Routine Cost Report

Actual costing is rarely used because managers can’t wait until the end of the year to obtain product costs. Information about product costs is needed as the year goes for planning, control, and decision making.

Q2. Using budget data, what was the total expected cost per unit if all manufacturing and shipping overhead (both variable and fixed) was allocated to planned production? What was the actual per unit cost of production and shipping?

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3) Using the budget Data, what was the total expected cost per unit if all manufacturing and shipping overhead (both variable and fixed) were allocate to planned production? What was the actual cost per unit of production and shipping?

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Bhimani, A., Horngren, C., Datar, S., Rajan, M. et al. (2012) Management and Cost Accounting. 5th ed. Edinburgh: Prentice Hall, p.369 - 378.

INTRODUCTION Businesses – from manufacturing, merchandising and service industries alike – take careful consideration in the analysis of their costing systems in order to be able to set up competitive prices in the market. Misallocation of costs may lead to incorrect price estimates, continuous production of unprofitable products, and ineffective processing schedules. In this case study, we will discuss the costing methods which Zauner Ornaments have used or is currently using and, in conclusion, be able to distinguish the advantages and disadvantages of each costing method. CASE CONTEXT The case seeks to assist Zauner’s comptroller, Yu Chia-yi, in determining the best costing method for their overhead costs. In addition we also aim to

Blocher E., Stout D., Juras P., Cokins G. (2013). Strategy and Master Budget. Cost Management. (6th ed., pp. 350-406). New york: The McGraw-Hill Companies. DOI:www.mhhe.com/blocher6e

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Many managers often underestimate the power of target costing as a serious competitive tool. When general managers read the word “costing”, they naturally assume it is a topic for their finance or accounting staff. They miss the fact that target costing is really a systematic profit and cost management process.

Provided the business insights and financial analytics which allowed the CFO of ASCO Australasia make informed decisions for reducing costs and better understanding performance across all three divisions.

The supplier of a company should always be adaptive to the functions of a firm when it comes to its operations. Understanding the business strategy of each unit helps with the execution of strategy to assure quality and delivery (Hojung, 2009). Cost accounting can be utilized when it comes to cost assessment relating to the assurance of quality product and deliver. The use of historical data of supplier product quality and delivery performance is necessary for the decision to keep using the supplier.

Accounting is the collection and aggregation of information for decision makers including managers, investors, regulators, lenders, and the public. Accounting systems affect behavior and management and have affects across departments, organizations, and even countries. This paper will give the reader an understanding about cost accounting. This paper will discuss: Why is cost accounting so important to the success of the firm; what are the various methods of cost accounting and how are they used; how does an operating budget work to discipline a firm’s management; what are the elements of a budget; how are budgets constructed; what is variance analysis and how it is used.