Sunday, July 15, 2012

JOB COSTING

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JOB COSTING

Job Costing

Kellie Brown

Financial Analysis II

live paper help



Date November , 00







Job Costing

Our team will attempt to explain the following accounting/ finance topic. The topic selected is Job Costing. During this summary/ outline we will try to portray and develop an in-depth knowledge and understanding of this topic. We will attempt to define job costing. We will discuss/ outline aspects that are associated with job costing. We will discuss/ outline some key features of job costing, and questions you should ask yourself about job costing.

What is Job Costing?

Job costing is the detailed aspect of a business/ organization in a financial sense. It is the process of breaking down each system of a product necessary for production. The key word here is cost.

Organizations that do not consider themselves job shops often have certain special projects that may last several months, and involve multiple manufacturing orders. “Job costing gives production managers the ability to closely monitor the overall profitability of any job, along with the detailed cost components for each job task”. (Microsoft, 00)

What are aspects associated with Job Costing?

When you think about job costing and what is involved, you might want to consider, in detail, the following aspects.

· Manufacturing

· Payroll/ Salaries

· Labor/ Employees

· Facilities/ Equipment

· What type of product/ project is it?

What are key features of Job Costing?

The key features of job costing are as follows

· Information is recorded and maintained per job for labor, machine use, material and overhead. “The analyzing of each of these factors against estimated vales allows for quick analysis of trends, and unreasonable cost contributors”. (Assentis, 00)

· Overhead factors for labor can be defined at each work center and for each schedule preference, letting the overhead amounts become true reflections of the overhead in different parts of a company.

· “Costs are “rolled up” per manufacturing order, and the total job cost updates the current cost field in the item’s master record”. (Microsoft, 00)

· The by-products of an order are automatically accounted for, posted back into inventory, and subtracted from the material cost of the order.

· Variance analysis per job is conducted annually.

What are the main questions you should ask yourself about “Job costing”?

· What is the product?

· How much does it cost?

· How much money can I lose?

· How much money can I make?

· How many employees do I need, and how long do I need them?

· How much is payroll?

Example Product

In the world of budding alternatives, it seems as though these alternatives are not as drastic as the norm. Today’s society wants a simpler life. This is the cause for medications, Internet, drive-thru restaurants and disposable everything. This is proven by the use of disposable diapers. However, there remains a hidden demand for old-fashion, cloth diapers.

More mothers are re-discovering the positive effects of natural remedies and healthier solutions in child care. Upon inquiry, most seem surprised that there is such a demand for cloth diapers, opposed to the convenience of disposables. The thought of washing dirty diapers is not very appealing, yet the effects on baby’s health and rashes is convincing enough for some.

This is where My Lovely Wonder, a business of service, steps in. This company allows for mothers and families to have the opportunity of overall support from a certified/qualified individual(s) during pre-natal, birth and postpartum stages, otherwise known as a Doula. In addition, the company offers the purchasing of cloth diapers. Aside from the service, this company must re-evaluate for job costing according to the actual product of cloth diapers.

Job costing for such these cloth diapers must be separate from the Doula service since the product is an optional extra and different entity. This includes configuring a price according to materials, labor and any other expenses involved in manufacturing and delivery of the product. My Lovely Wonder has a website under construction that will offer the ordering of such a product online. The attendant on the computer would receive the orders and give them to the seamstress. If the materials do not need ordering, manufacturing starts, leading to completion, packaging and mailing.



The example prices for a given diaper materials $ 4.00

Postage/packaging $ .00

Labor $ .50

Profit $ 1.00

Retail

Size small $10.50

Size medium $11.50

Size large $1.50

Prices of diapers are understood since they are washable. All of which is at good standing for a reasonable price and going rate. The rate of sales at these prices should create a good return for the company due to the product demand.

Compensation and Benefits Plan Executive Summary for My Lovely Wonder

The core of any business is its staff. How effectively a business can maintain a high quality team of employees is linked to its ability to manage its staff and recononize the contributions of each employee. Here at My Lovely Wonder each employee will be offered a reasonable and economically compensation package for being an exceptional, outstanding, and hard working employee. The company will also establish a Performance Management System, which will be in place to keep employees satisfied.

The current Performance Management System at the company will include the following

· Base Salary with a BI-yearly increase. Increase is based on quarterly evaluation reports.

· Annual Incentives, such as 5 week paid vacation, which depends on tenure.

· Personal Incentives, such as company picnics (twice a year), which is also known as Family Day. Reward Ceremonies, were team and individual accomplishments will be acknowledged and monetary awards will be given.

· Supplemental Medical Plan (Dental and Vision). The company will provide each employee with the best competitive plan that money can buy.

· Severance and Retirment Arrangements (401k).

The diaper company will strive to recognize the efforts and contributions of its staff. We will strive to improve our Performance Management System. Here are some elements that will be a part of our system in the very near future.

· Departmental bonuses and all expense paid trips.

· Paid Family Medical Emergency Leave, which has to be approved by the board.

· 100% College Reimbursement Plan.

· Subsidized Childcare Services. Employees are able to select from two childcare networks that are contracted with the company to provide childcare services. If the employee decides take advantage of the childcare services all fees for childcare will be deducted from the employees the benefit of this program is to reduce the amount of employee absences or lateness.

We hope that the benefit package will increase retention within the company. However, there is always the possibility of employees abusing the Performance Compensation System. This is a risk that we will have to take. Our first goal here at the company is to keep our staff satisfied. We want them to want to hang around as long as they desire. We will treat our employees as if they are our family, and we want to keep our family close and take care of them.

What can occur during Job costing?

· All transactions can be assigned to a job.

· All inventory transactions can be assigned to a job.

· Unlimited jobs can be created.

· Timesheets (payroll) can be managed better.

Resources Program

The team will use the Resources Program from the Microsoft Business Solutions to assist in the job costing project to ensure an efficient and effective way for managing the system for ensuring the resource costs and usage, job costing and allocating and billing, assigning alternative prices and costs to different types of jobs, posting usage transaction to ledgers and generating reports. (microsoft business solutions.com)

The application for tracking resource costs and usage will include a table, a resource ledger and a resource journal for recording transactions. These resources will enable us the accounting and planning for all cost and billings for a project or job. (microsoft business solutions.com)

The application used for preventing cost from going unbilled will enable us to organize job management in detail and automate billing so that no job will go unbilled. (microsoft business solutions.com)

The application for generating reports will be Planning Capacity and Predicting Availability. The Capacity management facilities under Business Solutions will allow us to allocating jobs to specific budgets for providing complete capacity planning on an hourly basis and reallocating jobs to different resources. (microsoft business solutions.com).

Summary/ Conclusion-Generated Reports

There is a major process that is the backbone of job costing. It is a main part of the analytical process whereby all job costing is studied, learned, and portrayed. It is the process of Generated Reports. The main reason for generated reports, are to learned and understand the processes of certain financial projects/ tasks, the key word here is learn.

A company/ organization can draw its conclusions from a generated report. A generated report can help a company understand the possible future cost that may surface. It can help you understand and foresee some possible direct and indirect cost, which can help you avoid future financial loss and embarrassment. It allows you to properly use your financial resources without overextending yourself.

If a company would try to function without past or present generated reports, they would have a hard time understanding financial structuring of a particular job/ task, and definitely run into unforeseen financial barriers that can cause a task to fail.

There is one important factor that is mainstream in every generated report and that is the detail. There is no such thing as too much detail when you have to generate a financial report, or any report. It is extremely necessary to have all your facts and numbers researched to the best of your ability. There is no such thing as useless information, especially when finances are involved. It is important to know your resources, site your resources, understand your resources, and be able to explain your resources when you have to generate a report.

The crux of generated reports is attention to detail. The generated report has to make sense, be legible, clear, and concise. In other words, make sure you get straight to the point and keep your tasks/ jobs as clear and simple as possible.

OVERVIEW

The majority of business organizations customarily use the processes of job costing. It is cost effective and fundamentally sound, from a financial standpoint. It is the best way to financially organize and sustain your business. Job costing provides the tools to help managers analyze and spot variances, and unreasonable cost contributors before they become uncontrollable and unmanageable. It is a lifesaver to say the least. (Gitman, 00, p 5)(Microsoft, 00)



References

Gitman, L. J. (00). Financial Analysis For Managers (Volume ). Boston, MA Pearson Custom Publishing.

Microsoft (00, October 00). Job Costing. Retrieved October 1, 00, http//download.microsoft.com/download/6/6/f/66fe4ba-058-4811-a75f-6de05c66al/gp_jobcosting.doc.

Microsoft Business Solutions �Navision. http//www.microsoft.com/uk/BusinessSolutions. Project Management. Retrieved October 4, 00.



JOHN HERE ARE THE POINTS THAT SHOULD BE DISCUSSED AT THE PRESENTATION AND NOTED ON THE SLIDES.

JOHN IF IT IS OK BY YOU, WE WOULD LIKE FOR YOU TO PRESENT THE OUTLINE TO THE CLASS BY GIVING A BROAD OVERVIEW THEN ROBIN WILL COME IN WITH THE INTRODUCTION.

TOPIC JOB/COSTING INTRODUCTION-ROBIN

TOPIC JOB COSTING-TONI

A) What is Job Costing?

B) What are the aspects associated with Job Costing?

C) What are the key features of Job Costing?

TOPIC JOB COSTING/DECISION MAKING-ROBIN

A) THE PROCESS INVOLVED WHEN MAKING THE RIGHT DECISION

B) WHEN TO IMPLEMENT THE DECISION

C) WHAT ARE THE LONG TERM RESULTS FROM THE DECISION

TOPIC JOB COSTING/EXAMPLE PRODUCT-CLAIRE

A) NAME OF PRODUCT

B) COST INVOLVED FOR PRODUCT

C) LABOR INVOLVED

TOPIC JOB COSTING/SUMMARY-RESOURCES-KELLIE

A) REITTERATE THE IMPORTANCE OF JOB COSTING

B) DIFFERENT APPLICATIONS USED TO ASSIST IN JOB COSTING

C) REPORTING



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