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Economic Order Quantity
This constitutes the quantity purchased of either raw materials or stocks which is considered most optimum. It is the quantity such minimizes both ordering costs and holding costs, like the quantity of purchase rises there is a reduction in ordering costs, however a raise in holding costs as demonstrate in the graph below as:
Net cost = Net ordering costs + Net holding costs
Net ordering costs = cost per order X no of orders in a period
Net holding cost = average stock quantity X holding cost per unit
cost accounting concept
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A firm operates two plants with the marginal cost curves given by MC 1 = 50 + 2Q 1 , MC 2 = 90 + Q 2 . If the firm's total output must be 80 units, how much will it produce a
Describe the manner in which a materials usage variance is divided into mix and yield component variances.
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