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STEPS OF DEVELOPING A COST ESTIMATING RELATIONSHIP
Firmly speaking, a CER is not a quantitative method. It is a framework for using suitable quantitative methods to quantify a relationship among an independent variable and cost or price. Development of a CER is a 6-step procedure as shown below:Step1: State (or select) the dependent variable (Y)
Step2: Select the cost driver(s)
Step3: Gather data concerning the relationship among the dependent and independent variables
Step4: Plot the data on a graph
Step5: Choose the relationship which best predicts the dependent variable
Step6: Test the consistency of the cost function
Western States Supply, Inc. (WSS), consists of three divisions—California, Northwest, and Southwest—that operate as if they were independent companies. Each division has its own sa
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Explain TWO limitations of using accounting ratios to assess the performance of a firm and suggest how each limitation may be improved
Examples
Break even analysis and target profit, taxes - Patterson Parkas Company's sales revenue is $30 per unit, variable costs are $19.50 per unit, and fixed costs are $147,000. a)Compute
What story or character in a story generated what Aristotle calls a "catharsis?" Describe your emotional response. What specifically caused your emotional response?
#labour costing techniques
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