12 May WHY IS IT IMPORTANT TO PROPERLY DISTINGUISH ONE TYPE OF COST FROM THE OTHER?
What
are the differences between product and period costs?
Why
is it important to properly distinguish one type of cost from the other?
10%
Where
on the firm’s income statement will period costs usually show up?
Where
on the firm’s income statement would product costs end up?
30%
The
new department will make use of a job order costing system. How and why
will this differ from the current process costing system used elsewhere
in the plant?
30%
Provide 2 examples of companies that would use:
job
order costing
process
costing
explain
your answers
Objective:
Identify the major differences and similarities between financial and managerial accounting and
distinguish between product costs, period costs, process costing, job-order
costing and identify companies that would use each costing method.
ACCT320-1202A-01 Intermediate
Accounting IIAssignment Name:Unit 1 Individual ProjectDeliverable Length:1-2 sentences per questionDetails:Your company, a medium-sized manufacturer of
widgets, has just held the annual end of year “State of the Business”
meeting for all employees. The president discussed how well the company has
been doing, focusing on presenting the Income Statement for the last year.
During the meeting, he used terms like product costs, and period
costs, and how each affects the company’s profits. He also announced
that going forward, instead of manufacturing just one standard type of
widgets, there will be a new department added that will make custom versions
of the firm’s normal product line.At the end of the meeting, he asks each supervisor
to prepare a memo to his or her own employees, describing in
layman’s terms the following concepts:Sample Income Statement+Sales-COGS=Gross profit or gross margin-Selling, General, Administrative expenses=Net incomeGrading Guidelines30%10%30%30%Provide 2 examples of companies that would use:Objective:Identify the major differences and similarities between financial and managerial accounting and
distinguish between product costs, period costs, process costing, job-order
costing and identify companies that would use each costing method.
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.