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Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty...

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Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.;You, the managerial accountant, are asked by the CFO (Mr. Smith) of Wilson?West Manufacturing (a new company) to set up a product costing system. The following are the types of expenses that will be included;Direct labor;Direct materials;Utilities;Depreciation;Maintenance;Insurance on the equipment;Rent on the plant;Administrative salaries;Rent for the office;In a memo format, explain to Mr. Smith and the president what will be included in product costing.;Explain what is involved in a product costing system.;Explain why Wilson?West Manufacturing needs to have a product costing system.;Allocate the above expenses as fixed, mixed, or variable expenses.;Prepare calculations for the following, and explain your computations;Variable cost: The unit rate is $0.25, and the actual hours used for manufacturing are 15,000.;Mixed cost: The unit rate is $0.25, actual hours are 10,000, and the fixed cost is $5,000 per month.;Total cost: Use your calculations from above.;Explain this to Mr. Smith who will prepare these calculations on a monthly basis.;Please submit your assignment.

 

Paper#74883 | Written in 18-Jul-2015

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