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Cost Accounting

Transcript: Describe your Company Selling the famous Spanish Wine to Asia. (China,Singapore and India) Our job : delivering the wine to our customer. Direct cost: Total cost:3320 $per month Labor cost(3 Delivery mans each country) $15 Each time for 8hours 3*15*8*30=10800$ Import:Transportation 50$ cost of goods:Spanish red wine 500$ white wine $500 Indirect cost: Telephone fee $50 Web Cost $20 per month 20$ Select Allocation base: Labor hours. Budget indirect costs rate=50*12/3 =200 Wine Trading Cost Accounting Price of Our product So,For wholesale company,we require that the sale of wine 200bottles at least Each bottle of wine: 2euro For individual costumer,Require that 20 bottles at least Each bottle of wine: 3.5 euro We consider whether sell it to wholesale company or individual customer!? the Job costing System

Cost accounting

Transcript: Car and truck emissions - The most common source of water pollution is runoff from city streets, parking lots, marinas, construction sites, logging sites and roadway (Elsa Brenner, New York Times journalist) - 1.2 million underground fuel storage tanks have been closed and out of these 317 000 tanks had "confirmed leaks" - 1/4 of motor oil can contaminate 1 million gallons of fresh water - 13.4% of used motor oil is illegally dumped; 10.1% is landfilled The production process Conclusion by Diana Solis & Lorane Beau Introduction Environmental costs of automobiles Cost Accounting - Vehicle companies have been aware of the impact the industry is having on the environment (Ralph Nader, "Unsafe at Any speed") - Vehicles still emit 51% of carbon monoxide, 34% of oxides of nitrogen and 34% of Volatile Organic Compounds - Vehicles are responsible for 33% of carbon dioxide emissions: this is the primary contributor of global warming The air pollution - Vehicles have become a necessity, no longer a luxury - Everyone is aware of the following costs: tune ups, oil changes, fluid top-offs, gasoline - The environmental costs of automobiles have been accumulating for centuries - The major environmental costs are: air and water pollution - Environmental costs of autmobiles are extensive - The major unaccounted costs of automobiles are air and water pollution - These emissions affect our environment (global warming) and our health (respiratory problems) - The average person is cognizant about the economic cost of automobile but rarely think about the implacations to our environment The water contamination Thank you for your attention! - 1/3 of the total environment impact occurs before the car is finished - 1 car produces 29 tons of waste and 1 207 millions cubic yards of polluted air - Impact due to the extraction process of lead, iron, petroleum and other raw materials to construct pieces necessary to the production process

Cost Accounting

Transcript: Overhead, those items not directly associated with the product but cost are still incurred. Utilities, Rent, HR cost, Depreciation. Standard Cost Cost Accounting Cost accounting is a way to measure, record, and report cost and other non financial information for cost objects. Cost objects can be anything you want to determine cost for such as product lines or territories System used generally for continuous production. The cost are allocated during a specific period. The cost are then divided by the number of units produced. Cost Pools Cost Systems 2 types of systems Direct and Nondirect Direct cost are related to the product such as materials and labor Indirect cost are those not directly assoaciated with product such as utilities and management wages Indirect Cost Job Order Cost System Allocates the cost per job by a identifier. This system allows each job to be costed individually. In this system each cost must be assigned to a specific job or batch. Estimates of what the product should cost. Any work in process is charged to a variance account. Standard cost is easier and more cost effective in mass manufacturing Process Cost Systems Indirect cost that have cause and effect relationship with the cost object based on the cost allocation.

Cost accounting

Transcript: Cost accounting Index index Definition definition Cost accounting, also called analytical accounting, is a branch of accounting that internally accumulates information related to costs and has the purpose of predetermining, recording, accumulating, distributing, controlling, analyzing, interpreting and reporting production costs, distribution, administration and financing for the internal use of the directors. What should cost accounting take into account? A company needs to take into account certain aspects to account for costs: Products: the materials or resources used in their production must be taken into account, directly and indirectly, labor and manufacturing costs. Activities carried out around the elaboration of a product, the following are taken into account: manufacturing (that is, production), the market (promotion and sale of the product), administrative costs (salaries, etc.) and financial. Definition Objectives 1. Ascertainment of the cost per unit of the different products that a business concern manufacturers. 2. To correctly analyze the cost of both the process and operations. 3. Disclosure of sources for wastage of material, time, expenses or in the use of the equipment and the preparation of reports which may be necessary to control such wastage. 4. Provide requisite data and help in fixing the price of products manufactured or services rendered. . 1. Determination of the profitability of each of the products and help management in the maximization of these profits 2. Effective control of stocks of raw material, work-in-progress, consumable stores, and finished goods so as to minimize the capital invested in them. 3. Present and interpret data for management planning, decision-making, and control. 4. Help in the preparation of budgets and implementation of budgetary control. Key Partners Who Will Help You? Worldwide Success Market Share Connecting Contact Info

Cost accounting

Transcript: Financial- Our start up costs are very low so during the introductory phase of our business our main financial concern will be survival. Social sustainability: Our business will encourage interpersonal relationships between employees and both customers (students) and suppliers(Universities) Organisational survival – Our operating system will underline some of the values of our company, which include, efficiency, professional growth, convenience and quality Structural sustainability: Our company focuses on learning and continuous improvement, and the development of new services. Cultural Sustainability – Within our company we want to build a sense of community and cohesion between employees. Community sustainability : We aim to create a community of students who value our product and consider it the standard format of application Societal – Since we are targeting students, the future generation; we aim to transmit values such as social justice, global rights....

Cost Accounting

Transcript: Review Project for Cost Accounting Combined Effort of FAS-34 AH-1 Introduction to E-Sports Industry Introduction to Industry As competitive video games continue to integrate into popular culture, global investors, brands, media outlets, and consumers are all paying attention to the rise in popularity of e-sports. There will be 26.6 million monthly e-sports viewers in the US this year, per Insider Intelligence estimates Indian Gaming Industry Gaming sector in India is growing faster than most media sub-sectors — including cinema and home entertainment, audio and more. Indian gaming industry is 1% of the global gaming industry but with one of the youngest populations for next thirty years, it is the best long-term projected market to invest in. The boom in the recent years has been catalyzed by better smartphones, increased internet access, popular titles, influencers, and the global pandemic. India is currently home to over 430 novice million mobile gamers and the number of gamers is estimated to grow to 650 million by 2025, and we aim a major chunk of this boom. Indian Gaming Industry Key Players and Competitors: Just like conventional professional sports, ESports teams have: Owners Franchises Endorsement deals Cash prizes from tournament winnings and much more. Based on valuations done by Forbes, some of the most valuable ESports companies in terms of market shares are: Activision Blizzard Inc. Modern Times Group Tencent Valve Corporation Electronic Arts Inc. Nintendo Cloud9 Key Players & Products Indian Market Competitors In India we have direct competitors such as : Valve with Counterstrike(PC and Console) Tencent with PUBG (PC,Mobile and Console) EA with FIFA. (PC,Mobile and Console) We aim to develop a ecosystem around the user by developing full range of gaming and cloud services to overhaul the user into immersive gaming environment. In 2021 we aim to develop immersive gaming and post that develop a market merchandising platform around to monetize the project. Indian Market Competitors Products offered in our Digital Infrastructure Our Products Market Demand The global video game market is forecasted to be worth $159 billion by 2035. Gaming revenues are almost entirely driven by consumer spending. As a result, the industry is laser-focused on increasing engagement per user. COVID-19 has boosted engagement with video games. Market Demand Market Scope and Dynamics The value of the Market size in 2020, for the ESports market was USD 1.5 Bn. The revenue forecast for the online gaming market is expected to grow to the point of USD 6.81 Bn, with a CAGR of 24.4%. Market segmentation, scope and the key players have been segregated on the basis of Regional Scope, Country Scope and Most valuable companies. Some of the most dominated regions over the ESports markets are: North America – The US, Canada Europe – The UK, Germany, Spain, Poland, France, Italy Asia Pacific – China, Japan, South Korea, India Latin America – Brazil, Mexico E-Sports Market Scope: E-Sports Market Dynamics: The Indian Gaming Market An untapped market with 57% population under 30. 20 developers in 2010 to 304 developers in 2021. India was placed 16th on the Forbes list, indicating that the sector is worth billions of dollars. The large young population in India, having affordability and accessibility of smartphones are the main factors for the promotion of sector's growth. This is where we come in, to serve as an intermediary to connect the young gamers to step into professional gaming environment. Gaps in Market Cost Projections Cost Allocations Our Company Major chunk of spending are depended upon content and media creation ($467 million) and Research and development($285 million) Media and Content Creation: Here we aim to develop the ecosystem around our product which starts from developing the games source codes and bringing into prototype state. Post that we aim to develop a smooth logistics trail for supply of services and post maintenance of the ecosystem. Research and development: As we are developing an ecosystem, we need to develop an arsenal of hardware from the existing technology and keep developing in niche technology for the growth of the present environment. A continues expensive R&D is required to develop and maintain growth in the niche sector of technology. Note: Please use Excel Provided with project presentation for cost allocations.

Cost Accounting

Transcript: Cost Accounting- Basic Concept and The Job order Cost Cycle Job order cost cycle Cost Accounting is a system that; Cost Accounting Definition Record The details of the Costs of: Summarize The details of the Costs of: Materials Analyze The details of the Costs of: Materials Labor The details of the Costs of: Interpret Materials Labor Overhead Cost Accounting are for: Basic Concept Cost Allocation of a Manufacturing Company Total Cost Manufacturing Cost Administrative Cost Distribution Cost X X Manufacturing Cost Manufacturing Cost Direct Materials Direct Material Direct Labor Direct Labor Manufacturing Overhead Manufacturing Overhead 3 types of inventory 3 types of Inventory used in manufacturing company Raw Materials Inventory Raw Materials inventory Work in Process Inventory Work in Process Inventory Finished Good Inventory Finished Good Inventory Job Order Cost Cycle Cost of Good Sold Raw material Factory Payroll Factory Overhead Control Work in Process Finished goods Beginning Purchases Used Ending Charge to Production Charge to Production Beginning Manufacturing Cost Ending Finished Beginning Ending Sold Finished Cost of Good Sold Direct Material used xx Manufacturing Overhead Direct Labor Add: Beg. WIP Less: End. WIP Manufacturing Cost Add: Beg. Finish Goods Total goods available for sale Total goods in process Less: End. Finish Goods Cost of good sold xx xx xx xx xxx xxx xxx xxx xx xx xx xx xx Beg. Raw Materials Less: End. Raw Materials Add: Purchases Computation of net income Sales xx Less: Cost of good sold xx Gross Profit xxx Less: Other Operating Expense xx Net Income Before Tax xxx Less: Tax xx Net Income After Tax xxx Thank You For Watching

cost accounting

Transcript: sales 3,600 less: selling and administrative 300 additional costs 800 1,100 net realizable value of by product 2,500 total production cost of main product 150,000 less: net realizable value of by-product 2,500 Expected value of by product 147,500 x Sales 200,000 less: cost of goods sold 0 direct materials 0 direct labor 0 factory overhead 0 total manufacturing cost 150,000 less: inventory-jan. 31 30,000 120,000 gross profit 80,000 less: selling and administrative 60,000 net operating income 20,000 add: revenue from by-product 1,600 net income 21,600 25,000 how to solve for inventory? By-Product Main Product total manufacturing cost problem 11 pg.378 requirement C - Reversal Cost Method net income by-product treated as deduction from the cost of goods sold sales 2,700 less: add'l processing cost 800 selling & administrative 300 1,100 net revenue of by product 1,600 net by-product income treated as other income requirement C - net realizable value inventory-jan.31 = sales 250,000 less:marketing and administrative 60,000 total share in joint cost 190,000 Product: SUGARCANE main product and by-product 150,000 sales 200,000 less: cost of goods sold 0 direct materials 0 direct labor 0 factory overhead 0 total manufacturing cost 150,000 less: inventory-jan. 31 30,000 cost of goods sold 120,000 less: revenue from by-product 1,600 118,400 gross profit 81,600 less: selling and administrative 60,000 net income 21,600 = = x Blackberry Company by-product sales Units produced sales 3,600 less: marketing and administrative 300 additional cost 800 expected gross profit 1,080 2,180 total share in joint cost 1,420 30,000 5,000

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