability 6 Methodology 6 III. COMPANY PROFILE 6 Ownership 6 Overview and History 8 Product-Market Strategy 10 Products 10 Market Segmentation 11 IV. ANALYSIS ON THE COMPETITIVE FORCES OF SONY 12 Five Poster Analysis 12 1. Bargaining power
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