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It is a form of exact order costing, which is applied to relatively large cost units that normally get a considerable length of time to complete as an example of construction or building works. Contract jobs are undertaken in accordance along with particular requirements of contractee/Customer. Contracts may be distinguished from job orders ia the given features:
The money value of a contract is much larger than such of a job order.
To second the progress of contract works, a particular account identified as a contract account is maintained.
The following standard costs were developed for one of the products of Ferrars Company: Standard Cost Card Per Unit Materials: 4 feet x $14.25 per foot $ 57.00 Direct labor: 8 hour
Bakeson Bearings Ltd is preparing to submit a bid for a bearings order. Janet Lake, CEO of the Manufacturing Division, has asked Jason Docker, the management accountant, to prepa
On January 1, 2012 Morgan's Motors issued $500,000 of 3-year, 8% bonds when the market yield was 6%. The bond agreement stated that compounding was semi-annual with payments due on
Methods of Cost Estimation We will consider given cost estimation methods commonly employed, namely as: a. High Low Activity method b. Engineering Analysis c. Account
what is classification of cost?
Advantages of Standard Costing 1. Management via Exception: the standard costing is an example for management via exception. By studying the variances, management's attentio
format of contractee account and an example
The following data is available regarding costs and units: Observation Machine-hours Total Operating Costs January 4,000 $45,900 February 5,000 52,500 March 3,400 44,025 April 4,40
Example of Contract Account A company has been awarded a contract to build a house. It is a contract Number 45 for the company and the contract price is shs.2.65 millio
Stores layout and location - Material Handling The layout of stores must ensure as a) For movement of material, ease of access out and in of stores b) The issue of peris
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