Cost accounting short paper and workbook.

Cost accounting is used for two main purposes. The first purpose is to determine the actual costs of products, projects, processes, or services so an organization can report correct and accurate information on their financial statements. The second purpose is to aid the management team in making decisions and guiding the planning and control functions of the organization. Cost accounting provides an analysis of cost behavior, cost-volume-profit relationships, budgeting, resource costing, and activitybased costing. The roots of cost accounting are in the manufacturing business, but cost-accounting concepts are also used in service industries. This assessment focuses on the SRS Educational Supply Company case study. SRS is a company that provides materials and supplies to educational institutions. The SRS business model is to be a one-stop provider of educational supply needs. For example, some of their product lines include workbooks, classroom visual aids, instructor support materials, art supplies, lab supplies, and administrative office supplies. While SRS serves all levels of educational institutions, the majority of their customers are K12 schools. Sales can vary quite a bit from month to month, as K-12 educational institutions have seasonal ordering patterns. Thus, budgeting is vital for planning and cash flow purposes. SRS has a June 30th fiscal year end. The final project is divided into two parts. In Final Project I, you will consider job order costing and process costing for the SRS Educational Press division of the company. You will review the information provided and prepare journal entries for the inventories. Then, you will prepare a summary of the performance for the Educational Press division. The final product will be submitted in Module Three. In this assignment, you will demonstrate your mastery of the following course outcomes:  ACC-207-01: Control the cost structure of an organization to achieve a target operating income  ACC-207-03: Prepare cost accounting reports to internally communicate information to managerial decision makers Prompt Assume you are the new cost accountant at SRS. As part of your new position, you have been asked to perform a few tasks for the company’s leadership team. Refer to the case study for details on this part of the final project. Specifically, you must address the following critical elements listed below. Most of the critical elements align with a particular course outcome (shown in brackets). I. Cost Structures A. Prepare an overview diagram of the job-costing system at the SRS Educational Press. [ACC-207-01] B. In a spreadsheet, prepare journal entries to summarize the 2017 transactions. For your final entry, dispose of the year-end under- or overallocated manufacturing overhead as a write-off to the Cost of Goods Sold account. Number your entries. Explanations for each entry may be omitted. [