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Cost Accounting, a vital branch of accounting, can often pose significant challenges for students with its intricate concepts of inventory management, wage calculation, and overhead costs. Recognizing these challenges, Tutorbin.com offers comprehensive cost accounting assignment help to steer you towards academic success. Whether you're juggling part-time work or grappling with a dense reading list, our experts are here to alleviate the stress of cost accounting assignments.
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Our team of seasoned experts is adept at handling a broad spectrum of cost accounting topics. From Management Control Systems to Strategy and Market Analysis, our cost accounting assignment help covers over 100 modules, ensuring you get tailored solutions for every topic under the sun. Whether you need assistance with MAF 151 or any other cost accounting assignment, we're equipped to provide you with the expertise you need.
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Our cost accounting assignment solutions aim to reinforce your grasp of fundamental concepts, making it easier to tackle assignment questions with confidence. We cover essential definitions related to fixed and variable costs, direct and indirect costs, product and period costs, and more, ensuring you're well-prepared to excel in your studies.
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What is cost accounting?
Cost accounting involves the determination and analysis of fixed and variable costs to aid in budgeting, valuation, and financial decision-making within a business.
How do you write an accounting assignment?
Our experts follow a meticulous process, from understanding the question to conducting thorough research, drafting, and proofreading, ensuring high-quality, accurate assignments.
What are the main types of cost accounting?
Cost accounting can be categorized into standard costing, lean accounting, marginal costing, and activity-based costing, among others.
What concepts are covered in cost accounting?
Key topics include activity-based costing, process costing, standard cost accounting, and various cost analysis methodologies essential for effective business management.
What is the primary goal of cost accounting?
The main objective of cost accounting is to capture production costs for better financial decision-making, budgeting, and identifying areas for cost reduction.
Recently Asked Cost Accounting Questions
Expert help when you need it- Q1:You are the newly hired Controller for Retro Vinyl. The proprietors of RV hired you due to your vast experience in the furniture industry, which now spans almost 25 years. Your first task is to create a master budget for the four quarters of the 2023 fiscal year, which begins January 1st and ends December 31st. The master budget must include the following detailed budgets: 1. A sales budget with a schedule of expected cash collections from sales. Show the budget by quarter and in total. 2. A production budget. Show the budget by quarter and in total. 3. A direct material purchase budget with expected cash disbursements for material purchases. Show the budget by quarter and in total. 4. A direct labor budget in dollars. Show the budget by quarter and in total. 5. A manufacturing overhead budget in dollars. Show the budget by quarter and in total. 6. An ending finished goods inventory budget. Show the budget by quarter and in total. 7. A selling, general, and administrative budget. Show the budget by quarter and in total. 8. A cash budget. Show the budget by quarter and in total. 9. A budgeted income statement for the period ending December 31. Use the absorption costing approach. 10.A budgeted balance sheet as of December 31.See Answer
- Q2:Case Study Golding Landscaping and Plants, Inc. Kenneth and Patricia Golding spent a career as a husband-and-wife real estate investment partnership in Washington, DC. When they finally retired to a 25-acre farm in northern Virginia's Fairfax County, they became ardent amateur gardeners. Kenneth planted shrubs and fruit trees, and Patricia spent her hours potting all sizes of plants. When the volume of shrubs and plants reached the point that the Goldings began to think of their hobby in a serious vein, they built a greenhouse adjacent to their home and installed heating and watering systems. By 2005, the Goldings realized that their retirement from real estate had really only led to a second career in the plant and shrub business and they filed for a Virginia business license. Within a matter of months, they asked their attorney to file incorporation documents and formed the firm Golding Landscaping and Plants, Inc. Early in the new business's existence, Kenneth Golding recognized the need for a high- quality commercial fertilizer that he could blend himself, both for sale and for his own nursery. His goal was to keep his costs to a minimum while producing a top-notch product that was especially suited to the northern Virginia climate. Working with chemists at George Mason University, Golding blended "Golding-Grow." It consists of four chemical compounds: C-30, C-92, D-21, and E-11. The cost per pound for each compound is indicated in the following table: Chemical Compound Cost Per Pound ($) C-30 0.12 C-92 0.09 D-21 0.11 E-11 0.04 The specifications for Golding-Grow are as follows: Chemical E-11 must comprise at least 15% of the blend. C-92 and C-30 must together constitute at least 45% of the blend. D-21 and C-92 can together constitute no more than 30% of the blend. Golding-Grow is packaged and sold in 50-pound bags. Discussion Questions Formulate an LP problem to determine what blend of the four chemicals will allow Golding to minimize the cost of a 50-pound bag of the fertilizer. Solve by using Excel to find the best solution.See Answer
- Q3:Need vlookup or Hlookup to match dollar amount with CONTRACTING OFFICE/RECEIVING AGENCY/ COMMAND. Columns AA through BH highlighted in green will need the dollar amounts only fill in the white columns. Budget has formulas in the blue columns. Blue columns leave blank. Need vlookup or Hlookup to match dollar amount with CONTRACTING OFFICE/RECEIVING AGENCY/ COMMAND. Please add pivot tables please and graphsSee Answer
- Q4:. MTC-Register you... < Inbox 2:48 PM Year 1 Year 2 Year 3 Year 4 31% KB company is a wholesaler of books which is keen to explore the financial implication of making a significant investment in equipment and the development of website. Due to the fast-changing nature of the equipment and the internet software. KB's management has set a project lifetime of 4 years, i.e, the equipment will replaced, and the new website designed. An amount of N$ 300 000 will be paid to the new equipment at the beginning of the project. The company's costs behave in such a way that its contribution on sales ratio is expected to be 40% and its margin 10% Sales estimates are shown below: Total sales if no investment N$ 000 12 400 13 250 13 620 14 000 V Total sales with investment N$ 000 12 950 13 380 14 340 15 000 Variable cost selling price are expected to remain stable in order to remain competitive over the duration of the project. Initial working capital of N$ 20 000 will required at the start of the project. The suppliers will be paid a retaining /advisory fee of N$120 000 in year 1, N$ 150 000 in year 2, N$ 170 000 and N$ 190 00 in year 3 and 4,respectly. The residual value at the end of the project will be N$ 30 000. KB paid consultancy fee of N$ 150 000 experts who worked on the equipment. REQURED/n. MTC-Register your S... < Inbox equipment and the internet software. D management has set a project lifetime of 4 years, i.e, the equipment will replaced, and the new website designed. An amount of N$ 300 000 will be paid to the new equipment at the beginning of the project. The company's costs behave in such a way that its contribution on sales ratio is expected to be 40% and its margin 10% Sales estimates are shown below: Year 1 Year 2 Year 3 Year 4 2:48 PM Total sales if no investment N$ 000 12 400 13 250 13 620 14 000 @31% Total sales with investment N$ 000 12 950 13 380 14 340 15 000 V Variable cost selling price are expected to remain stable in order to remain competitive over the duration of the project. Initial working capital of N$ 20 000 will required at the start of the project. The suppliers will be paid a retaining /advisory fee of N$120 000 in year 1, N$ 150 000 in year 2, N$ 170 000 and N$ 190 00 in year 3 and 4,respectly. The residual value at the end of the project will be N$ 30 000. KB paid consultancy fee of N$ 150 000 experts who worked on the equipment. REQURED Using the Net Present Value (NPV) technique to evaluate whether KB should go ahead with the project or not. (30 marks)See Answer
- Q5:Case: Cloutier Inc. Cloutier Inc., set up as a privately held corporation, operating as a ready to wear garments retailer, of which 100% of the Common Shares are owned by Bryan Cloutier. You were hired to account for transactions for the month of June 2023, complete month end processing, prepare the financial statements and perform a financial ratio analysis as of the end of that month. They use perpetual inventory system and use the weigted average method to determine value for the inventory. Its balance sheet as at May 31, 2023, is presented below. Assets Cash Cloutier Inc. Classified Balance Sheet As at May 31, 2023 Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Long-Term Assets Equipment Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Unearned Revenue Salaries Payable Current Portion of Bank Loan Total Current Liabilities Non-Current Liabilities Non-Current Portion of Bank Loan Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Equity Notes Relating to Balances: Customers and balances Lance Inc Knot Inc. Mcdo Inc. Giffo Inc. Promod Inc. Total $72,560 25,480 38,000 7,200 166,000 -81,000 $30,790 $14,500 $8,250 19,980 $6,250 $8,610 $5,570 $3,050 $2,000 143,240 85,000 $228,240 $73,520 29.970 $103,490 81,600 43,150 124.750 $228,240 Suppliers and Balances Zalora Co Mango Corp. Levis Co. Total $25,480 The bank loan has an annual interest rate of 9% and has monthly principal payment of $1,665. $16,730 $7,820 $6.240 $30,790 Page 1See Answer
- Q6:1. The name of this course is "Cost Accounting". So, what's a "cost"? WHY do we need to understand what this term means?See Answer
- Q7:2. What's an expense? Is this the same as a cost or something different? If different, HOW are they different? WHY is it important?See Answer
- Q8:3. Harry is an English major who lives on the planet Zutron. He has a number of questions. First, he asks: "I've heard about this term financial accounting? What's that?"See Answer
- Q9:4. Harry also asks, "What's management (or managerial) accounting?" What do you tell him and WHY is it important?See Answer
- Q10:5. What's cost accounting? WHY is it important?See Answer
- Q11:6. Costs can be described in several different ways. Explain the meaning of each of the following classifications and WHY each one is important: a. Behavior - variable or fixed b. Traceability - direct or indirect c. Function - product or period d. Controllability controllable or non-controllable e. Relevance - relevant or irrelevantSee Answer
- Q12:7. Harry wants to know what a balance sheet is and what an income statement is? What information do they each convey?See Answer
- Q13:8. What are revenues? Are they the same as sales, or something different?See Answer
- Q14:9. Let's say that our company makes chairs. I make $1 million in sales for the year. All the sales happen on ONE DAY... December 28th. Half of the customers pay me in cash. The other half tell me that they will be paying me next week. According to GAAP, how much sales will I show on my income statement and WHY?See Answer
- Q15:10. What is plain-English meaning of the term Cost of Goods Sold (CGS)? In real life, how do we come up with this number?See Answer
- Q16:11. My company manufactures and sells chairs. On our balance sheet we show $1,000,000 in finished-goods inventory. In plain English (that means without any fancy accounting terms) what does this mean? In real life, how would we come up with this number?See Answer
- Q17:ALABAMA CORPORATION Goals and Objectives Review of basic terminology Review basic accounting and journal entries to reflect the flow of costs Review preparation of income statement and supporting schedules for manufacturer given end-of-year information The company manufactures a single product, cleverly named Product X. The following information is available for the calendar year 2018 just completed, during which they produced and sold 200,000 units. Sales for the year was $2,400,000. During the year, the company paid a sales commission of 5 percent of sales. The corporate income tax rate was 20%. Direct materials purchases Direct labor Depreciation - factory equipment Depreciation - factory building Depreciation - headquarters building Factory insurance Property taxes: Factory Headquarters Utilities - factory Utilities - sales Administrative salaries Indirect labor salaries Sales office salaries Inventory Information Raw materials Work in process Finished Goods $300,000 140,000 45,000 30,000 50,000 15,000 20,000 18,000 34,000 1,800 150,000 156,000 90,000 12/31/2017 12/31/2018 $124,000 $152,000 124,000 130,000 109,000 118,904/nREQUIRED: 1. Post all of the above a summary entries in T accounts. 2. Compute the direct materials used in production. 3. Compute the prime cost. 4. Compute the conversion cost. 5. Prepare the Schedule of Direct Materials Used 6. Prepare the Schedule of Cost of Goods Manufactured 7. Prepare the Schedule of Cost of Goods Sold 8. Prepare an income statement for 2018, acceptable for GAAP in good form. 9. How many finished units of Product X do you thing were in the ending FG inventory?See Answer
- Q18:10. As part of the annual audit you notice that "Indirect labor salaries" included the $20,000 salary paid to Ken, who actually works in the advertising department of the company. a) Does this seem reasonable? Why or why not? b) Does this make a difference in terms of the net operating in come? Why or why not? c) What incentive would management have to include the advertising costs as "in direct labor"? (That is, what would their motivation be to do this?)See Answer
- Q19:3. Maheera can get a certificate of deposit (CD) at his bank that will pay 3.5% annually for 10 years. If he places $2442 in this CD, how much will it be worth when it 24 matures? ^ (a) Use the formula. (b) Use the interest tables and interpolation. (c) Use a calculator or spreadsheet for a 5-button solution.See Answer
- Q20:3. How much must you invest now at 4.2% interest to accumulate $175,000 in 46 years? 25See Answer
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