Costing and Income Data for a Financial Strategy

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https://www.accountingtools.com/articles/job-order-costing-system.html
https://chools.in/wp-content/uploads/2021/02/Job-Costing.pdf
https://www.ajronline.org/doi/10.2214/AJR.05.0495?mobileUi=0
https://digitalcommons.fairfield.edu/cgi/viewcontent.cgi?article=1174&context=business-facultypubs

Introduction: Provide a short overview of your company and the purpose of this report. Business Overview: Name your company and describe its business and your vision for its future. Purpose of the Report: Explain the purpose of the report and describe why the information is important.

The assistance provided by the expert will be for guidance and provide an example of the potential company that could be used by the student. All of the research articles have been provided and it is the student's responsibility to create their own examples and provide their own words as this is simply guidance and a summary of the scholarly research on the subject.

The company for this summary is a small restaurant that has recently been converted into a restaurant alongside an existing market owned by the same person. The market ownership has decided to start selling deli, bakery, and other other prepared foods to customers in an attempt to increase its customer sales. The restaurant will sell meals that customers can order to pick-up-to-go wherein a variety of different food options will be available for pickup at pre-ordered times for customer's convenience. Once customers have ordered either online or via phone, they simply arrive at designated areas to retrieve their order.

To help ensure that this new restaurant venture at the market succeeds, the example that should be utilized for accounting management is a job order costing form of accounting. This model is effective in focusing on specific orders and prices to analyze whether the business is effectively reaching its customers' in regard to producing profits in accordance to how many sales are made on a daily purchase. This model focuses on each meal and deduces the material costs, labor, and overhead costs. Some examples of material costs that directly impact the restaurant include grain, packaging, meat, etc.

Labor costs that must be accounted for by the restaurant include employee pay while manufacturing overhead would entail hair nets worn by employees who prepare the meals as well as dishwashers who work in the kitchen but don't prepare meals for customers. The objective for the restaurant is to ensure that costs are less than the sales price of its meals, and the job costing accounting method is effective in providing up-to-date information on each meal option to ensure that the company is making a profit.

Each meal will be predicated upon different food items, sizes, and will also be customer-specific, and this is why job order costing is the appropriate model to use as no food order is the same as the last, and therefore, each order will need to analyzed to deduce the specific costs associated with making the meal to ensure that when the meal is sold, a substantive profit is earned by the restaurant.

https://psu.pb.unizin.org/acctg211/chapter/job-order-v-process-costing/
https://biz.libretexts.org/Bookshelves/Accounting/Book%3A_Principles_of_Managerial_Accounting_(Jonick)/02%3A_Job_Order_Costing/2.01%3A_Introduction_to_Job_Order_Costing

Methods and Approach: Explain the management accounting methods. you used for generating the information that you are about to share in terms of your adherence to industry standards and the American Institute of Certified Public Accountants (AICPA) code of ethics.

The management accounting method suggested for the new ...