Watkins Trophies Inc produces thousands of medallions made of bronze, silver and gold. The medallions are...
Watkins Trophies Inc produces thousands of medallions made of bronze, silver and gold. The medallions are identical except for the materials used in their manufacturing. What costing system would you advise the company to use?
Homework Answers
Operation costing would be advised as Watkins Trophies Inc produces thousands of medallions i.e the final product is same but there are variants because of the difference in material being bronze, silver and gold. In operation costing, the conversion activities in making final products is similar for all variants however the materials differ significantly. Here, material costs will be accumulated batch wise as cost of bronze, silver and gold differ. But conversion costs will be accumulated process wise.
Batch costing could also be advised as the medallions are identical and lack individuality. Batch costing is used where similar articles are produced in lots. The materials could be adjusted at the start of the batch.
Job costing would not be a advised as the final product in job costing is usually unique.
Contract costing would not be advised as the production of medallions would not require a long duration to be completed.
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