Discussion and replies
Reflecting on your virtual Study Visit to Krispy Kreme
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You have the opportunity to reflect on how this video improved your ability to apply the concepts of product and period costs in a real-life business setting. VIDEO Study Visit to Krispy Kreme Video (Links to an external site.) Please make sure your essay has an introduction, a body and a conclusion which addresses all the following required questions in this discussion:
- In what way did this study visit to Krispy Kreme help you to get prepared in classifying product and period costs? Explain.
- What did you observe in this visit? Think about?
- What are the implications of this experiential learning activity?
- What benefits did you get from this experiential learning activity?
- What did you learn or relearn in this field trip to Krispy Kreme?
- How does this experience relate to the real world?
- How does this experiential learning activity relate to your professional goal?
- What steps can you take to apply what you have learned?
- How can you extend the learning you had?
- How was this experience interacting with your instructor, peers, and professionals in your discipline or field off-campus contributed to your academic, personal and professional growth?
- This discussion will be graded based on participation (worth 10 points in total).
- Share any video or pictures taken during any personal visit to Krispy Kreme in this discussion, inspiring your learning interest in accounting and enriching your portfolio.
- Please, share your reflection on how this field trip to Krispy Kreme improved your ability to apply product and period costs in a real life business at your Atlas “My Portfolio” through your “LifeMap” account on the Valencia website. It enables you to share online your work with others such as potential employers, college admissions officers, friends, and family. Ideally, this work will demonstrate your mastery of Valencia’s core competencies and the achievement of the career and educational goals you set forth in “MyCareerPlanner.” Please, make sure to request a “Faculty Review” when you are completing step # 3 of 4-step process of uploading a file.
- Write in Standard English using grammatically correct sentences and well organized paragraphs. Grade is based on quality of written expression, content (i.e., how well and fully you answer the required questions in the discussion) and other specifications. Please, refer to the grading rubric for more details.
- It is required to post your thoughts considering the points of discussions. Read TWO postings from your peers and respond to ONE of them. Please, respond respectfully to any comment that you may disagree with your classmates.
- Please, keep in mind as this is a college-level course, you will be graded on grammar and spelling as well content.
- This discussion must be completed before July 13, 2021 at 11:59 PM. Thanks.
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Post by ayesha
Knowing the difference between period costs and product costs is important. Period costs and product costs are record at different times and effect the income statement and balance sheet differently. The visit to Krispy Kreme allowed me to make the separation of the two costs in my mind. It also helped me determine what period costs and product costs Krispy cream accumulates while conducting business.
I couldn’t walk inside because the lobby was closed. I did interact with the cashier. I also got a peak at one of the workers boxing donuts. Off the bat I started making connections to period costs and product costs. Product costs like the ingredients to make donuts. The oil, flour, the glaze and even the boxes. They had other items on the menu like assorted donuts and coffee. They didn’t have much staff. From the glimpse I had there was one cashier, one person boxing the donuts. I’m not sure if there was a manager on on duty or not. I thought about the location of the area and the time of day I visited. Also, I thought about the lobby being closed. All of those factors would lead to less customers at the location. Less staff needed.
This experiment helped me see a business from the aspect of an owner or an accountant instead of the customer. As a customer I ordered a 3 pack of donuts for $3.69. They came fresh, in a box. In the aspect, of a business owner I thought about the the cost
s associated to produce the donuts. The product costs of making each donut like price of flour, sugar, oil, the price of the box the donuts came in. The cost of labor for the two employees that I did see. Period costs like the renovations that were being made to lobby. I relearned the differences between period costs and product costs.
This experiment relates to the real world because I also own a small business. This experiment helped me understand how to maximize my profit. I’m still learning but this really helped me with my inventory process. My product costs need to be low so I can profit on items. I have to pay for gas, the shipping to get items to me, Facebook ads for promotion. All of these things have to be considered when I come up with the sales price of my products. In addition, I can use this knowledge when going forward in my bachelors degree. I have other classes to take that accounting ties into so this knowledge will be a great benefit.
This experience was different. I’ve done it before being that I’ve taken this course before. However this time I actually understand the differences. I understand why certain restaurants why restaurants and businesses with better quality food/products charge more. For instance McDonald’s and Wendy’s. Two fast food chains with the same products catering to the same type of consumers. Wendy’s prices are slightly higher than the prices at McDonald’s. With this being an online course we don’t get to see our peers face to face. The discussion help me correspond, understand the material from a different aspect or learn something that I overlooked.