What is your cost object (5pts)? (Do not define cost object; please write down the item or service that you want to produce and sell)
b) What is the Direct Material of your product or service (5pts)?
c) What are the overhead costs of your product or service (5 pts)?
d) Assume that you would like to assign overhead costs to your product or service. Which method you would prefer to use for assigning overhead cost to your product or service (In other words, how do you allocate overhead costs to your product or service) (5 pts)? Why (Please explain the reason of your selection) (5 pts)?
e) Shall we add “the insurance cost of cars used in marketing department” to the cost of your product or service? If not, Why (5 pts)?

Laker Company reported the following January purchases and sales data for its only product.

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Required:
1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Edney Company employs a standard cost system for product costing. The per-unit standard cost of its product is:

The manufacturing overhead rate is based on a normal capacity level of 600,000 direct labor hours. (Normal capacity is defined as the level of capacity needed to satisfy average customer demand over a period of two to four years. Operationally, this level of capacity would take into consideration sales trends and both seasonal and cyclical factors affecting demand.) The firm has the following annual manufacturing overhead budget:

Edney incurred $433,350 in direct labor cost for 53,500 direct labor hours to manufacture 26,000 units in November. Other costs incurred in November include $260,000 for fixed manufacturing overhead and $315,000 for variable manufacturing overhead.

Required:

1. Determine each of the following for November. [Note: Indicate whether each variance is favorable (F) or unfavorable (U).]

a. The variable overhead spending variance.

b. The variable overhead efficiency variance.

c. The fixed overhead spending (budget) variance.

d. The fixed overhead production volume variance.

e. The total amount of under- or overapplied manufacturing overhead (i.e., the total manufacturing overhead cost variance for the period).

2. Prepare the following four journal entries: (a) to record actual variable overhead costs, (b) to record actual fixed overhead costs, (c) to record standard overhead costs applied to production, and (d) to record all four overhead cost variances. The company uses a single account, Factory Overhead, to record all overhead costs. Assume that the actual variable manufacturing overhead consists of utilities payable of $165,000, indirect materials of $100,000 (all materials, direct and indirect, are recorded in a single account, Materials Inventory), and $50,000 depreciation on factory equipment (determined under the units-of-production method). Assume that the fixed manufacturing overhead consists of accrued (i.e, unpaid) salaries of $60,000 and factory depreciation of $200,000. All unpaid salaries should be recorded in a single account, Accrued Payroll.

3. Prepare the appropriate journal entry to close all manufacturing overhead variances to the cost of goods sold (CGS) account. (Assume the cost variances you calculated above are for the year, not the month.)

Which of the following statements regarding absorption cost pricing formulas is/are true?
i. Absorption cost pricing formulas provide a justifiable price that tends to be perceived as equitable by all parties.
ii. Since absorption cost information is necessary for external reporting, it is cost effective to use it for pricing.
iii. Absorption cost-plus pricing formulas generally will result in a higher mark-up percentage than variable manufacturing cost formulas.

Briefly compare the similarities and differences among CBA, CEA & CUA? Cost Benefit Analysis Cost Effective Analysis Cost Utility Analysis

A firm has provided you with the following information:

Output 30, Variable Cost $1,900, Fixed Cost $120,Marginal Cost $50, Price $50

Instructions: To indicate a loss enter a (-) in front of your answer. A positive entry is considered a profit.

1. What is the firm's short-run profit if they produce using the MC=MR rule?

2. What is the firm's short-run profit if they produce nothing?

3. What will be the firm's production decision in the short-run?

a. Shutdown

b. Exit

c. Operate

1.)

The table below represents the costs of producing jackets.

Find the average variable cost for producing 42 jackets. Round your answer to the nearest hundredth.

2.) The table below represents the costs of producing sneakers.

Find the average fixed cost for producing 34 sneakers. Round your answer to the nearest hundredth

you have calculated the following , fixed cost = $6000/month , variable cost = $3/unit, revenue = $8/ unit. 1. what is the break even point of the process. 2. quantity to produce for profit of $2000 per year

In October 2017 a pound of apples cost $1.61, while oranges cost $1.25. Two years earlier the price of apples was only $1.40 a pound and that of oranges was $1.11 a pound.

Compound annual growth rate of apples

Compound annual growth rate of oranges

Price of apples

Price of oranges

Consider the following cost data for a perfectly competitive firm:

a. If the market price is $140, how many units of output will the firm produce in order to maximize profit in the short run?
b. Find out economic profit or loss at the short-run profit maximizing output level.
c. What will be the price and quantity in the long run equilibrium?

Use illustration where possible