J J Ba... - O Search Sign in AutoSave Oh A DEB A B (): File Home Insert Draw Design Layout Share Comments References Mailings Item and Ingredients Conventional oven Grammarly Standard per Cake n/a Review View Help Cost $6.000 (depreciated over 5 years on a SL basis; no salvage value) $0 (provided by landlord) $0 (paid for by dad) $24 per 8 pounds bag $2 per dozen $15 per 25 pounds bag $6 per 14 pounds box $6.50 per 4 pounds $8 per 2 pounds $30 for all 4 boxes per month $12 per month (rental for 2 years $12 per bottle $50 per month nia 1 pound 4 eggs 1 pound Refrigerator Baking pans, licenses Baking flour Eggs Sugar Baking soda Butter Raisins Others (currants, diced date, nutmeg, molasses) Cash Register Rum (alcohol) Utilities (includes gas, electric, and water) Mobile phone (business) Salary - Jamie Salary-nieces 1 pound V pound Vegtr of bottle $50 per month $500 per month $8 per hour 1 person 1.5 hours per cake Salary - aunt Accountant Estimated MOH $100 per month $100 per month $4.00 per cake Required: Jamie needs your help in classifying the various costs. In order to manage these costs, she wants them identified using the information below. She asked that you use Table 2 for your answers a) Behavior (fixed or variable) b) Traceability (direct or indirect) c) Financial reporting (product or period) d) If product cost, identify which items are direct materials, direct labor or manufacturing overhead. Page 3 of 9 2002 words Focus BE Ee 818 1 Type here to search o CH hu ? 5:54 PM 9/20/2021 Sign in AutoSave Oh A DEB A B (): File Home Insert Draw Design Layout Share Comments J Ba... - O Search References Mailings Review View Help Grammarly PART 2: Costing Systems (Chapter 4 & Topic Focus 2) - 10 Points Jarnie discussed the business plan with her accounting professor who agreed to serve as her part time accountant. His first advice was for the business to develop a budget. Since Jamie did not complete her Accounting Degree, she was not aware of the various costing systems that exist in businesses. Her accounting professor told Jamie of two of the many different types of costing systems that exist in organizations - job order and process costing Required: Which type of costing system is J&J Bakery most likely to use? Explain why this is the case? PART 3: Business Transactions (Chapter 4) - 25 Points Jamie spent the month of December talking to various suppliers in order to determine ler cost structure. She has presented cost data information in Table 1. TABLE 1: COST INFORMATION Item and Ingredients Conventional oven Standard per Cake n/a Refrigerator Baking pans, licenses Baking flour Eggs nia 1 pound 4 eggs 1 pound Sugar Cost $6.000 (depreciated over 5 years on a SL basis; no salvage value) $0 (provided by landlord) $0 (paid for by dad) $24 per 8 pounds bag $2 per dozen $15 per 25 pounds bag $6 per 14 pounds box $6.50 per 4 pounds $8 per 2 pounds $30 for all 4 boxes per month $12 per month (rental for 2 years $12 per bottle $50 per month Baking soda Butter Raisins Others (currants, diced date, nutmeg, molasses) Cash Register 1 pound 2 pound V gtr of bottle Rum (alcohol) Utilities (includes gas, electric, and water) Mobile phone (business) Salary - Jamie $50 per month $500 per month Page 5 of 9 2002 words Focus BE Ee 8190 1 Type here to search O * hulu w ? 5:54 PM 9/20/2021 Sign in AutoSave Oh A DEB A B (): File Home Insert Draw Design Layout Help Grammarly Share Comments J Ba... - O Search References Mailings Review View ULIUS (INCLdus gas, 350 per month electric, and water) Mobile phone (business) $50 per month Salary - Jamie $500 per month Salary - nieces $8 per hour 1 person 1.5 hours per cake Salary-aunt Accountant Estimated MOH $100 per month $100 per month $4.00 per cake Page 8 J&J Bakery, Inc. Project - Part 1 J&J Bakery Inc. opened for business on January 1, 2015 as planned. During the month of January, the business purchased and used 200 pounds of flour, 200 pounds of sugar, 67 dozen eggs, 20 baking soda boxes, 200 pounds of butter, 100 pounds of raisins, 50 bottles of rum, and the other ingredients (one box of each for a total of four) all from one supplier on account. Manufacturing overhead is applied during production of the cakes at a rate of $4.00 per cake. Jarnie purchased the oven using the start-up capital and paid all salaries. Her nieces worked 300 hours in total for the month January was a very good month for the bakery since it baked 200 cakes and sold all for cash. The average selling price was $50 per cake. All manufacturing overhead is closed out at month end by making the appropriate journal entry to the Cost of Goods Sold Account. The supplier was paid at month end. Required: Document J&J Bakery Inc. January transactions using T-accounts (round all calculations to 2 decimal places). All other costs such as utilities, must be accounted for in the T-accounts - presume such transactions where applicable, are paid in cash. Page 5 of 9 2002 words Focus Ee 8190 1 Type here to search O CH hulu ? 5:54 PM 9/20/2021 AutoSave OH HEB A B ] - Bakery Project - Saved to this PC - Search Sign in Ga File Home Insert Draw Design Layout References Mailings Review View Help Grammarly Share Comments business. Uncle David, a marketing executive with a national bank agreed to provide her with marketing support pro bono TABLE 1: COST INFORMATION Item and Ingredients Conventional oven Standard per Cake nia Jamie found the perfect location for her business. A take-out restaurant on the busy intersection of Jamaica and Hillside Avenues in Queens, NY, became available after a bitter divorce between the owners. The landlord was impressed with Jamie's vision and agreed to pay for all renovations and charge her $800 per month for rent nia 1 pound 4 eggs 1 pound PART 1: Cost Classification (Chapters 2 & 4) - 10 Points Her first action plan was to list all the key products or items that she would need to start the business. Jarnie's list included a conventional oven, a cash register, baking pans, business licenses, health inspections, flour, sugar, baking soda, raisins, butter, eggs and rum. She also planned on hiring her accounting professor on a parllirne basis lo perform hookkeeping services and her nieces Arianna and Alexis to help her in the bakery. Aunt Sue Ellen would supervise the girls so that Jamie could focus on developing the business JEU's cost components are provided in Table 1 Refrigerator Baking pans, licenses Baking flour Eggs Sugar Baking soda Butter Raisins Others (currants, diced date, nutmeg, molasses) Cash Register Cost $6,000 (depreciated over 5 years on a SL basis, no salvage value) $0 (provided by landlord) $0 (paid for by dad) $24 per 8 pounds bag $2 per dozen $15 per 25 pounds bag $6 per 14 pounds box $6.50 per 4 pounds $B per 2 pounds $30 for all 4 boxes per month $12 per month (rental for 2 years $12 per bottle $50 por month 1 pound pound % gtc of bottle Rum (alcohol) Utilities includes gas, electric and water) Mobile phone (business) Salary-Jannie Salary-nieces $50 per month $500 per month $8 per hour 1 person 1.5 hours per cake Salary-Aunt Accountant Estimated MOH $100 per month $100 per month $1.00 per cake Required: Jamie needs your help in classifying the various costs In order to manage these costs, she wants them identified using the information below. She asked that you use Table 2 for your answers a) Behavior (fixed or variable) b) Traceability (direct or indirect) C) Financial reporting product or period) d) If product cost, identify which items are direct materials, direct labor or manufacturing overhead, Page 3 of 9 2002 words Focus 88 Ee + 7196 N H Type here to search o CH - hulu ? 11:57 AM 9/20/2021 Sign in View Comments AutoSave H H H AWB A B : J J Ba... - O Search File Home Insert Draw Design Layout References Mailings Review PART 2: Costing Systems (Chapter 4 & Topic Focus 2) - 10 Points Jamie discussed the business plan with her accounting professor who agreed to serve as her part time accountant. His first advice was for the business to develop a budget. Since Jamie did not complete her Accounting Degree, she was not aware of the various costing systems that exist in businesses. Her accounting professor told Jamie of two of the many different types of costing systems that exist in organizations - job order and process costing Required: Which type of costing system is J&J Bakery most likely to use? Explain why this is the case? Help Grammarly Share J&J Bakery Inc. opened for business on January 1, 2015 as planned. During the month of January, the business purchased and used 200 pounds of flour, 200 pounds of sugar 67 dozen cogs, 20 baking soda boxes, 200 pounds of butter, 100 pounds of raisins, 50 bottles of rum, and the other ingredients (one box of each for a total of four) all from one supplier on account Manufacturing overhead is applied during production of the cakes at a rate of $4.00 per caku. PART 3: Business Transactions (Chapter 4) - 25 Points Jamic spent the month of December lalking to various suppliers in order to determine en cost structure She has presented cost data information in Table 1 Jamic purchased the oven using the start up capital and paid all salaries. Her nicces worked 300 hours in total for the month January was a very good month for the bakery since it baked 200 cakes and sold all for cash. The average selling price was $50 per cake. All manufacturing overhead is closed out at month end by making the appropriate journal entry to the Cost of Goods Sold Account. The supplier was paid at month end. Required: Document J&J Bakery Inc. January transactions using T-accounts (round all calculations to 2 decimal places). All other costs such as utilities, must be accounted for in the T-accounts - presunie such transactions where applicable, are paid in cash. Standard per Cake n'a 1 pound 4 eggs 1 pound TABLE 1: COST INFORMATION Item and Ingredients Cost Conventional oven $6,000 (deprecialed over 5 years on a SL hasis no salvage value) Refrigerator $0 (provided by landlord) Baking pans, licenses $0 (paid for by dud) Baking our $24 per 8 pounds bag Eggs $2 per ducon Sugar $15 per 25 pounds bag Baking soda $6 per 14 pounds box Hutter $6.50 per 4 pounds Raisins $8 per 2 pounds Others (currants, diced $30 for all 4 boxes per date, nutmeg, molasses) month Cash Register $12 per month (rental for 2 years Rum (alcohol) $12 per bottle Utilities (includes gas, $50 per month electric, and water) Mobile phone (business) $50 per month Salary-Jamie $500 per month Salary-nieces $8 per hour PART 4: Reporting (Chapter 4) - 15 Points Since Jamie was not paying much attention to the discussion on journal entries in her one accounting class, she does not understand the T-accounts that you provided. However, she heard through her accountant that there is a manutactunng report that would provide her with the same information as the T-accounts and is more user- friendly. She believes that the report is called the Statement of Cost of Goods Manufactured Required: Prepare the Statement of Cost of Goods Manufactured for January. Also, prepare an Income Statement for the month of January (Check out page 142 in your textbook for helpl) 1 pound % pound gr of bottle 1 person 1.5 hours per cake Salary aunt Accountant Estimated MOH Page 6 of 9 2002 words 2002 words EX $100 per month $100 per month $400 per cake PART 5: Breakeven Analysis/Target Sales (Chapter 3) - 15 Points Although business was off to a good start in January, Jamie realized that she will need to be profitable in order to continue as a viable business. Jamic discussed the subject of profitability with her accountant who suggested that she first needs to determine her breakeven point in both unit sales and dollars. He explained to her that break even is G Focus BE + 71% H Type here to search o CH 1 huu 11:58 AM 9/20/2021 J J Ba... - O Search Sign in AutoSave Oh A DEB A B (): File Home Insert Draw Design Layout Share Comments References Mailings Item and Ingredients Conventional oven Grammarly Standard per Cake n/a Review View Help Cost $6.000 (depreciated over 5 years on a SL basis; no salvage value) $0 (provided by landlord) $0 (paid for by dad) $24 per 8 pounds bag $2 per dozen $15 per 25 pounds bag $6 per 14 pounds box $6.50 per 4 pounds $8 per 2 pounds $30 for all 4 boxes per month $12 per month (rental for 2 years $12 per bottle $50 per month nia 1 pound 4 eggs 1 pound Refrigerator Baking pans, licenses Baking flour Eggs Sugar Baking soda Butter Raisins Others (currants, diced date, nutmeg, molasses) Cash Register Rum (alcohol) Utilities (includes gas, electric, and water) Mobile phone (business) Salary - Jamie Salary-nieces 1 pound V pound Vegtr of bottle $50 per month $500 per month $8 per hour 1 person 1.5 hours per cake Salary - aunt Accountant Estimated MOH $100 per month $100 per month $4.00 per cake Required: Jamie needs your help in classifying the various costs. In order to manage these costs, she wants them identified using the information below. She asked that you use Table 2 for your answers a) Behavior (fixed or variable) b) Traceability (direct or indirect) c) Financial reporting (product or period) d) If product cost, identify which items are direct materials, direct labor or manufacturing overhead. Page 3 of 9 2002 words Focus BE Ee 818 1 Type here to search o CH hu ? 5:54 PM 9/20/2021 Sign in AutoSave Oh A DEB A B (): File Home Insert Draw Design Layout Share Comments J Ba... - O Search References Mailings Review View Help Grammarly PART 2: Costing Systems (Chapter 4 & Topic Focus 2) - 10 Points Jarnie discussed the business plan with her accounting professor who agreed to serve as her part time accountant. His first advice was for the business to develop a budget. Since Jamie did not complete her Accounting Degree, she was not aware of the various costing systems that exist in businesses. Her accounting professor told Jamie of two of the many different types of costing systems that exist in organizations - job order and process costing Required: Which type of costing system is J&J Bakery most likely to use? Explain why this is the case? PART 3: Business Transactions (Chapter 4) - 25 Points Jamie spent the month of December talking to various suppliers in order to determine ler cost structure. She has presented cost data information in Table 1. TABLE 1: COST INFORMATION Item and Ingredients Conventional oven Standard per Cake n/a Refrigerator Baking pans, licenses Baking flour Eggs nia 1 pound 4 eggs 1 pound Sugar Cost $6.000 (depreciated over 5 years on a SL basis; no salvage value) $0 (provided by landlord) $0 (paid for by dad) $24 per 8 pounds bag $2 per dozen $15 per 25 pounds bag $6 per 14 pounds box $6.50 per 4 pounds $8 per 2 pounds $30 for all 4 boxes per month $12 per month (rental for 2 years $12 per bottle $50 per month Baking soda Butter Raisins Others (currants, diced date, nutmeg, molasses) Cash Register 1 pound 2 pound V gtr of bottle Rum (alcohol) Utilities (includes gas, electric, and water) Mobile phone (business) Salary - Jamie $50 per month $500 per month Page 5 of 9 2002 words Focus BE Ee 8190 1 Type here to search O * hulu w ? 5:54 PM 9/20/2021 Sign in AutoSave Oh A DEB A B (): File Home Insert Draw Design Layout Help Grammarly Share Comments J Ba... - O Search References Mailings Review View ULIUS (INCLdus gas, 350 per month electric, and water) Mobile phone (business) $50 per month Salary - Jamie $500 per month Salary - nieces $8 per hour 1 person 1.5 hours per cake Salary-aunt Accountant Estimated MOH $100 per month $100 per month $4.00 per cake Page 8 J&J Bakery, Inc. Project - Part 1 J&J Bakery Inc. opened for business on January 1, 2015 as planned. During the month of January, the business purchased and used 200 pounds of flour, 200 pounds of sugar, 67 dozen eggs, 20 baking soda boxes, 200 pounds of butter, 100 pounds of raisins, 50 bottles of rum, and the other ingredients (one box of each for a total of four) all from one supplier on account. Manufacturing overhead is applied during production of the cakes at a rate of $4.00 per cake. Jarnie purchased the oven using the start-up capital and paid all salaries. Her nieces worked 300 hours in total for the month January was a very good month for the bakery since it baked 200 cakes and sold all for cash. The average selling price was $50 per cake. All manufacturing overhead is closed out at month end by making the appropriate journal entry to the Cost of Goods Sold Account. The supplier was paid at month end. Required: Document J&J Bakery Inc. January transactions using T-accounts (round all calculations to 2 decimal places). All other costs such as utilities, must be accounted for in the T-accounts - presume such transactions where applicable, are paid in cash. Page 5 of 9 2002 words Focus Ee 8190 1 Type here to search O CH hulu ? 5:54 PM 9/20/2021 AutoSave OH HEB A B ] - Bakery Project - Saved to this PC - Search Sign in Ga File Home Insert Draw Design Layout References Mailings Review View Help Grammarly Share Comments business. Uncle David, a marketing executive with a national bank agreed to provide her with marketing support pro bono TABLE 1: COST INFORMATION Item and Ingredients Conventional oven Standard per Cake nia Jamie found the perfect location for her business. A take-out restaurant on the busy intersection of Jamaica and Hillside Avenues in Queens, NY, became available after a bitter divorce between the owners. The landlord was impressed with Jamie's vision and agreed to pay for all renovations and charge her $800 per month for rent nia 1 pound 4 eggs 1 pound PART 1: Cost Classification (Chapters 2 & 4) - 10 Points Her first action plan was to list all the key products or items that she would need to start the business. Jarnie's list included a conventional oven, a cash register, baking pans, business licenses, health inspections, flour, sugar, baking soda, raisins, butter, eggs and rum. She also planned on hiring her accounting professor on a parllirne basis lo perform hookkeeping services and her nieces Arianna and Alexis to help her in the bakery. Aunt Sue Ellen would supervise the girls so that Jamie could focus on developing the business JEU's cost components are provided in Table 1 Refrigerator Baking pans, licenses Baking flour Eggs Sugar Baking soda Butter Raisins Others (currants, diced date, nutmeg, molasses) Cash Register Cost $6,000 (depreciated over 5 years on a SL basis, no salvage value) $0 (provided by landlord) $0 (paid for by dad) $24 per 8 pounds bag $2 per dozen $15 per 25 pounds bag $6 per 14 pounds box $6.50 per 4 pounds $B per 2 pounds $30 for all 4 boxes per month $12 per month (rental for 2 years $12 per bottle $50 por month 1 pound pound % gtc of bottle Rum (alcohol) Utilities includes gas, electric and water) Mobile phone (business) Salary-Jannie Salary-nieces $50 per month $500 per month $8 per hour 1 person 1.5 hours per cake Salary-Aunt Accountant Estimated MOH $100 per month $100 per month $1.00 per cake Required: Jamie needs your help in classifying the various costs In order to manage these costs, she wants them identified using the information below. She asked that you use Table 2 for your answers a) Behavior (fixed or variable) b) Traceability (direct or indirect) C) Financial reporting product or period) d) If product cost, identify which items are direct materials, direct labor or manufacturing overhead, Page 3 of 9 2002 words Focus 88 Ee + 7196 N H Type here to search o CH - hulu ? 11:57 AM 9/20/2021 Sign in View Comments AutoSave H H H AWB A B : J J Ba... - O Search File Home Insert Draw Design Layout References Mailings Review PART 2: Costing Systems (Chapter 4 & Topic Focus 2) - 10 Points Jamie discussed the business plan with her accounting professor who agreed to serve as her part time accountant. His first advice was for the business to develop a budget. Since Jamie did not complete her Accounting Degree, she was not aware of the various costing systems that exist in businesses. Her accounting professor told Jamie of two of the many different types of costing systems that exist in organizations - job order and process costing Required: Which type of costing system is J&J Bakery most likely to use? Explain why this is the case? Help Grammarly Share J&J Bakery Inc. opened for business on January 1, 2015 as planned. During the month of January, the business purchased and used 200 pounds of flour, 200 pounds of sugar 67 dozen cogs, 20 baking soda boxes, 200 pounds of butter, 100 pounds of raisins, 50 bottles of rum, and the other ingredients (one box of each for a total of four) all from one supplier on account Manufacturing overhead is applied during production of the cakes at a rate of $4.00 per caku. PART 3: Business Transactions (Chapter 4) - 25 Points Jamic spent the month of December lalking to various suppliers in order to determine en cost structure She has presented cost data information in Table 1 Jamic purchased the oven using the start up capital and paid all salaries. Her nicces worked 300 hours in total for the month January was a very good month for the bakery since it baked 200 cakes and sold all for cash. The average selling price was $50 per cake. All manufacturing overhead is closed out at month end by making the appropriate journal entry to the Cost of Goods Sold Account. The supplier was paid at month end. Required: Document J&J Bakery Inc. January transactions using T-accounts (round all calculations to 2 decimal places). All other costs such as utilities, must be accounted for in the T-accounts - presunie such transactions where applicable, are paid in cash. Standard per Cake n'a 1 pound 4 eggs 1 pound TABLE 1: COST INFORMATION Item and Ingredients Cost Conventional oven $6,000 (deprecialed over 5 years on a SL hasis no salvage value) Refrigerator $0 (provided by landlord) Baking pans, licenses $0 (paid for by dud) Baking our $24 per 8 pounds bag Eggs $2 per ducon Sugar $15 per 25 pounds bag Baking soda $6 per 14 pounds box Hutter $6.50 per 4 pounds Raisins $8 per 2 pounds Others (currants, diced $30 for all 4 boxes per date, nutmeg, molasses) month Cash Register $12 per month (rental for 2 years Rum (alcohol) $12 per bottle Utilities (includes gas, $50 per month electric, and water) Mobile phone (business) $50 per month Salary-Jamie $500 per month Salary-nieces $8 per hour PART 4: Reporting (Chapter 4) - 15 Points Since Jamie was not paying much attention to the discussion on journal entries in her one accounting class, she does not understand the T-accounts that you provided. However, she heard through her accountant that there is a manutactunng report that would provide her with the same information as the T-accounts and is more user- friendly. She believes that the report is called the Statement of Cost of Goods Manufactured Required: Prepare the Statement of Cost of Goods Manufactured for January. Also, prepare an Income Statement for the month of January (Check out page 142 in your textbook for helpl) 1 pound % pound gr of bottle 1 person 1.5 hours per cake Salary aunt Accountant Estimated MOH Page 6 of 9 2002 words 2002 words EX $100 per month $100 per month $400 per cake PART 5: Breakeven Analysis/Target Sales (Chapter 3) - 15 Points Although business was off to a good start in January, Jamie realized that she will need to be profitable in order to continue as a viable business. Jamic discussed the subject of profitability with her accountant who suggested that she first needs to determine her breakeven point in both unit sales and dollars. He explained to her that break even is G Focus BE + 71% H Type here to search o CH 1 huu 11:58 AM 9/20/2021