COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Transfer transactions from the Inventory to the Costing process.
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Transfer transactions from the Payables to the Costing process.
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Update standard costs.
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Allocate charges
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Prepare the Material Purchase Order Data process.
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Detailed explanation-1: -To create estimate landed costs, complete the following steps. From the Navigator menu, select Receipt Accounting. From the Tasks panel, select Manage Landed Cost Processes. Query for and run the process Prepare Material Purchase Order Data.
Detailed explanation-2: -To calculate landed cost, add the cost of a product, shipping, customs, risk, and overhead expenses. That sum is the total landed cost.
Detailed explanation-3: -How do you calculate landing cost? Once a business determines and collects individual shipping-related expenses, it can calculate its total landed cost. The basic formula for landed cost is: Landed cost = unit cost of product + shipping/freight + customs + risk + overhead.
Detailed explanation-4: -Go to Administration > Setup > Purchasing > Landed Cost to define the landed cost’s allocation account. Go to Administration > Setup > Inventory > Customs Groups to define the customs allocation and expense accounts. When you are done, choose Add to add the document. Step 3: Create an A/P Invoice for the Vendor.
Detailed explanation-5: -In short, the landed cost is the total of your purchase price, freight shipping, insurance, potential taxes, and customs duties, transaction fees, brokerage fees, port or terminal fees, and all the other extra costs borne to transport the shipment through the dock door.