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Establish a cookie business selling only one type of specialty cookie with two employees making the cookies

Cookie Business

In this project, you will be opening your own specialty cookie company to see how product costing methods and changes in production affect business decisions. You will be creating a series of reports and analyzing the results using the template provided to guide you through the project.

The learning objectives of this project are as follows:

1. Gain an understanding of product costing (direct materials, direct labor, and overhead).

2. Review job order costing.

3. Review process costing.

4. Make business decisions based on analyzing accounting data.

You will prepare a four- to five-page written report (including spreadsheets) with at least two scholarly sources using the   Unit II Project Template  . Your report will provide the following information:

Introduction

Part 1: Establish a cookie business selling only one type of specialty cookie with two employees making the cookies.

· Create a name and establish a location for the business.

· Construct a mission statement for the business.

· Decide on the type of cookie you want to make and sell.

Part 2: Develop costing and sales information for 1,000 cookies.

· Estimate and explain the cost per cookie based on job order costing (manufacturing overhead is 30% of direct labor costs). Prepare a job order cost sheet by researching and identifying the top five ingredients and their estimated costs as your direct materials. Research and identify the cost of wages for your two employees as your direct labor. It typically takes two days to make 1,000 cookies.

· Estimate and explain the cost per cookie based on process costing with 40% conversion costs. Identify the top three processes you feel are needed to make the cookies and prepare a production cost sheet for one of those processes.

· Estimate and explain the sales price you plan to set per cookie based on the cost data.

Part 3: Compare and contrast the costing methods used in this project, including which you believe provides the most useful information as a manager.

Part 4: Discuss what will happen to revenue if the number of the cookies sold increases or decreases.

Conclusion and Recommendations

Use the   Unit II Cookie Project Spreadsheet Templates  for your job order, and process costing spreadsheets to be embedded in your case study document.

Be sure to use APA formatting throughout and reach out to the Writing Center or the Library for assistance with research, writing, and formatting. Include at least two resources from the CSU Online Library in your report

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Writers Solution

Cookie BusinessIn this project, you will be opening your own specialty cookie company to see how product costing methods and changes in production affect business decisions.

Instructions

Cookie BusinessIn this project, you will be opening your own specialty cookie company to see how product costing methods and changes in production affect business decisions. You will be creating a series of reports and analyzing the results using the template provided to guide you through the project. The learning objectives of this project are as follows: 

  1. Gain an understanding of product costing (direct materials, direct labor, and overhead).
  2. Review job order costing.
  3. Review process costing.
  4. Make business decisions based on analyzing accounting data.

You will prepare a four- to five-page written report (including spreadsheets) with at least two scholarly sources using the  Unit II Project Template . Your report will provide the following information: 

Introduction Part 1: Establish a cookie business selling only one type of specialty cookie with two employees making the cookies. 

  • Create a name and establish a location for the business.
  • Construct a mission statement for the business.
  • Decide on the type of cookie you want to make and sell.

Part 2: Develop costing and sales information for 1,000 cookies. 

  • Estimate and explain the cost per cookie based on job order costing (manufacturing overhead is 30% of direct labor costs). Prepare a job order cost sheet by researching and identifying the top five ingredients and their estimated costs as your direct materials. Research and identify the cost of wages for your two employees as your direct labor. It typically takes two days to make 1,000 cookies.
  • Estimate and explain the cost per cookie based on process costing with 40% conversion costs. Identify the top three processes you feel are needed to make the cookies and prepare a production cost sheet for one of those processes.
  • Estimate and explain the sales price you plan to set per cookie based on the cost data.

Part 3: Compare and contrast the costing methods used in this project, including which you believe provides the most useful information as a manager. Part 4: Discuss what will happen to revenue if the number of the cookies sold increases or decreases. 

Conclusion and Recommendations Use the  Unit II Cookie Project Spreadsheet Templates for your job order, and process costing spreadsheets to be embedded in your case study document. Be sure to use APA formatting throughout and reach out to the Writing Center or the Library for assistance with research, writing, and formatting. Include at least two resources from the CSU Online Library in your report

WE HAVE DONE THIS QUESTION BEFORE, WE CAN ALSO DO IT FOR YOU

GET SOLUTION FOR THIS ASSIGNMENT, Get Impressive Scores in Your Class

CLICK HERE TO MAKE YOUR ORDER

TO BE RE-WRITTEN FROM THE SCRATCH

GET SOLUTION FOR THIS ASSIGNMENT

CLICK HERE TO MAKE YOUR ORDER

TO BE RE-WRITTEN FROM THE SCRATCH

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Writers Solution

Cookie Creations case study

 Instructions

Cookie Creations (Chapter 13)

This assignment is a continuation of the Cookie Creations case study. From the information gathered in the previous chapters, read the continuation of the Cookie Creations case study in Chapter 13 on page 13-32 of the textbook. The case study allows you to apply what you have learned about corporations and stocks from the unit lesson and required unit resources.

Natalie’s friend Curtis Lesperance decides to meet with Natalie after hearing that her discussions about a possible business partnership with her friend Katy Peterson have failed. Natalie had decided that forming a partnership with Katy, a high school friend, would hurt their friendship. Natalie had also concluded that she and Katy were not compatible to operate a business venture together.

Because Natalie has been so successful with Cookie Creations and Curtis has been just as successful with his coffee shop, they both conclude that they could benefit from each other’s business expertise. Curtis and Natalie next evaluate the different types of business organization. Because of the advantage of limited personal liability, they decide to form a corporation.

Curtis has operated his coffee shop for 2 years. He buys coffee, muffins, and cookies from a local supplier. Natalie’s business consists of giving cookie-making classes and selling fine European mixers. The plan is for Natalie to use the premises that Curtis currently rents to give her cooking-making classes and demonstrations of the mixers that she sells. Natalie will also hire, train, and supervise staff to bake the cookies and muffins sold in the coffee shop. By offering her classes on the premises, Natalie will save on travel time going from one place to another. Another advantage is that the coffee shop will have one central location for selling the mixers.

The current market values of the assets of both businesses are listed below.

Curtis’s Coffee

Cookie Creations

Cash

$7,130

$12,000

Accounts receivable

100

800

Inventory

450

1,200

Equipment

2,500

1,000*

*Cookie Creations decided not to buy the delivery van considered in Unit II.

Combining forces will also allow Natalie and Curtis to pool their resources and buy a few more assets to run their new business venture.

Curtis and Natalie then meet with a lawyer and form a corporation on November 1, 2020, called Cookie& Coffee Creations Inc. The articles of incorporation state that there will be two classes of shares that the corporation is authorized to issue: common shares and preferred shares. They authorize 100,000 no-par shares of common stock and 10,000 no-par shares of preferred stock with a $0.50 noncumulative dividend.

The assets held by each of their sole proprietorships will be transferred into the corporation at current market value. Curtis will receive 10,180 common shares, and Natalie will receive 15,000 common shares in the corporation. Therefore, the shares have a fair value of $1 per share.

Natalie and Curtis are very excited about this new business venture, so they have come to you with the questions below.

Curtis’s dad and Natalie’s grandmother are interested in investing $5,000 each in the business venture. We are thinking of issuing them preferred shares. What would be the advantage of issuing them preferred shares instead of common shares?

Our lawyer has sent us a bill for $750. When we discussed the bill with her, she indicated that she would be willing to receive common shares in our new corporation instead of cash for her services. We would be happy to issue her shares, but we are a bit worried about accounting for this transaction. Can we do this? If so, how do we determine how many shares to give her?

Instructions:

In a Word document, answer the questions posed by Natalie and Curtis above.

In an Excel spreadsheet, prepare the journal entries required on November 1, 2020, the date when Natalie and Curtis transfer the assets of their respective businesses into Cookie & Coffee Creations Inc.

Assume that Cookie & Coffee Creations Inc. issues 1,000 $0.50 noncumulative preferred shares to Curtis’s dad and the same number to Natalie’s grandmother—in both cases for $5,000. Also assume that Cookie & Coffee Creations Inc. issues 750 common shares to its lawyer.

Prepare the journal entries for each of these transactions. They all occurred on November 1. Prepare the opening balance sheet for Cookie & Coffee Creations Inc. as of November 1, 2020, including the journal entries in (b) and (c) above.

Provide your responses to Natalie and Curtis’s two questions in a Word document, which should be a minimum of one page in length. Complete the accounting for items b–d in one Excel spreadsheet; you may use multiple tabs to organize your response. In summary, you will submit one Word document containing item a and one Excel spreadsheet containing items b–d.