Topic 1 - Job-order costing and process costing Concepts in Action

Concepts in Action 

1. Read and fill in the blanks with the following words: costing data,  project variances, unique, last-minute, profitable, identified, leverage, budgeted cost, individually, pricing decisions, direct labor-hours, completed, success, experience, grand opening, stages, estimated overhead costs, allocation bases, the percentage, a job costing system Job Costing on Cowboys Stadium Over the years, fans of the National Football League have  (1) identified  the Dallas Cowboys as “America’s Team.” Since 2009, however, the team known for winning five SuperBowls has become just as recognized for its futuristic new home, Stadium in Arlington, Texas.

When the Cowboys take the field, understanding each week’s game plan  is critical for  (2)success  But for Manhattan Construction, the company that managed the development ofthe $1.2  billion  Cowboys  Stadium  project,  understanding  costs  is  just  as  critical  for  making successful  (3)  pricing  decisions,  winning  contracts,  and  ensuring  that  each  project  is(4) profitable. Each  job is  estimated  (5)  indevidually  because  the  (6)  unique  end-products, whether  a  new  stadium  or  an  office  building,  demand  different  quantities  of  Manhattan Construction’s resources. 

In 2006, the Dallas Cowboys selected Manhattan Construction to lead the construction

of its 73,000 seat, 3 million- square-foot stadium. To be  (7) completed  in three years, the

stadium design featured two monumental arches spanning about a quarter-mile in length over

the dome, a retractable roof, the largest retractable glass doors in the world (in each end zone),

canted glass exterior walls, 325 private suites, and a 600-ton JumboTron hovering 90 feet

above the field. 

With only 7% of football fans ever setting foot in a professional stadium, “Our main

competition is the home media center,” Cowboys owner Jerry Jones said in unveiling the

stadium design in 2006. “We wanted to offer a real (8) experience that you can’t have at home,

but to see it with the technology that you do have at home.” 

            Generally speaking, the Cowboys Stadium project had five  (9) stages: (1)

conceptualization,  (2)  design  and  planning,  (3)  preconstruction,  (4)  construction,  and  (5)

finalization  and  delivery.  During  this  40-month  process,  Manhattan  Construction  hired

architects and subcontractors, created blueprints, purchased and cleared land, developed the stadium—ranging from excavation to materials testing to construction—built out and finished interiors, and completed  (10) last-minute  changes before the stadium’s  (11) grand opening in mid-2009. 

...

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Concepts in Action 

1. Read and fill in the blanks with the following words: costing data,  project variances, unique, last-minute, profitable, identified, leverage, budgeted cost, individually, pricing decisions, direct labor-hours, completed, success, experience, grand opening, stages, estimated overhead costs, allocation bases, the percentage, a job costing system Job Costing on Cowboys Stadium Over the years, fans of the National Football League have  (1) identified  the Dallas Cowboys as “America’s Team.” Since 2009, however, the team known for winning five SuperBowls has become just as recognized for its futuristic new home, Stadium in Arlington, Texas.

When the Cowboys take the field, understanding each week’s game plan  is critical for  (2)success  But for Manhattan Construction, the company that managed the development ofthe $1.2  billion  Cowboys  Stadium  project,  understanding  costs  is  just  as  critical  for  making successful  (3)  pricing  decisions,  winning  contracts,  and  ensuring  that  each  project  is(4) profitable. Each  job is  estimated  (5)  indevidually  because  the  (6)  unique  end-products, whether  a  new  stadium  or  an  office  building,  demand  different  quantities  of  Manhattan Construction’s resources. 

In 2006, the Dallas Cowboys selected Manhattan Construction to lead the construction

of its 73,000 seat, 3 million- square-foot stadium. To be  (7) completed  in three years, the

stadium design featured two monumental arches spanning about a quarter-mile in length over

the dome, a retractable roof, the largest retractable glass doors in the world (in each end zone),

canted glass exterior walls, 325 private suites, and a 600-ton JumboTron hovering 90 feet

above the field. 

With only 7% of football fans ever setting foot in a professional stadium, “Our main

competition is the home media center,” Cowboys owner Jerry Jones said in unveiling the

stadium design in 2006. “We wanted to offer a real (8) experience that you can’t have at home,

but to see it with the technology that you do have at home.” 

            Generally speaking, the Cowboys Stadium project had five  (9) stages: (1)

conceptualization,  (2)  design  and  planning,  (3)  preconstruction,  (4)  construction,  and  (5)

finalization  and  delivery.  During  this  40-month  process,  Manhattan  Construction  hired

architects and subcontractors, created blueprints, purchased and cleared land, developed the stadium—ranging from excavation to materials testing to construction—built out and finished interiors, and completed  (10) last-minute  changes before the stadium’s  (11) grand opening in mid-2009. 

...

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