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Discuss the two alternatives for product costing systems. Be sure to address the following:
- How do the two systems differ?
- What are the characteristics of the companies that would use each?
Describe the three valuation method alternatives.
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- When pricing a product or service, managers must consider which of the following? a. Only period costs b. Only manufacturing costs c. Only variable costs d. All costsHow important is it to trace costs appropriately? Explain. As you are beginning to think about the importance of tracing costs appropriately, please consider the differences between variable costing and absorption costing. What implications does each of these have on such things as financial reporting of profit and pricing your products for the marketplace?Determining the best approach to pricing requires a cost-benefit trade-off. Explain.
- What are the Costs per unit of Alfa and Beta under traditional and ABC costing systems? What would be the prices of Alpha and Beta traditional and ABC costing systems? Compare the costs and prices calculated in the two systems. Please write down the calculation process!thanks!!!What type of cost drivers do modern costing systems use and how does it differ from the cost drivers used by traditional costing systems? List two aspects to consider when selecting cost drivers that are to be used for cost prediction purposes.Compare actual and normal costing. What is the benefit of each? What is a circumstance in which each would be appropriate?
- Which type of income statements, Contribution Format or Traditional Format should be used to identify relevant costs? Please provide explanation for your answer. Then provide an example including two income statements based on absorption and variable costing, respectively, to support your explanation.Which of the following is not an application of cost-volume-profit analysis? Setting prices for products and services. Performing strategic “what-if” analyses. Deciding whether to cut a product line. Determining the short-term cost or profit implications of many decisions. Deciding whether to make or buy a given product or service.Write the general formula for cost-plus pricing, and briefly explain its use.
- Another cost-based approach to pricing is called time and material pricing. Under this approach, two pricing rates are set. Explain where this approach is used and identify the steps involved in time-and-material pricing. Also explain why this approach is used in some industries.Decisions where relevant cost analysis might be used effective is Sell or process decisions. Explain IN YOUR OWN WORDS what "sell or process decision" is AND MUST USE EXAMPLES IN YOUR DESCRIPTION.Why is it important to keep track of both direct and indirect costs? How do these costs effect standard cost profiles?
