The Definition Of The Concept

Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.
EEC currently uses a basic standard cost system. Management knows very little about other concepts of costing and the benefits of having multiple costing methods. Your superior has asked that you and your team put together a presentation to management explaining various costing concepts as they relate to EEC (explain the usage and benefits of each).
Individual Portion (1,750–2,000 words)
As an EEC corporate business financial analyst, you must have an expert understanding of the various costing methods. Within your groups, divide the costing concepts among the individual team members to analyze and become an expert in at least 1 costing concept within your group. Then, write a paper to include the following:
•The definition of the concept
•How and when the concept could be used by EEC
•How the application of the concept differs from the other concepts
•Its advantages and disadvantages as they relate to EEC
Choose from the following costing concepts:
•Full costing/absorption costing
•Variable costing
•Target costing
•Life-cycle costing
•Activity-based costing
Please add your file.
Group Project (12–15 slides)
Based on the information in the Individual Project, put together a slide presentation to management that includes a summary of your research for each costing concept. Include the following:
•The definition of each costing concept
•Where and how EEC could apply each concept
•The benefit EEC could gain from using each of these costing methods
This presentation should provide recommendations to management on implementing multiple costing methods.</brclear=”none”>