Description of the business process

Part 1 of the Final Project, due at the end of this unit, requires you to describe and draw a flowchart of the sales or purchasing process at your organization (or one of your choice). This documentation will provide the basis for Part 2 of the Final Project.

1. Begin with an introduction to your organization. Identify the type of organization (i.e., manufacturing or service). Detail briefly the products or services offered by your organization and the market niche and/or general clientele targeted/serviced.
2. Document the sales or purchasing process.
3. Create a table of the processes, objectives, inputs, and outputs associated with processing the business transactions for the sales or purchasing process.
4. As an appendix, develop a system flowchart of either the sales or purchasing process. Please follow the guidelines for drawing system flowcharts documented throughout your textbook.
5. Conclude with a description of the business process in narrative form, explaining the objectives, events, inputs, and outputs. Make sure to reference key points in the system flowchart.Place your order now for a similar paper and have exceptional work written by our team of experts to guarantee you A Results

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Jim’s Furniture Inc. manufactures furniture in NY. Jim’s uses job-order costing system and uses machine hours to allocate overhead costs. Estimated overhead for the year was $800,000 and estimated machine hours were 50,000 hours. Total machine hours used to the end of November were 45,000 hours. Total actual overhead to the end of November was $680,000. Raw materials inventory at the end of November was $400,000. Jim’s uses a first in first out basis for inventory and calculating COGS. Direct labor is paid $20 per hour in 2017. A summary of Jim’s finished goods inventory for the end of November (beginning of December) is shown below:

On Nov. 30th, 2017 Jim’s had the following jobs in work in process inventory:

Mike’s also had the following production information for the month of December 2017:

Note: All raw materials can be directly traced to a furniture.

Jim’s sold 1,300 chairs, 3,500 large tables, and 4,600 lounge chairs in December 2017.

In December 2017, total materials purchased were $200,000, supervisors’ salary was $18,000, and machine depreciation was $44,000. There was no other manufacturing overhead occurred in this month.

Required:

1. Determine the ending balance of the following accounts at the end of December to help Jim’s prepare for the 2017 annual financial statements. (Hint: calculate the predetermined overhead rate to allocate overhead.) Please round to nearest dollar.

2. Calculate the amount of under- or over – applied overhead for 2017.

3. Discuss whether Jim’s should use direct labor hours instead of machine hours to apply their overhead, considering the “criteria” for choosing a driver for overhead allocation.

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Production on highway safety products

Yorkston Corporation was formed in 1961. The company came into existence concurrent with the beginning of construction of super highways throughout the country. It seems the company’s founders had innovated a unique process of applying high-gloss luminescent paint to street signs, and these were in high demand for the new high-speed roadways.
The company has gone on to develop a full line of highway safety products. Yorkston is now in the process of building a company museum. Someone has dug up the first page from the company’s original general journal. This page will be on display in the museum. When you examine this page, you will note that the bookkeeper simply recorded the debits and credits, but included no descriptions.
Your job is to review the journal page and write a description for each transaction . These descriptions will be included on an explanatory diagram included in the display case. The diagram should also include some information that would allow a museum visitor to know what the document is and how it was used.

Case study on Profitability or Performance

The companies to be compared and analyzed are Home Depot & Lowe’s. Find the websites on the internet for the two companies and locate their latest annual reports.

Part I-Ratio Calculation:

We will analyze Home Depot & Lowe’s by calculating 4 ratios: Current Ratio; Profit Margin; Return on Assets and Debt to Equity. Templates for calculating and presenting the information are at the following link: HD – Lowes- Ratio Analysis Use the Industry comparison information at the top of page 215 for current ratio) in the text to make your assessment of Strong, Weak or Neutral.

Part II- Summary:

Briefly discuss whether or not Home Depot & Lowe’s can pay their debts (Liquidity), whether or not each are Profitable (Profitability or Performance), and finally whether each will likely continue to operate (Long Term Solvency). Explain which company would you invest in and why (you must choose one of the two). Use the format at the following link: Financial Analysis Project- Summary week 3

I can provide all necessary documents including the annual reports, and the links listed above.

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Differential Costing As pointed out earlier in ‘‘Here’s the Real Kicker,’’ Kicker changed banks a couple of years ago because the loan officer at its bank moved out of state. Kicker saw that as an opportunity to take bids for its banking business and to fine-tune the banking services it was using. This problem uses that situation as the underlying scenario but uses three banks: FirstBank, Community Bank, and Regional One Bank. A set of representative data was presented to each bank for the purpose of preparing a bid. The data are as follows: Checking accounts needed: 6 Checks per month:* 2,000 Foreign debits/credits on checking accounts per month: 200 Deposits per month:* 300 Returned checks:* 25 per month Credit card charges per month: 4,000 Wire transfers per month: 100, of which 60 are to foreign bank accounts Monthly credit needs (line of credit availability and cost): $100,000 average monthly usage *These are overall totals for the six accounts during a month. Internet banking services? Knowledgeable loan officer? Responsiveness of bank?

FirstBank Bid:

Checking accounts: $5 monthly maintenance fee per account $0.10 foreign debit/credit $0.50 earned for each deposit $3 per returned check Credit card fees: $0.50 per item Wire transfers: $15 to domestic bank accounts, $50 to foreign bank accounts Line of credit: Yes, this amount is available, interest charged at prime plus 2 percent, subject to a 6 percent minimum interest rate Internet banking services? Yes, full online banking available: $15 one-time setup fee for each account $20 monthly fee for software module The loan officer assigned to the potential Kicker account had 10 years of experience with medium to large business banking and showed an understanding of the audio industry.

Community Bank Bid: Checking accounts: No fees for the accounts, and no credits earned on deposits $2.00 per returned check Credit card fees: $0.50 per item, $7 per batch processed. Only manual processing was available, and Kicker estimated 20 batches per month Wire transfers: $30 per wire transfer Line of credit: Yes, this amount is available: interest charged at prime plus 2 percent subject to a 7 percent minimum interest rate Internet banking services? Not currently, but within the next six months The loan officer assigned to the potential Kicker account had four years of experience with medium to large business banking, none of which pertained to the audio industry. RegionalOne Bank Bid: Checking accounts: $5 monthly maintenance fee per account to be waived for Kicker $0.20 foreign debit/credit $0.30 earned for each deposit $3.80 per returned check Credit card fees: $0.50 per item Wire transfers: $10 to domestic bank accounts, $55 to foreign bank accounts Line of credit: Yes, this amount is available: interest charged at prime plus 2 percent subject to a 6.5 percent minimum interest rate Internet banking services? Yes, full online banking available: one-time setup fee for each account waived for Kicker $20 monthly fee for software module The loan officer assigned to the potential Kicker account had two years of experience with large business banking. Another branch of the bank had expertise in the audio industry and would be willing to help as needed. This bank was the first one to submit a bid.

Required:

1. Calculate the predicted monthly cost of banking with each bank.

2. Conceptual Connection: Suppose Kicker felt that full online Internet banking was critical. How would that affect your analysis from Requirement 1? How would you incorporate the subjective factors (e.g., experience, access to expertise)

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The basis of direct-labor

Laurence Coffee Ltd. makes two types of coffee, Gourmet and Espresso, and applies overhead on the basis of direct-labor hours when the traditional costing system is used. Anticipated manufacturing overhead for the upcoming accounting period is $350,000. Information about the products follows.

Further investigations show that Brown’s manufacturing overhead of $350,000 consist of:

,and Brown’s pays factory insurance $2,000 (only for Espresso) annually.

The costs in the table are driven by number of Setups, machine hours worked, and the number of inspections, respectively. Data relevant to these activities follow.

Maintenance is performed prior to each production run. Each production run can produce 250 packs of Gourmet coffee or 150 packs of Espresso. Espresso used 45% of the 40,000 total machine hours.

Moreover, 60% of office personnel’s job is to record the results of inspections. Their salary in this coming accounting period is $10,000. They spend rest of their time to deal with customers. (Assume actual activities are the same as estimated activities.)

Required:

1. Calculate the cost per unit of each product using traditional costing method, assuming use

of direct-labor hours to apply overhead to production.

2. Assuming use of activity-based costing, compute the unit costs of the Gourmet and

Espresso coffee. (Please round to two decimals for the unit costs.)

3. By using direct-labor hours as an application base, which product is over-costed and

which product is under-costed? Calculate the total amount of cost distortion for each

product.

4. In January 2017 Britt Coffee house has requested 1,100 packs of Espresso for its coffee

shops. You want the “free marketing” that this will provide so you are willing to offer

them 1,100 packs Espresso at a price equal to your “cost”. Please calculate and explain

any additional Maintenance costs for the 1,100 packs of Espresso.

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