TASKS Each group needs to select one company/organization in any type of industry and provide a report about its product/scrvice costing system currently in usc. Students are NOT required to conduct any form of interview with the owner/manager of the business, however, you are most welcome if you want to do so. This project can be completely based on diligent observation, some form of research, reading and being creative and logical imagination. Each group is required to complete the following tasks: Task 1 Write briefly on the company/organization background, organization chart, and any other relevant information but NOT limited to industry, business location, nature of the business, products or services, target customers, owners, managers, employees etc. (10 marks) Task 2 Identify FIVE (5) key cost items of the business and classify the various costs in accordance with the following table: Cost item: Justification Cost types/categories Traceability Bchaviour Function Controllability Cost term used Example: Cost item: cost of rice for fried rice Cost types/categories Traceability Cost term used Justification A key ingredient and traceable to the fried rice Cost varies according to sales Direct cost Behaviour Variable cost Key ingredient/direct material Function Product cost Controllability The manuger cun control over the quantity of rice used For justification, students are expected to justify/explain why the item is categorised as such. You (14 marks) Controllahle must be precise and specific. Task 3 Explain the costing technique that has been implemented in the business, particularly on how costs are identified, accumulated and assigned to products/services. (14 marks) Task 4 Discuss FOUR (4) issues and challenges in implementing the costing system of the business. (12 marks) TOTAL:50 MARKS TASKS Each group needs to select one company/organization in any type of industry and provide a report about its product/scrvice costing system currently in usc. Students are NOT required to conduct any form of interview with the owner/manager of the business, however, you are most welcome if you want to do so. This project can be completely based on diligent observation, some form of research, reading and being creative and logical imagination. Each group is required to complete the following tasks: Task 1 Write briefly on the company/organization background, organization chart, and any other relevant information but NOT limited to industry, business location, nature of the business, products or services, target customers, owners, managers, employees etc. (10 marks) Task 2 Identify FIVE (5) key cost items of the business and classify the various costs in accordance with the following table: Cost item: Justification Cost types/categories Traceability Bchaviour Function Controllability Cost term used Example: Cost item: cost of rice for fried rice Cost types/categories Traceability Cost term used Justification A key ingredient and traceable to the fried rice Cost varies according to sales Direct cost Behaviour Variable cost Key ingredient/direct material Function Product cost Controllability The manuger cun control over the quantity of rice used For justification, students are expected to justify/explain why the item is categorised as such. You (14 marks) Controllahle must be precise and specific. Task 3 Explain the costing technique that has been implemented in the business, particularly on how costs are identified, accumulated and assigned to products/services. (14 marks) Task 4 Discuss FOUR (4) issues and challenges in implementing the costing system of the business. (12 marks) TOTAL:50 MARKS