Develop a company and determine what it will produce and sell. The requirement for this company is that it be a high-end, special-order type of manufactured product. Complete the following in a Word document of 1,000 words:
Develop a list of inputs along with their associated costs, such as labor, materials, and overhead. You can research this information, make it up, or do a combination of both. Be specific as to costs.
You are to determine the selling price. Show your calculations, and discuss why you have determined this to be a good sale price.
How many items of your product will you need to produce to meet this sale price? How did you calculate this?
Determine which of the costing systems discussed in this class will work best for your company. Explain why.
Explain why those not chosen were not a good fit for your company.
You must explain “why not chosen” for a minimum of 3 costing methods.
Please devote at least 1 paragraph to the ethical considerations of costing methods.
Compare and contrast financial and managerial accounting.
Define fixed, variable, and mixed costs and explain the cost behaviors of each.
Demonstrate the proper accounting for job order costing and process costing.
Distinguish between and demonstrate application of traditional and activity based costing.
Differentiate between absorption costing, variable costing, and throughput costing.
Explain allocation of costs, including the accounting for joint products and by-products.
Review CVP and other methods of estimating and accounting for costs.
Recognize and explain ethical issues related to managerial decision-making that arise from cost accounting information.
Use team problem solving skills and effective communication techniques to collaborate on a project.