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This is a 2 part problem. Must solve problem 1 in order to solve problem 2. Please list answers in.. 1 answer below » This is a 2 part problem. Must solve problem 1 in order to solve problem 2. Please list answers in financial-statement-form. Problem 1 is attached. Problem 2 is as follows: Problem 2: Comparing Costs Use the information that you calculated in Problem #1 (the cost of a dinner — problem #1 is on attached document) Compare the full cost of the dinner preparation for at least three people. Discuss the differences in full cost and why such differences arose. Are the assumptions made by each class member the same? Do different class members have different fixed costs? Did all class members View complete question » This is a 2 part problem. Must solve problem 1 in order to solve problem 2. Please list answers in financial-statement-form. Problem 1 is attached. Problem 2 is as follows: Problem 2: Comparing Costs Use the information that you calculated in Problem #1 (the cost of a dinner — problem #1 is on attached document) Compare the full cost of the dinner preparation for at least three people. Discuss the differences in full cost and why such differences arose. Are the assumptions made by each class member the same? Do different class members have different fixed costs? Did all class members treat the “bottled” dressing as a variable cost? On the basis of the information accumulated, do you think you could determine a “standard” cost of preparing the dinner? Comment, in report form, on the differences in individual person’s full cost, assumptions, the problems in distinguishing full cost, the judgments that had to be made, and any other information of interest. Document Preview: This is a 2 part problem. Must solve problem 1 in order to solve problem 2. Please list answers in financial-statement-form. Problem 1 is attached. Problem 2 is as follows: Problem 2: Comparing Costs Use the information that you calculated in Problem #1 (the cost of a dinner — problem #1 is on attached document) Compare the full cost of the dinner preparation for at least three people. Discuss the differences in full cost and why such differences arose. Are the assumptions made by each class member the same? Do different class members have different fixed costs? Did all class members treat the “bottled” dressing as a variable cost? On the basis of the information accumulated, do you think you could determine a “standard” cost of preparing the dinner? Comment, in report form, on the differences in individual person’s full cost, assumptions, the problems in distinguishing full cost, the judgments that had to be made, and any other information of interest. From the three persons costs you gathered, select (or determine) what is, in your opinion, the “best” calculation of full cost. This could, of course, be your own calculation. Assume (unrealistically) that you are going to sell the dinner you prepared at a profit. 1. How much would you charge for the dinner? Why? 2. Assume that you prepare a dinner for yourself and for a friend at the same time and then decide to sell both dinners at a profit. Would the amount charged per dinner change? 3. In both instances (selling the single dinner and selling both dinners), how did you determine your “profit?” Did you consider how much the buyer(s) would be willing to spend for one dinner? How many dinners would you have to prepare to “breakeven?”
Additional Requirements Min Words: 250 Level of Detail: Show all work Other Requirements: Problem #1 has no minimum word requirement. Problem #2 must be a minimum of 250 words. Thank you. Attachments: Q.docx Q-Attachment.doc View less » Jul 28 2015 01:42 PM
