Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Select an item which you will like to manufacture. You don’t actually need to manufacture something, but would proceed through assignment as if you were planning on manufacturing item you have selected. The product must require materials and labor and be something that you are familiar with in process from start to finish. Product should be useful and marketable. You could select something as simple as making chocolate chip cookies, a type of craft, or something more complicated. Consider production as if you were making the product from beginning to end, and not as if using a kit.

Do the following steps:

Select a product to manufacture and to describe the manufacturing process.

Create the following budgets for 1 quarter broken down monthly regarding your selected item: estimated sales budget, estimated direct materials budget, estimated direct labors budget, estimated manufacturing overhead budget, estimated selling and administrative expenses and an estimated income statement.

Classify all manufacturing costs and selling and administrative expenses as either variable or fixed.

Create a contribution margin income statement separating all variable and fixed costs into their own categories.

Determine the breakeven point in units and dollars. Also, find out the number of units and dollars that need to be sold to make a target profit of $5,000 a month.

Identify what types of trends you must be aware of in the industry and who the primary competitors are.

Answer the following problem: If you had to improve bottom line, what will you do and what concerns will you have going forward.

Select a piece of equipment which you may consider purchasing to increase production of your item and address following problems:

What types of capital budgeting factors will you look at when deciding whether to do this? What will be the appropriate costs which you will consider in this decision?

Your final project must be in the form of a paper using Microsoft Word which addresses each of these different areas. Steps #1, 6, 7 and 8 would be in paragraph form and Steps #2, 3, 4 and 5 would involve numerical calculations which must be put into form of a table in proper format and included as part of the paper. You must show any calculations in either a table within Word or you could copy and paste your calculations directly from Microsoft Excel into Microsoft Word.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92729
  • Price:- $55

Priced at Now at $55, Verified Solution

Have any Question? 


Related Questions in Accounting Basics

Accountingratios1 pick a ratio and describe how it is

Accounting Ratios 1. Pick a ratio and describe how it is figured. Then discuss what this ratio tells us about an organization. Financial Statement Analysis author's Corners Video 2. What are the main objectives of ratio ...

Questions - on may 1 2016 gonzaga and balace formed a

Questions - On May 1, 2016, Gonzaga and Balace formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Gonzaga contributed a parcel of land that cost P10,000. Balace contributed P40 ...

Practice questionsa large company has a distribution

Practice questions: A large company has a distribution department with its own garages and vehicles. Suggest six headings under which the costs of the department might be collected.

Problem-ccc has decided to carry and sell t-shirts with its

Problem- CCC has decided to carry and sell t-shirts with its logo printed on them. Journalize and post the following entries. You may need to create additional T accounts. Note that we will work a whole year's worth of p ...

Identify and explain the inventory asset and cost flows of

Identify and explain the inventory asset and cost flows of a merchandising company. Provide examples.

Extraordinary items and ratio analysiscan you please

Extraordinary Items and Ratio Analysis Can you please describe some of the types of current assets and current liabilities? When we are calculating the ratios we need to determine which numbers to use in our calculation. ...

Rayburn industries is evaluating the investment of 144900

Rayburn Industries is evaluating the investment of $144,900 in a new packing machine that should provide annual cash operating inflows of $31,060 for 6 years. At the end of 6 years, the packing machine will be sold for $ ...

Exercise 1making special pricing decisionssuppose the

Exercise 1 Making special pricing decisions Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Hungry-Cardz with a special order. The Hall of Fame wishes to purchase 55,000 baseball card packs for ...

Task - task covers study schedule weeks 5-12 inclusiveq21-

Task - Task covers study schedule weeks 5-12 inclusive. Q2.1- Naming cells in spreadsheets Critically evaluate a YouTube video on naming cells in spreadsheets. What are the advantages of naming cells in formulas Paste an ...

Assignment 1- q1 abc co has an account payable of 7700 due

ASSIGNMENT 1- Q1. ABC, Co. has an account payable of $7,700 due XYZ, Inc. , one of its suppliers.  The amount was due to be paid on October 15, 2013.  ABC, Co. only had enough cash on hand then to pay $1,700 of the amoun ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate