Mary E. Jones 01/14/2011 ACC 560 Case 1: Greetings Inc.: Job Order Costing 1. Define and explain the meaning of a predetermined manufacturing overhead rate that is applied in a job-order costing system? A predetermined overhead rate is the rate used to apply manufacturing overhead to work-in-process inventory. The predetermined overhead rate is calculated before the period begins. The first step is to estimate the amount of the activity base that will be required to support operations
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Hogle Company – Job Order Costing Example Hogle Company is a manufacturing firm that uses job-order costing. On January 1‚ the beginning of its fiscal year‚ the company’s inventory balances were as follows: Raw materials $20‚000 Work in process 15‚000 Finished goods 30‚000 Prepaid Insurance 10‚000 The company applies overhead cost to jobs on the basis of machine-hours worked. For the current year‚ the company estimated that it would work 75‚000 machine hours and incur $450
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Literature Review A literature review • Provides an overview and a critical evaluation of a body of literature relating to a research topic or research problem. • Analyzes a body of literature in order to classify it by themes or categories‚ rather than simply discussing individual works one after another. • Presents the research and ideas of the field rather than each individual work or author by itself. A literature review often forms part of a larger research project‚ such as within
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The Activity-Based Costing Method: Development and Applications Gregory Wegmann* This paper analyzes the management accounting applications‚ which try to improve the Activity-Based Costing (ABC) method. First‚ the paper describes them using the Strategic Management Accounting (SMA) stream. Then it presents the main features of these applications. Second‚ the paper examines in detail two of these features: the widening of the analysis perimeter and the relevant level of details to analyze the
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W Hotel has style and substance. Included in W’s style is the real value the hotel offers to its guests‚ with their successful “Wow” business strategy. Superior quality‚ W’s real value‚ is offered to each guest by means of: • Services • Relationships • Appealing‚ Contemporary Designs • Global positions • Value • Emotional and Self-Expressive Benefits W Hotel‚ a successful operation of over 10 years (1998)‚ has changed the hospitality industry with many industry firsts: Transformation
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Aristocrat was originated in 1953 by Len Ainsworth in Australia and introduced its first significant product to the market 3 years later‚ the Clubmaster slot machine (Aristocrat Website). The Clubmaster was the first mechanical machine to offer multiline and scattered payouts with numerous other technical advances (Figure 1). A few years later Aristocrat fabricated the world’s first lit poker machine which helped captured enormous market share in Australia that it still holds today. As Aristocrat
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Complete a close analysis of a TV studio produced show or segment that includes a studio-based interview. Identify and discuss the format and production elements used to execute a studio-based interview. 1 Michael Parkinson made his debut as a talk show host with his own Parkinson show in 1971. After being on air for 25 years Parkinson came to an end as Michael Parkinson retired. Parkinson falls under a factual programming/ light entrainment TV genre. Generally‚ Parkinson uses a simple format
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Chapter 2 Job Order Costing Learning Objectives After studying this chapter‚ you should be able to: [1] Explain the characteristics and purposes of cost accounting. [2] Describe the flow of costs in a job order cost system. [3] Explain the nature and importance of a job cost sheet. [4] Indicate how the predetermined overhead rate is determined and used. [5] Prepare entries for jobs completed and sold. [6] Distinguish between under- and overapplied manufacturing overhead. 2-1 Preview of Chapter
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Full Cost Pricing Selling price arrived at by adding overheads and profit margin to the direct cost per unit of a product. In a manufacturer’s overheads computation‚ less than full capacity utilization of the plant is factored in to allow for fluctuations in the output. The profit margin is computed as a fixed percentage of the average total cost of the product. Pricing - full cost-plus pricing Full cost plus pricing seeks to set a price that takes into account all relevant costs of production
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Target Cost Exercise in Paper Plant Shank & Fisher (1999) gave an example of application of target costing in the case of Montclair Paper Mill abd showed how the target costing principle could be applied even at a later stage of the product life cycle. The situation of Montclair Mill was gloomy. The mill was making $700 loss per every ton of paper sold. The management believed that the standard cost of $2900 per ton was thought to be based on a solid analysis and was taken for granted. The
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