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What are the major differences between job-order costing and process costing systems? Give an example of a well-known company that might use job-order costing and an example of a well-known company that might use process costing. Explain why you have chosen the companies that you did, specifically why job order costing or process costing are used. Do not choose companies that your classmates have already commented upon. Participate in follow-up discussion by critiquing your classmates' choices of companies.
How can CVP Analysis be used to predict future costs and profitability? Describe how CVP analysis is used, or could be used, at your current place of employment. If you have not worked for a company that might use CVP Analysis, you may choose a well-known company and describe how you envision that company using CVP Analysis. Try to discuss a concept associated with CVP not already addressed by your classmates. Consider using an article to summarize or apply the CVP concepts. To participate in follow-up discussion, choose one of the topics/concepts that a classmate has posted and provide your own reaction to it, add to what they posted or provide a professional disagreement to their posting.
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In case of job order costing it is being done for the specific job and cost are apportioned to that specific job depending upon need of the client. Where costs are being distributed on the basis of specific process is known as process costing. Process costing takes into account the process as well as the nature of the product. In simple words we can say that in case of job costing the products which are being produced are not matching(Bragg, 2019). On the other hand in case of process costing the product which is being shaped is identical. In case of job costing the cost of manufacturing is allocated to any product or a whole lot of product. It is notable that in case of process coting as well the manufacturing cost is allocated but it is allocated on the total unit produced during a particular span of time.
In my opinion a company which might use job order costing is Fluor Corp. We are aware that flour corp is a construction company. I have selected this company as it has different value of projects. It tends to apportion the manufacturing on the basis of work done on a specific project("Differences Between Job Costing and Process Costing", 2019).
On the other hand coca cola is an organization which might use process costing. The company manufactures products which are identical in nature and it also distributes its cost as number of products which are being produced("Differences Between Job Costing and Process Costing", 2019).
A cost-volume-profit is regarded as one of the most important factor of profit planning.
The constituents of CVP are as follows:
The volume can be seen as the existing market condition as well as the organization. The selling price of the products at that period is known as the unit selling price. The cost that fluctuateswith the change in activity level is called variable costs("What is Cost Volume Profit Analysis (CVP)? - Definition | Meaning | Example", 2019). The total fixed costs on the other hand are known as the cost which remains same in total irrespective of any alteration in the activity level. The sales mix can be regarded as the ratio that each product epitomizes in total sales(Singh, 2019).
It is worth noticing that many businessmen make use of this analysis in order togenerate new business, meet the needs and requirement of clients, and also to recuperatepreliminary investment. Like for an example suppose a company name PRP sells a specific part for 200 dollars. The variable costs here are supposing 100 dollars per unit. Now in order to get the contribution margin we need to deduct variable costs per unit from the selling price. Here we get 100 as contribution margin. Now take another situation in which there is an increase in selling price and the variable remain the same("What is Cost Volume Profit Analysis (CVP)? - Definition | Meaning | Example", 2019). Suppose selling price is 300 and variable is 100. Now you can see that contribution price has increased. One could say that the price per unit increase or decreases the same as the contribution margin per unit so long as the variable costs stay the same.
CVP analysis is useful when there is single product. ATP is the company which manufactures distinctive products and now planning to introduce CVP analysis.
The profit would be increased here as it would have break-even point now. The expenses would be known and useless expenses can be controlled.
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