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ACC 207 Final Project I Guidelines and Rubric Overview Cost accounting is used for two main purposes. The first purpose is to determine the actual costs of products, projects, processes, or services...

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ACC 207 Final Project I Guidelines and Ru
ic

Overview
Cost accounting is used for two main purposes. The first purpose is to determine the actual costs of products, projects, processes, or services so an organization can report
co
ect and accurate information on their financial statements. The second purpose is to aid the management team in making decisions and guiding the planning and
control functions of the organization. Cost accounting provides an analysis of cost behavior, cost-volume-profit relationships, budgeting, resource costing, and activity-
ased costing. The roots of cost accounting are in the manufacturing business, but cost-accounting concepts are also used in service industries.

This assessment focuses on the SRS Educational Supply Company case study. SRS is a company that provides materials and supplies to educational institutions. The SRS
usiness model is to be a one-stop provider of educational supply needs. For example, some of their product lines include workbooks, classroom visual aids, instructor
support materials, art supplies, lab supplies, and administrative office supplies. While SRS serves all levels of educational institutions, the majority of their customers are K-
12 schools. Sales can vary quite a bit from month to month, as K-12 educational institutions have seasonal ordering patterns. Thus, budgeting is vital for planning and cash
flow purposes. SRS has a June 30th fiscal year end.

The final project is divided into two parts. In Final Project I, you will consider job order costing and process costing for the SRS Educational Press division of the company.
You will review the information provided and prepare journal entries for the inventories. Then, you will prepare a summary of the performance for the Educational Press
division. The final product will be submitted in Module Three.

In this assignment, you will demonstrate your mastery of the following course outcomes:

 ACC-207-01: Control the cost structure of an organization to achieve a target operating income
 ACC-207-03: Prepare cost accounting reports to internally communicate information to managerial decision makers
Prompt
Assume you are the new cost accountant at SRS. As part of your new position, you have been asked to perform a few tasks for the company’s leadership team. Refer to the
case study for details on this part of the final project.

Specifically, you must address the following critical elements listed below. Most of the critical elements align with a particular course outcome (shown in
ackets).

I. Cost Structures
A. Prepare an overview diagram of the job-costing system at the SRS Educational Press. [ACC-207-01]
B. In a spreadsheet, prepare journal entries to summarize the 2017 transactions. For your final entry, dispose of the year-end under- or overallocated
manufacturing overhead as a write-off to the Cost of Goods Sold account. Number your entries. Explanations for each entry may be omitted. [ACC-207-01]
https:
learn.snhu.edu/d2l/lo
viewe
view.d2l?ou=6606&loIdentId=22522

C. In a spreadsheet, show posted T-accounts for all inventories and the cost of goods sold, the manufacturing overhead control, and the manufacturing
overhead allocated. [ACC-207-01]
D. How was the SRS Educational Press performance in 2017? Should the company continue to have in-house press production? Did SRS accurately budget for
manufacturing overhead costs? Support your answers with relevant data. Also,
iefly explain how the firm can dispose of under- or overallocated overhead
costs. [ACC-207-03]
E. Name at least two other products that you are familiar with that would benefit from job order costing, and
iefly explain how they would benefit. [ACC-
207-01]
Final Project I Ru
ic
Guidelines for Submission: Complete the overview diagram for Item A of Section I using a program of your choice. Then, copy and paste it into the appropriate tab of the
Final Project Part I Student Workbook in Excel. Compete items B and D in the workbook. Submit a 1- to 2-page response to Item E as a Word document.

Critical Element Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value
Overview Diagram
[ACC-207-01]
Meets the “Proficient”
equirements and shows a
sophisticated awareness of the
process
Prepares an overview diagram
of the job-costing system at SRS
Prepares an overview diagram
of the job-costing system at
SRS, but diagram contains
inaccuracies or is missing key
information
Does not prepare an overview
diagram of the job-costing
system at SRS
15
Journal Entries
[ACC-207-01]
Meets the “Proficient”
equirements and entries are
expertly applied
Prepares journal entries to
summarize the 2017
transactions, including the
disposal of year-end
manufacturing overhead
Prepares journal entries to
summarize the 2017
transactions, but some entries
are inco
ect or missing
Does not prepare journal
entries to summarize the 2017
transactions
20
T-Accounts
[ACC-207-01]
Meets the “Proficient”
equirements and postings
display in-depth knowledge of
the process
Shows co
ectly posted T-
accounts for all inventories,
cost of goods sold,
manufacturing overhead
control, and manufacturing
overhead allocated
Shows posted T-accounts for
most or all of the required list,
ut some entries are inco
ect
or missing key information
Does not show posted T-
accounts for all inventories,
cost of goods sold,
manufacturing overhead
control, and manufacturing
overhead allocated
20
Critical Element Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value
Performance
[ACC-207-03]
Meets the “Proficient”
equirements and
demonstrates a complex grasp
of SRS’s performance, decision
of in-house press production
continuance, and budgeting
and disposal issues
Describes how the SRS
Educational Press performed in
2017 and whether the company
should continue its in-house
press production, answers
whether SRS accurately
udgeted for manufacturing
overhead costs, and describes
how the firm can dispose of
under- or overallocated
overhead costs
Describes how the SRS
Educational Press performed in
2017, but either doesn’t
co
ectly address whether the
company should continue its in-
house press production, answer
whether SRS accurately
udgeted for manufacturing
overhead costs, or describe
how the firm can dispose of
under- or overallocated
overhead costs
Does not describe how the SRS
Educational Press performed in
2017
25
Other Products
[ACC-207-01]
Meets the “Proficient”
equirements and shows a
sophisticated awareness of job-
order costing application and
enefit
Names at least two other
products that would benefit
from job-order costing and
explains how they would
enefit
Names at least two other
products that would benefit
from job-order costing, but
either doesn’t explain how
products would benefit, or
easoning is faulty
Does not name at least two
other products that would
enefit from job-order costing
15
Articulation of
Response
Submission is free of e
ors
elated to citations, grammar,
spelling, syntax, and
organization and is presented in
a professional and easy-to-read
format
Submission has no major e
ors
elated to citations, grammar,
spelling, syntax, or organization
Submission has major e
ors
elated to citations, grammar,
spelling, syntax, or organization
that negatively impact
eadability and articulation of
main ideas
Submission has critical e
ors
elated to citations, grammar,
spelling, syntax, or organization
that prevent understanding of
ideas
5
Total 100%
Answered Same Day Sep 29, 2021

Solution

Jyoti answered on Sep 30 2021
152 Votes
INSTRUCTIONS
        Southern New Hampshire University
        ACC 207 COST ACCOUNTING
        INSTRUCTIONS FOR FINAL PROJECT I (Due in Module Three)
        IMPORTANT NOTE: Make sure to completely review the Final Project I Ru
ic.
        ITEMS TO COMPLETE FOR THIS PROJECT:
        PROMPT
        You are the new cost accountant at SRS. In your new position, you have been asked to perform a few tasks for the company’s leadership team. Use the scenario info in the table below:
        A: Create an overview diagram using whichever flowchart or diagram tool you feel most comfortable with. Paste it
on the OVERVIEW DIAGRAM sheet.
        B: Prepare journal entries to summarize the 2017 transactions.
            As your final entry, dispose of the year-end under- or overallocated manufacturing overhead as a write-off to the Cost of Goods Sold (COGS) account. Assume COGS given of $4,020 does not include the write off of overallocated manufacturing overhead. Use the template on the JOURNAL ENTRIES sheet.
        C: Show posted T-accounts for all inventories, Cost of Goods Sold, Manufacturing Overhead Control, and Manufacturing
Overhead Allocated. Use the template on the T-ACCOUNTS sheet.
        D: How did the SRS Educational Press perform in 2017? Should the company continue to have in-house press production? Support your answer with relevant data. Type your answer on the PERFORMANCE sheet.
        SRS COST DATA
        ·         Direct materials and supplies purchased on credit: $800
        ·         Direct materials used: $710
        ·         Indirect materials issued to various production departments: $100
        ·         Direct manufacturing labor: $1,300
        ·         Indirect manufacturing labor incu
ed by various production departments: $900
        ·         Depreciation on building and manufacturing equipment: $400
        ·         Miscellaneous manufacturing overhead incu
ed by various production departments: $550
        o   (Ordinarily, this would be detailed as repairs, photocopying, utilities, etc.)
        ·         Manufacturing overhead allocated at 160% of direct manufacturing labor costs: ?
        ·         Cost of goods manufactured: $4,120
        ·         Revenues: $8,000
        ·         Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead):...
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