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Explain the following types of costs.
a. Fixed and variable costsb. Explicit and implicit costsc. Direct and indirect costsd. Past and future costse. Out of pocket and book costs. a. Fixed cost: the cost which remain fixed for a certain period of time irrespective of the amount of production. Variable costs: the cost varies with the output.
b. Explicit costs: the cost which the firm has already spent or going to spend. Implicit cost: the cost of the opportunity foregone.
c. Direct costs: the costs which can be directly attributed to the cost of the unit. Indirect costs: the cost cannot be directly attributed to the product.
d. Past cost: it is also called historical cost which is already incurred. Future costs: the cost which the firm is going to incur in the future.
e. Out of pocket costs: involves current payment to outsiders .eg. payment for raw materials. Book costs: book costs do not require current payments. Eg. Depreciation.
If fixed costs are $743,122 and variable costs are 69% of sales, what is the break-even point in sales dollars? Select the correct answer. A. $512,754 B. $2,397,168 C. $1,255,876 D
Example B & B Mechanical Repairs is a small, family owned partnership that specialises in the servicing and repair of motor vehicles. The business employs three qualified mecha
Types of Standard Costs The standard cost set could be ideal, basic, attainable or current. i. Basic Standards: These are long term standards that would keep unchanged ov
Which of the following are easy to trace to individual jobs?: A. direct materials and overhead B. direct materials and direct labor C. direct labor and overhead
Your client has asked you to provide guidance on the following potential accounting changes: (1) Change from straight-line method of depreciation to sum-of-the-years'-digits (2) Ch
Advertising expense $17,200 Wages expense-assemblers 36,840 Depreciation expense-machines 21,480 Utilities expense-factory 21,120 Wages expense-lathe operators 23,480 Repair expens
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Reasons for Cost Allocation 1. To provide comparison along with externally provided services: It helps in assessing where to continue the contact or service outsiders. 2.
Candler Inc a computer software development firm has stock outstanding as follows: 40,000 shares of $2 nonparticipating, noncumulative preferred stock of $10 par, and 250,000 share
M aterials mix variance : It can be described as that portion of direct material usage variance which is the variation between the actual quantities of ingredients used in a mi
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