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  • Cost Accounting Project

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    Students are required to visit a local manufacturing business and submit a report by December 15th 2017 in a group of 4-5 members. The report should include: the nature and location of the business, products offered, number of employees, materials used including direct/indirect costs, labor including direct/indirect costs, factory overhead costs, period costs, fixed costs, variable costs and units produced, average sales price and units produced per month, and estimated unit cost of manufacturing. Based on their findings, students should prepare monthly manufacturing and income statements for the past three months, budgeted statements for the next three months, and calculate the breakeven point in units and rupees.

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    Students are required to visit a local manufacturing business and submit a report by December 15th 2017 in a group of 4-5 members. The report should include: the nature and location of the business, products offered, number of employees, materials used including direct/indirect costs, labor including direct/indirect costs, factory overhead costs, period costs, fixed costs, variable costs and units produced, average sales price and units produced per month, and estimated unit cost of manufacturing. Based on their findings, students should prepare monthly manufacturing and income statements for the past three months, budgeted statements for the next three months, and calculate the breakeven point in units and rupees.

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    32 vues1 page

    Cost Accounting Project

    Transféré par

    abbas
    Students are required to visit a local manufacturing business and submit a report by December 15th 2017 in a group of 4-5 members. The report should include: the nature and location of the business, products offered, number of employees, materials used including direct/indirect costs, labor including direct/indirect costs, factory overhead costs, period costs, fixed costs, variable costs and units produced, average sales price and units produced per month, and estimated unit cost of manufacturing. Based on their findings, students should prepare monthly manufacturing and income statements for the past three months, budgeted statements for the next three months, and calculate the breakeven point in units and rupees.

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    COST ACCOUNTING PROJECT

    As discussed in class, you are required to visit or explore any manufacturing business in your locality or
    your friends. From that visit, you are required to submit a report in the last class of the semester i;e 15th
    of December,2017. For this, students are requested to form a group of 4-5 members.

    The students are requested to present the report in the following format:

    1. Nature of the business. Also, attach some visiting card or some picture for that business. (0.25
    marks )
    2. Location of the business (0.25 marks )
    3. Types of products it offers. (0.25 marks)
    4. Number of employees a business has. (0.25 marks)
    5. Basic materials being used by the business in the manufacturing that particular goods including
    the segregation of direct and indirect materials along with the estimates of each. (0.5 mark)
    6. Types of labor being used by the business including direct and indirect labor along with the
    estimates of each. (0.5 mark)
    7. Identify the types of Factory Overhead for that business along with the estimates of each. (0.5
    mark)
    8. Identify the period costs for that business. ( if any )
    9. Identify the types of fixed cost that business. (0.5 marks )
    10. Identify the types of variable cost they are incurring along with the units produced or
    manufactured. (0.5 marks )
    11. Average sales price of that product or average sales each month. (0.5 marks )
    12. Average units produced each month. (0.5 marks )
    13. Lastly their Average or estimated unit cost of manufacturing. (0.5 marks )

    Once you are done with all of the above steps, you will be able to draw a sketch in your mind for that
    business with reasonable estimates. Once that picture is being made, develop the following for that
    business.

    1. Prepare a monthly manufacturing statement for that business. (If you are short of data, you can
    use your estimates with reasonable guess based on your own observation) [1 mark ]
    2. Prepare a monthly income statement for that business. (If you are short of data, you can use
    your estimates with reasonable guess based on your own observation) [1 mark ]
    3. Once ( 1 and 2) are done, develop budgeted income statement and manufacturing statement
    for next 3 months. [2 marks ]
    4. Finally, after making all these efforts find out the breakeven point in units and in rupees. [1 mark
    ]

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