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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
accepted#Regarding the Overhead costs, these are allocated based on Direct Labor;
I want some to solve my process costing problem solved
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State (or select) the dependent variable (Y) Will the CER be employed to estimate price, labor hours, cost, material cost, or some other measure of cost? Will the CER be employ
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