LASA 1

    You have just been hired by Gracie Faye International   (GFI) as a cost accountant. The company was named for the internationally   popular Toka player, Gracie Faye. The company was started by John Smith who,   in his basement, crafted a toka ball and beautifully strong toka stick for   his daughter, Tresha, who played on a local team.

    Tresha’s team saw the benefit of Tresha’s well-crafted   equipment, and soon after, John was asked to equip the whole team. After the   team won the championship, he was taking orders for the whole league and soon   the whole toka world was knocking on John Smith’s door.

    From simple beginnings, GFI has branched out to other sports,   taking their brand of solid construction to new heights. Their ping pong   table is known as the elephant’s dancing table, since ping-pong star Kevin   “The Elephant” Pelinsky leapt onto a GFI table to dance across the net after   he won a championship.

    Founder Smith was quoted soon after saying, “all of our   products have elephant dancing quality.” Their bleachers sales skyrocketed   after the collapse of a competitor in the early ‘90s, and a Department of   Parks and Recreation remodeled all their baseball fields with GFI electronic   scoreboards and their batting cages with GFI automatic pitching machines.

    The CFO (your new department head) has asked you to   prepare a report to submit to the top management of the company. It would   seem that the CFO did not do a very good job justifying your position and   what you can do for the company.

    The CFO would like for you to explain cost accounting, as   well as present information to the management team on product costs for the   production of toka balls, specific job order costs for special order products   and provide costing information for two models of pitching machines currently   offered.


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