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Cost Classifications and Estimation
Cost classification may be defined like 'the arrangement of cost items in a logical sequence having concern to their nature and reason to be fulfilled'. The term cost should be qualified while in use in order to its precise meaning is established in a particular condition; conversely, cost refers to the amount of resources such have been diverted from other sacrificed or uses so like to achieve the needed objective. Although the term is utilized to refer to various aspects of cost, depending upon the base of argument such one is approaching the matter from. Various bases are utilized in classifying costs, hence giving us several types of costs.
Stopover industries ltd, a recently incorporated company plans to go into production next year. the following standard cost matrix has been assembled for one of the products it pro
Example of Economic Order Quantity The EOQ model supposes : - Annual demand is recognized - Hold costs are constant and recognized - Ordering costs are recognized a
Process Costing Procedure 1. The production factory is divided into a number of methods. 2. An account is maintained and opened for every process. 3. Every process accou
Loring Company had the following data for the month: Variable costs per unit: Direct Materials $4 Direct Labor 3.20 Variable Overhead 1 Variable selling expense 0.40 Fixed Ov
on the first day of the current fiscal year $2,000,000 of 10 year 7% bonds with interest payable annually, were sold for $2,125,000. Present enteries to record the following transa
Dixon Corporation was established on January 1, Year 1. The firm has 2 divisions, Division A and Division B. Division A manufactures standard carpets, and Division B manufactures
Example of Profit Volume Graph The summary results of a company are given as: Product A B C
Assumptions of CVP This chapter has given information on how to apply CVP for the business analysis. Most of this analysis is keyed to the model of how profitability is impacte
Sensitivity Analysis The only certain thing is that nothing is sure thing. Cost structures can be anticipated to vary over the time period. Management should vigilantly analyze
#questionFrame-it Ltd is a manufacturer of metal picture frames. The firm''s two product lines are designate S (small frames: 12 x18 cm) and L (large frames: 20 x 25 cm). The prima
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