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CHAPTER 3 Organizational Cost Flows After completing this chapter, you should be able to answer the following questions: How are costs classified and why are such classifications useful? How does the conversion process occur in manufacturing and service companies? | CHAPTER Organizational Cost Flows 3 LEARNING OBJECTIVES Ater completing this chapter you should be able to answer the following questions LU How are costs classified and why are such classifications useful 0 How does the conversion process occur in manufacturing and service companies 0 What assumptions do accountants make about cost behavior and why are these assumptions necessary 0 How are the high-low method and least squares regression analysis Appendix used in analyzing mixed costs 0 What product cost categories exist and what items compose those categories 0 Why and how are overhead costs allocated to products and services 0 What causes underapplied or overapplied overhead and how is it treated at the end of a period 0 How is cost of goods manufactured calculated INTRODUCING Wisconsin Film Bag isconsin Film Bag WF B headquartered in Shawano Wisconsin is a custom manufacturer of high-quality polyethylene bags and film for a variety of packaging applications such as food electronics and other manufactured products. WF B serves a market niche that requires Manufactured to Order quality products. The company focuses on time-sensitive low-volume orders including smaller lighter gauge bags bakery bags parts bags and specialized packaging bags from which most large competitors shy away. WF B s ability to produce a broad range of polyethylene products low overhead short lead times production efficiencies and in-line bag-making capabilities competitively position the company and enhance its potential to acquire new customers. The company s success in the last several years can be attributed to its service to customers ranging from short lead times quick responses to requests for quotations flexible manufacturing and scheduling immediate problem solving by customer service representatives to training of distributor sales representatives by WF B employees. Raw materials consist primarily of prime and offgrade low-density and linear low-density polyethylene resin pellets.
