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Job-Order Costing: Cost Flows and External Reporting Assignment Answers

Managerial Accounting Assignment Answers on Cost Flows and External Reporting

Are you looking for Job-Order Costing: Cost Flows and External Reporting Assignment Answers? Get Chapter 3, Unit 2: Discussion: Job-Order Costing: Cost Flows and External Reporting Prepare schedules of cost of goods manufactured and cost of goods sold an income statement by Managerial Accounting Assignment Experts. Casestudyhelp.com provides Accounting Case Study Assignment Service and Cost Accounting Assignment Help by Professional Writer at a fair price.

 

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Assignment Brief:

  • Topic: Managerial Accounting
  • Deadline:*: As Per Required
  • Number of Words: 500
  • Referencing Style: APA

 

For the Unit 2 Discussion, research and analyze what other types of industries make an exception to the treatment of conventional accounting practices, such as the construction and agricultural industries.

Identify other companies or industries that use nonconventional accounting practices for their businesses.

Describe the companies or industry that you choose to research and identify how their accounting practices conform or deviate from conventional accounting practices (GAAP). Justify any differences with sound explanations and acceptability within the accounting world. Identify and describe the methods that are

 

Managerial Accounting – Job-Order Costing: Cost Flows and External Reporting

Business Focus

Toll Brothers is one of America’s largest home builders with annual revenues in excess of $5.8 billion. The company’s inventory consists of land acquisition costs, land development costs, home construction costs, and overhead costs related to development and construction. In accordance with generally accepted accounting principles (GAAP), Toll Brothers treats its inventory as a long-lived asset rather than a current asset because its master planned communities can take up to 10 years to fully develop.

While Toll Brothers’ industry has some unique attributes relative to most manufacturers, it is an industry well-suited for job-order costing. For example, each new home that the company builds can be accounted for as a job that gets assigned direct material costs (such as lumber, shingles, and bricks), direct labor (such as subcontracted electricians, plumbers, and roofers), and overhead costs (such as the costs of construction supervisors and the equipment that they use to perform their jobs).

Accounting for Product Costs )Flow of Costs) in a Job-Order System

Cost Flows and External Reporting

Calculation of Cost of Good Manufactured

Cost of Good Manufactured

Calculation of Cost of Good Sold

cost of good sold

 

Directions

Initial Posting

Accounting for certain type of assets can vary depending on the industry. As the above case indicates, assets for the construction industry may deviate from GAAP. GAAP conventionally treats assets as current or long-lived with the typical distinction being one year – that is, current assets are those with lives of less than one year whereas long-lived (plant) assets are one year and longer. The home construction Industry as stated above for Toll Brothers has nonconventional treatments for assets. The agricultural industries also have nonconventional practices that are written in professional standards.

Agricultural assets may be subject to different requirements.  An orchard, vineyard, or forest is an asset that may take years to prepare for usage. An example is “produce or harvest from a biological asset (for example, milk, tea leaves and lumber) is inventory. The harvested produce is transferred to inventory at fair value less costs to sell; it is thereafter accounted for in accordance with International Accounting Standards (IAS) 42, “Inventories”. However, while the produce is still growing or still attached to the biological asset, its value forms part of the value of the biological asset.

When formulating forecasts for the different types of assets and sectors, Tableau has data modeling packages that can better show data analytics relating to the reporting of metrics for the various sectors or industries (construction, agriculture, health care, etc.). Tableau can powerfully illustrate different data models.

For the Unit 2 Discussion, research and analyze what other types of industries make exception to the treatment of conventional accounting practices, such as the construction and agricultural industries. Identify other companies or industries that use nonconventional accounting practices for their businesses.

Describe the companies or industry that you choose to research and identify how their accounting practices conform or deviate from conventional accounting practices (GAAP). Justify any differences with sound explanations and acceptability within the accounting world. Identify and describe the methods that are used.

Submission Requirements

This report should:

  • Be prepared as a Microsoft™ Word document and attached to the unit discussion thread. be cut and paste it into your response.
  • Explicitly address all required components of this discussion assignment (There is no minimum or maximum in terms of the word count).
  • consistent with the most current APA writing style
  • Reflect higher level cognitive processing (analysis, synthesis and or evaluation).

 

 

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