Course Assignments

Worksheet # I: Cost Classification Study Questions 1. Distinguish between direct and indirect costs. 2. Distinguish between prime cost and conversion costs. 3. The current assets sections of the balance sheets of three companies follow. Which company is a service company? Which is a merchandiser? Which is a manufacturer? How can you tell? X-TREME Cash†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. $2,500 Accounts Receivable 5,500 Inventory†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 8,000 Prepaid Expenses†¦. 300 Total†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. $16,800 Y-NOT? ZESTO Cash†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. $3,000 Cash†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. $2,000 Accounts Receivable 6,000 Accounts Receivable†¦Ã¢â‚¬ ¦ 5,000Prepaid Expenses†¦. 500 Materials Inventory†¦Ã¢â‚¬ ¦.. 1,000 Total†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. $9,500 Work in process inventory 800 Finished goods inventory 4,000 Total†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. $12,800 4. Francis manufacturers, a manufacturer of wood doors and windows, has prepared the following list of accounts Advertising Assemblers wages Production supervisor’s salary Depreciation of machinery Factory utilities Lathe (machine for shaping wood) Operators wages Machinery repairs Office salaries Purchase of glue Purchase of screws and nails Purchase of pine Purchase of oak $36,000 84,200 21,400 9,200 55,600 6,400 22,600 113,800 1,600 800 99,000 250,000 There is no beginning or ending inventory. Calculate the following: (a) Direct material used (b) Direct labour cost (c) Factory overhead (d) (e) (f) Prime cost Conversion cost Production cost -1- 5. Compute cost of goods manufactured and cost of goods sold from the following amounts Direct materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labour Manufacturing overhead Beginning of Year $22,000 38,000 18,000 End of Year $26,000 30,000 23,000 75 ,000 82,000 39,000 6.Clyde’s Pets manufactures chewing bones for puppies. At the end of December 2008, his accounting records showed the following: Inventories Materials Work in process Finished goods Other information: Direct material purchases Plant janitorial service Sales salaries expense Delivery expense Sales revenue Beginning $13,500 0 0 $31,000 1,250 5,000 1,500 105,000 Ending $9,000 1,250 5,700 Utilities for plant Rent on plant Customer service hotline expense Direct labour $4,500 9,000 1,000 18,000 Requirements: i) ii) iii) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2008Prepare an income statement for Clyde’s Pets for the year ended December 31, 2008 Given that the company manufactured 17,500 units, of its product in 2008, compute the company’s unit product cost for the year. -2- Online Discussion Questions (Kindly prepare these questions before each online session) 1. Papermaking Ltd. makes paper, which is cut and packed, before being transferred into the finished goods store. The paper is moved from department to department by forklift truck. Each pack of finished product contains one ream of paper.The paper is loaded onto wooden pallets before delivery to customers. The following cost information relates to Papermaking Ltd. for the period ended March 31, 2002. Pulp Clay Wrapping paper (used in packing department) Spare knives for cutting machine Cleaning rags for machines Royalty payments Making department wages to machine crew Cutting department wages to machine crew Packing department wages to packers Fork truck driver wages Factory foreman’s salary Wooden pallets Dispatch department wages Delivery vehicle drivers wages Sales manager’s salary Advertising costs Sales office staff wagesGeneral manager’s salary Production manager’s salary Maintenance costs 1 Administration salaries Electricity cost 2 Administrative office machine rental cost Sundry other costs: P roduction Administration Selling Distribution $100,000 40,000 3,500 800 500 10,000 38,000 26,000 20,000 8,000 11,000 3,600 17,000 9,600 17,500 16,500 18,500 30,000 21,500 60,000 45,000 18,000 1,000 33,000 42,000 11,000 16,000 1 Maintenance costs should be charged to the functions making use of the maintenance service as follows: production 80%; administration 3%; selling 3% and distribution 14%. Electricity cost should be charged to each functional area in the following proportions: production 75%; administration 5%; selling 5%; and distribution 15%. Required: (i) Prepare a cost summary for the period ended March 31, 2002, which shows sub-totals for, prime cost, production overhead, production cost, administration cost, selling cost and distribution cost. (ii) Prepare a summary profit and loss account for the period ended 31 March 2002 showing only total figures for each function, where the following additional information is available: (a) Units produced – 2,500 kilos (b) Un its sold – 2,000 kilos @ $300 per kilo c) No paper was in stock at the beginning of the period. -3- 2. Smooth Sounds manufactures and sells a new line of MP-3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home office. As a result, the accounting record for October were partially destroyed- and completely jumbled. Smooth Sounds has hired you to help figure out the missing pieces of the accounting puzzle. Work in process inventory, October 31. Finished goods inventory, October 1†¦. Direct labour in October†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Purchases of direct materials in October Work in process inventory, October 1†¦ Revenues in October†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..Accounts receivable, October 1†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Gross profit in October†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. $1,500 4,300 3,000 9,000 0 27,000 2,000 12,000 Accounts payable, October 1†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Direct materials used in October†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Accounts payable, October 31†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Accounts receivable, October 31†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Direct materials inventory, Oct. 31†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Manufacturing Overhead in October†¦Ã¢â‚¬ ¦.. $3,000 8,000 5,200 6,500 3,000 6,300 Required: Compute the following amounts i) Manufacturing costs ii) Cost of goods manufactured in October iii) Cost of goods sold in October iv) Beginning direct materials inventory v) Ending finished goods inventory 3.The table below shows monthly data collected on facilities maintenance department costs and on the number of patient-days serviced over the past year. Month January February March April May June July August September October November December (i) (ii) (iii) (iv) (v) Department Costs $37,000 $23,000 $37,000 $47,000 $33,000 $39,000 $32,000 $33,000 $17,000 $18,000 $22,000 $20,000 # Of patient-days 3,700 1,600 4,100 4,900 3,300 4,400 3,500 4,000 1,200 1,300 1,800 1 ,600 Determine the variable cost per patient-day and the fixed cost using the highlow method. What is the equation of the total mixed cost function?Prepare the scatter diagram, clearly showing any outliers. Using the line of best-fit, determine department’s fixed cost per month and the variable cost per patient-day. In view of the department’s cost behaviour pattern, which of the two methods appear more appropriate? Explain your answer. -4- Practice Questions (The following questions are to be used for self study sessions) 1. Inventoriable product costs: a) Include marketing costs and research and development costs b) Include the costs of direct materials, direct labour, and manufacturing overhead used to produce a product ) Include only the costs of direct materials and direct labour used to produce a product d) Both A and B are correct 2. Manufacturing overhead is a: a) Product cost b) Period cost c) Indirect cost d) Both A and C are correct 3. Direct materials: a) A re used to determine total inventoriable product costs b) Are used to determine total manufacturing overhead c) Cannot be separately and conveniently traced through the manufacturing process to finished goods inventory d) Must not become part of the finished product 4. a) b) c) d) Which of the following is least accurate about a manufacturing setting?Conversion costs refer to the costs applied to materials that convert it into a finished product. Direct labour and manufacturing overheads makes up conversion costs. When compared to the manufacturing setting, purchases and freight in are a part of inventoriable costs for a merchandiser under US GAAP. Inventoriable product costs are not recorded as assets until the product is sold. When ending finished goods inventory is subtracted from the sum of beginning finished goods inventory and cost of goods manufactured, the result is cost of goods sold 5.Cost of goods manufactured during 2006 is $240, WIP inventory on December 31, 2006 is $50 . WIP inventory during 2006 decreased 60%. Total manufacturing costs incurred during 2006 amount to: a) $190 b) $165 c) $290 d) $315 -5- 6. You are given the following for the production of office chairs by the company ‘Chairs and More† : Quantity produced 100 200 300 400 500 600 Total Fixed Costs (JMD$) 10,000 10,000 10,000 10,000 10,000 10,000 Variable cost per unit is $150. The production of 15,000 chairs will cost: a) $2,260,000 b) $1,500,000 c) $10,000 d) $25,000 7.Work in process inventory increased $20,000 during 2005. Cost of goods manufactured was $280,000, Total manufacturing costs incurred in 2005 are: a) $298,000 b) $262,000 c) $289,000 d) $300,000 8. Wright Company reports production costs for 2006 as follows: Direct materials used $375,000 Direct labour incurred $250,000 Manufacturing overhead incurred $400,000 Operating expenses $145,000 Wright’s period costs and product costs respectively for 2006 are: a) b) c) d) $145,000 and $1,025,000 $1,025,000 and $145,000 $545,000 and $975,000 $975,000 and $545,000 End of worksheet #1 -6-

Case Note Essay Example | Topics and Well Written Essays - 500 words - 1

Case Note - Essay Example Job characteristics theory is a working design with a set of principles for job enriching in organizations. Job characteristics theory has five major aspects of address including motivation, satisfaction, performance, absenteeism, and turnover. The scenario at DrainFlow in which employee dissatisfaction is a common occurrence, the employees should be given incentives as motivation for every good performance and an encouragement to other employees to work harder. Additionally, the duties of the order processors and the billing agents need to merge to ensure that customer issues are addressed from a single department. Such would prevent employee dissatisfaction from customer complaints. Indeed, Reynaldo has little clue on the implementation of cash reward system. In the current scenario at DrainFlow, proves very tedious for the implementation of the system considering that different departments handle customers at different levels and, therefore determining which employee to reward would be ideally a tough task. In order for effective implementation of the cash reward system, it is significantly important that all the departments operate from a common command center. In such a setting, a customer will deal with a particular employee from the time the customer submits a plumbing problem, sending of a plumber, and making payments all occur from a common pull. Such a way would ensure an easy track of the best-performing employees and worthy of a reward. Financial incentives are indeed a better way of rewarding best-performing employees for the success of an organization. The advantages associated with financial incentives includes increased performance among employees as a means of getting the financial incentives and recognizing of employee priorities and work on the areas of under-performance. Financial incentives also have its disadvantages such as the genesis of division among employees, especially

Nursing -improper identifacation of non pressure wound Research Paper

Nursing -improper identifacation of non pressure wound - Research Paper Example Nurses often fail to recognize non-pressure ulcers and document them as pressure ulcers, thus leading to confused and suboptimal treatments and devastating consequences to the patient. In diabetic ulcers, delayed and inappropriate treatment increases the risk of amputation. Thus, it is very important to identify and documents ulcers appropriately. In this essay, improper identification of non-pressure wounds will be discussed through review of appropriate literature. Evaluation and improper identification and documentation of non-pressure wounds The first step in the evaluation of a patient with ulcer is taking appropriate medical history and hence this aspect is very important to ascertain whether the ulcer is pressure or non-pressure type. History should include age and sex of the patient and presenting complaints. The chronology of events, whether the onset of the wound was traumatic or spontaneous, the treatments taken for the wounds and the outcomes of the treatments must be enq uired. The history should also include whether the ulcer is associated with pain and if present, whether the pain is sudden in onset, and whether it is nocturnal or present when the leg has been in the dependent position for a long time. Other details to be included in the history are history of any chronic disease like diabetes and hypertension, occupational history, history of varicose veins, previous history of lower limb wounds/ulcers/gangrene, history of amputations and history of any other surgeries. Family history of similar ulcers also must be enquired into (Kunimoto, 2001). Influence of biological and social factors also must be assessed. The next step in assessment is to determine the etiology and risk factors of the wound. Age, malnutrition, collagen disease and drugs like steroids inhibit wound healing (Kunimoto, 2001). After medical history, physical examination of the wound must be undertaken. Physical examination gives valuable information especially in the elderly wh o cannot recall history details. One of the aims of physical examination is to differentiate between venous leg ulcers and non-venous leg ulcers. Venous leg ulcers occur in the distal medial third of the lower extremity and they are shallow without punched margins. The amount of granulation tissue and its color must also be assessed. Nurses are often confused here. Differences in documentation of the quantity and color of granulation tissue by the nurses have been reported (Frank-Stromborg et al, 2001). Decreased granulation tissue or bluish hue color of this tissue are indicators of bacterial infection. The drainage from the wound must be examined as to whether it is serous, purulent or serosanguinous. There is evidence that there is no homogeneity among nurses and other health professionals in ascertaining the type of secretion from wound (Stremitzer et al, 2007) and this aspect plays a very important role in wound evaluation and diagnosis. Purulent discharge is an indicator of ba cterial infection. The length, depth and width of the ulcer must also be assessed. Surrounding skin examination gives a valuable clue to differentiate between venous and non-venous ulcers. Peripheral arterial circulation assessment is a must in ulcer evaluation. Palpation of the dorsalis pedis artery is useful for this purpose. However, it is absent in about 10% of people. Color and perfusion are other markers for arterial sufficiency. Nurses must be aware of

Sabor Inc Case Analysis Study Example | Topics and Well Written Essays - 750 words

Sabor Inc Analysis - Case Study Example The standardization strategy also aimed to increase inventory turnover 20 times of the present rates. According to the company’s management, standardization will help increase sales and help prevent stock-outs. In addition, the company believed that standardization of its products would provide opportunities for lowering the company’s products thereby making the company gain a competitive edge over its rivals. Sabor Inc. had, for many years, sold air humidification and filtration units alongside its heating and cooling units. Air filtration units accounted for 7% of the total company sales. However, the manufacture of Marconil significantly increased the sales of the air filtration units as a percentage of the total sales. The Marconil was a new high-tech, thin, system of filtering small particles from the air. Sabor Inc. air filtration units became very popular due to the high number of people suffering from asthma and allergic reactions. Marconil was cheaper compared to electronic cleaning methods. Marconil cleaning system was popular due to its ability to kill airborne bacteria when used with ultraviolet light units. The Marconil filtration system led to increased sales of the Sabor Inc. air filtration system. Since the launch of the Marconi air cleaning system three years ago, the company has experienced impressive sales records. The sales have often exceeded the sales forecasts by the company’s marketing department. In the first year of its launch, the marketing department projected Marconi sales at $1million but the actual sales stood at $11 million. In the second and third years,the actual sales were $29 million and $ 72 million far beyond the sales forecasts of $15 and $40 million respectively. However, the marketing department predicts that sales growth will level off for the next three years. A. The company can contract Marconi air

Medication managment Essay Example | Topics and Well Written Essays - 500 words - 1

Medication managment - Essay Example The health care provides a standardized form that can be used in nursing, medical and pharmacy (Australian Commission on Safety and Quality Health Care). The most important role of a nurse is to administer drugs to patients. They have much knowledge about what drugs to give to patients. Nurses are to be expected to aware of pharmacology, anatomy, physiology and legal issues associated with a particular drug administration. Before administer IV or IM medications, the nurse has to be check the medication. Correct medication include dose and expiry date. There is need to check right medication by nurses asking patients their full names and date of birth. They also make double check by looking at their wrist bands and comparing it with the medication chart. Correct label bearing the name of medication has to be attached on the IV tubing (Tollefson 2012, p. 86-89). After that, a nurse must check the patient situation and recording the volume of IV in fluid balance

Strategic Marketing Managment Case Study Example | Topics and Well Written Essays - 750 words

Strategic Marketing Managment - Case Study Example They have tried their hardest to keep Google away from the shores of book scanning and digitizing to millions of readers worldwide. What their point of view does is to present a gloomy picture of the thinking that the Authors Guild have and how they want to earn from each and every opportunity that comes their way. The basic objection to the digitizing and book scanning aspect is that Google makes use of these excerpts on its web pages which are filled with advertisements thus accounting to huge returns on the part of Google in the form of advertising revenues and marketing shares. There seems to be no other way than to adopt the advertising bandwagon since Google is a public domain in the present times more than anything else and any and everybody can copy, view and scan whatsoever he or she wants for their reading pleasure (Author Unknown 2005). The search engine does its best to make the texts, which can range from parodies to excerpts of the various books, presentable to all and sundry and it is only with the naivety attached with this thinking perspective of the Authors Guild that the project seems to hit the doldrums. Moving further ahead, the Authors Guild raises the point that Google is infringing the copyright laws whereby it has gone a step ahead of its competitors like Yahoo and the like and presented the books in a scanned mode (Brumfield 2005). What the Authors Guild forgets is the fact that it is for the betterment of the readers themselves – for whom the books are written in the first place. The Authors Guild is basically opposed to the Google Print Library Project which has the basic functioning of scanning nearly all parts of a particular book which has been taken from the libraries of University of Michigan, Stanford University, Harvard University, Oxford University and the New York Public Library (Author Unknown 2005). These texts are easily searchable courtesy the Google search engine and thus the intended users (readers) can easily g o through the contents of the books on view. The aspect of advertisements on these web pages where the texts are made available through the search corridor is something that raises quite a few eye brows on the part of the Authors Guild and thus they come up with the faintest of lawsuits which asks to prohibit the searchable capacity of these books through the help and facilitation of Google. The President of the Authors Guild, Nick Taylor suggests that this perspective alone presented by Google is a clear cut violation of the copyright laws and hence the searchable capacity made available on the part of Google should be taken away as far as Google is concerned (Kuchinskas 2005). The Google authorities are rightfully pointing out the benefits that the general viewers (readers) of these books would indeed have and not only that but also the sale of these books would increase as a result, an aspect which could draw huge revenues for the authors who have penned down these books. Somehow or the other, they seem to forget this very vital aspect. As a business entity, Google extracts money and in more business like terms, the revenue from allocating space in the form of banners, buttons and hyperlinks to advertisers at rates which are not only cost effective but also aim at bulk deals (Mills 2005). With this, Google gives them an opportunity to come back and invest more and more with the help of ads since they (advertisers) believe that they get the best possible

Business Process Analysis and Improvement Essay

Business Process Analysis and Improvement - Essay Example Seethamraju and Marjanovic (920) indicate that among other things increased competition, in shareholder requirements and new technologies are forcing organizations to make major changes very quickly. In TS’s case, customer requirements are driving these changes and BPM is required in order to respond appropriately. The CEO is not pleased with the current process and is concerned that the survival of the business is at stake. The recruitment process needs to be improved in order to make it faster, cheaper and more flexible as well as to achieve better quality results. The task is to investigate the process and analyze the current issues and provide well-argued proposals for the short-term and long-term future of the process. Only the first part of the process will be looked at and so the task is to carry out a detailed analysis of the coordination of the recruitment advertising and vacancy processing process. One of the aims is to ensure that information on job openings are kno wn early so that the process can be completed in an efficient and effective manner. As noted the primary goal of the recruitment process is fast processing time and high client satisfaction. The current recruitment process at TS is rather lengthy and comprehensive. The result is that the private sector gets the best candidate because their process is more efficient and effective. The following are some of the issues at TS which has been having a negative impact on the service that the organization offers. Instructions relating to the recruitment process should be applied on a consistent basis throughout the organization. Exceptions should only relate to jobs for which no specific qualifications are required. Updated instructions should be made available to all personnel to whom it is applicable. This requires updates to be done regularly as part of the continuous improvement process which is a feature of business process improvement.