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DEFINITION OF BUDGET
As per the Institute of Cost & Management (ICMA), London, a BUDGET is 'a quantitative statement and / or financial, prepared and approved prior to a defined period of time, of the policy to be pursued in that period for the purpose of attaining a given objective. It may consist of income, expenditure and the employment of capital'.
Beginning inventory on March 1 consisted of 2,000 units each costing $11.20 . During March, the following was purchased for inventory: Date Purchase
Under the average cost method the average cost of goods held in stock is recalculated after each receipt. An issue after the receipts is made at the recalculated average prices. A
What are the importance of cost classification
Eagle Company is considering the purchase of an asset for $100,000. It is expected to produce the following net cash flows. The cash flows occur evenly throughout each year. Comput
TYPES OF VARIANCES Variances are computed for the entire three basic elements of cost - direct labour, direct material, and overhead variance 1. Direct labour variance 2.
what are the three of product costs in manufacturing company,discuss in detail each and supporting with examples.
Automotive Products (AP) designs, manufactures, and sells automotive parts. It has 3 main operating departments: design, engineering, and production. 1.Design ñ the
Allocation of Joint Costs Whereas two or more products of relatively high value emerge simultaneously from a single process, they are named as joint products. The processes s
Marginal Cost (MC): The marginal cost of an additional unit of output is the cost of the additional inputs required to make that output. More formally, the marginal cost is the
value of which items are required to be put in a simple format of manufacturing a/c.
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