Busines Ethics
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Busines Ethics
NAME: Adeola Temitope Ajepe DATE: SECTION: ACCT 300 COST ACCOUNTING IN-CLASS ASSIGNMENT Explain the term sales mix in your own words. How does sales mix affect the contribution margin? A sale mix is the proportions of sales coming from different product or services. Changes in sales mix often affect profits because different products often have different profit margins, therefore a change in the sales mix can have an impact on profits even if total revenues are unchanged. Cars Jewelry Can the margin of safety ever be negative? Explain your answer. The margin of safety can never be negative, but the amount of sales could drop before profits reach the breakeven points Will under-applied and over-applied overhead arise under both actual and normal costing? Explain your answer. Both under and over applied will arise in actual and normal costing. Within the area where you live, work or attend school, name three businesses that would likely use job costing and three that would likely use process costing. Job costing would be food restaurant, gas station and Movie Theater and the process costing would be car manufacturing, jewelry manufacturing and cookies bakery. Describe the procedures used in job costing. In a job costing system, costs are accumulated by job. For a typical job, direct material and direct labor are tracked at their actual values. These are recorded and tracked until the job is completed. Overhead is applied either by using a rate based on direct labor hours or by using an activity based costing. In either case once overhead is added, the total cost for the job can be determined upon completion, the costs are transferred out of work in process to finished goods (cost of goods sold for service industries). Describe the differences between mass production and custom production of goods and services. Explain how these differences influence the costing method....
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