EEC currently uses a basic standard cost system. Management knows very little about other concepts of costing and the benefits of having multiple costing methods. Your superior has asked that you and your team put together a presentation to management explaining various costing concepts as it relates to EEC (explain the usage and benefits of each).
As an EEC corporate business financial analyst, you must have an expert understanding of the various costing methods. Within your groups, divide the costing concepts among the individual team members to analyze and become an expert in at least one costing concept within your group. Then write a paper to include the following:
the definition of the concept
how and when the concept could be used by EEC
how the application of the concept differs from the other concepts
its advantages and disadvantages
This the topic I pick "variable costing"
The answer contains meaning,definition ,advantages, disadvantages of variable costing,marginal costing vs absorption costing, income statement under absorption and marginal costing,variable costing vs normal costing,varaible costing vs process costing,variable costing vs standard costing,variable costing vs actual costing,break even point,marginal cost statement and the decisions regarding limiting factor,export order,make or buy decision,shut down or continue operations,product mix,market limitation,