Imagine that you own your own business, or you are the manager of a company. Please tell us about your firm , explain the product the production process. Please refrain from using theexamples discussed in class (pizza shop, web design company, etc). Please provide concrete examples of the fixed costs and variable costs that are sp ecific to YOUR firm. Please provide an example of sunk costs in YOUR firm and explain why they are sunk costs. and add more information about the fixed cost, variable cost and sunk cost please

Imagine that you own your own business, or you are the manager of a company. Please tell us about your firm , explain the product the production process. Please refrain from using theexamples discussed in class (pizza shop, web design company, etc). Please provide concrete examples of the fixed costs and variable costs that are sp ecific to YOUR firm. Please provide an example of sunk costs in YOUR firm and explain why they are sunk costs. and add more information about the fixed cost, variable cost and sunk cost please

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter10: Short-term Decision Making

Section: Chapter Questions

Problem 3Q: Felipes Restaurant and Pie Shop needs help defining the costs for his business. He also wants to...

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Imagine that you own your own business, or you are the manager of a company. Please tell us about your firm , explain the product the production process. Please refrain from using theexamples discussed in class (pizza shop, web design company, etc). Please provide concrete examples of the fixed costs and variable costs that are sp ecific to YOUR firm. Please provide an example of sunk costs in YOUR firm and explain why they are sunk costs.
Felipes Restaurant and Pie Shop needs help defining the costs for his business. He also wants to know which costs are relevant or irrelevant to his decision. Identify each cost as relevant or irrelevant. Then identify the type of cost (sunk. fixed, variable, or opportunity).
Aaron McKinney is a cost accountant for Majik Systems Inc. Martin Dodd, Vice President of Marketing, has asked Aaron to meet with representatives of Majik Systems major competitor to discuss product cost data. Martin indicates that the sharing of these data will enable Majik Systems to determine a fair and equitable price for its products. Would it be ethical for Aaron to attend the meeting and share the relevant cost data? Explain your answer.
What are the most important factors tor instolling a cost accounting system? O The Industry in which business is operating. O Obtaining the complete knowiedge of the production process. O The lowest installation price is a good reoson tor installing the cost accounting system. O Inatypical business organisation accounts department needs to satisty bank requirements while installing o cost system. O Cost apportionment can be done on the basis that can be easily changed to save the cost. O Costing system should fultil the requirement of difforent level of manogement. O Nature of product determines the type of costing system to be implemented. O The costing system should repeat the same system as the mojor competitor has.
You have been asked to install a costing system in a manufacturing company. What practical difficulties will you expect and how will you propose to overcome the same? In view of the difficulties and suggestion to overcome them what main considerations will you keep in mind to introduce the system?
In this assignment, you are asked to consider impacts of COVID-19 by looking-up a company/firm of your choosing and thinking through the following questions to include in your post to this discussion topic: 1) Name of the company/firm. Identify as the title of your post (click "reply" to this discussion). 2) Identify the industry or company type (i.e. manufacturing; merchandising; service). 3) Which costs do you think would be impacted and why? Be specific with your examples (i.e. variable, fixed, materials, labor, overhead, non manufacturing…). 4) What kind of variances would you expect to see when compared to the budgets created prior to COVID-19 (favorable or unfavorable) and why? Be specific with your examples. Keep in mind not all industries were seeing declines in net operating income due to Covid-19. Some industries turned to increased hiring and showed increases in revenues (for instance, grocery stores).
Refer to the given notes in images. Part 1: Understanding Activity-Based Costing Discuss why ABC is important for organizations in today's business environment. Highlight the limitations of traditional costing methods. Please answer both parts with full details explanation and don't copy from other websites no plagiarism. Expect help. ^^$#+×=>>
Discuss cost functions and assess the importance of causality in estimating cost functions/relationships. Imagine that you are the managerial accounting manager at General Motors. Management of Tesla has approached you about buying GM. Describe the elements needed to establish a target price that meets the intent of Tesla.
Explain why the majority of businesses use full-costing systems whilst most management accounting theorists favour marginal costing. fully explain all items in BOLD giving practical illustrations.
In making short-term business decisions, what should you do? Use a traditional costing approach. Focus on total costs. Separate variable from fixed costs. Focus only on quantitative factors.
I'm having trouble determining the profitability of the firm's information systems services and e-commerce consulting activities in problem 3. Could you help me solve this problem? I'm confused by the activity-based costing system and need to find the total billings, income, and profitability percentage.
You are the owner of your own company. You want to employ new workers and also buy a delivery van. Finally, you decide to employ new workers instead of buying a deliver van. Which economic concept is implicit in the above statement? Economic cost Accounting cost Opportunity cost Marginal cost