Discussion and replies

Reflecting on your virtual Study Visit to Krispy Kreme

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Dear Students:

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: 

1. In what way did this study visit to Krispy Kreme help you to get prepared in classifying product and period costs? Explain. 
2. What did you observe in this visit? Think about?
3. What are the implications of this experiential learning activity?
4. What benefits did you get from this experiential learning activity? 
5. What did you learn or relearn in this field trip to Krispy Kreme?
6. How does this experience relate to the real world?
7. How does this experiential learning activity relate to your professional goal?
8. What steps can you take to apply what you have learned?
9. How can you extend the learning you had?
10. 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?

Evaluation:

• 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.