Instructions Cookie Business In this project, you will be opening your own specialty cookie company to see how
Instructions
Cookie Business
In this project, you will be opening
your own specialty cookie company to see how product costing
methods and changes in production affect business decisions. You
will be creating a series of reports and analyzing the results
using the template provided to guide you through the project.
The learning objectives of this
project are as follows:
- Gain an understanding of product costing (direct materials, direct labor, and overhead).
- Review job order costing.
- Review process costing.
- Make business decisions based on analyzing accounting data.
USING PROJECT TEMPLATE I HAVE IN THE ATTACHMENTS.
Introduction
Part 1: Establish a cookie business selling only
one type of specialty cookie with two employees making the
cookies.
- Create a name and establish a location for the business.
- Construct a mission statement for the business.
- Decide on the type of cookie you want to make and sell.
Part 2: Develop costing and sales information for
1,000 cookies.
- Estimate and explain the cost per cookie based on job order costing (manufacturing overhead is 30% of direct labor costs). Prepare a job order cost sheet by researching and identifying the top five ingredients and their estimated costs as your direct materials. Research and identify the cost of wages for your two employees as your direct labor. It typically takes two days to make 1,000 cookies.
- Estimate and explain the cost per cookie based on process costing with 40% conversion costs. Identify the top three processes you feel are needed to make the cookies and prepare a production cost sheet for one of those processes.
- Estimate and explain the sales price you plan to set per cookie based on the cost data.
Part 3: Compare and contrast the costing methods
used in this project, including which you believe provides the most
useful information as a manager.
Part 4: Discuss what will happen to revenue if the
number of the cookies sold increases or decreases.
Use Cookie project spreedsheet
Template for your job order, and process costing spreadsheets to be
embedded in your case study document.
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