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Elements of Cost
Nearly there are three elements of cost - labor, material, and expenses. These are additional divided into indirect and direct material, indirect and direct labor and direct and indirect expenses. All direct costs (labor, material, and expenses) are noticeable to the last product or service of the solid. All not direct costs (labor, material, and expenses) cannot be traced to the last product or service of the firm. They are called expenditure. These expenditures are additional classified into - factory expenditure, administration and office expenditure and selling & distribution expenditures.
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
Valuation of Inventory or Closing and Issues Stocks Valuation of inventory aims on attaching a monetary value in the issued or stores for production. It is useful in producing
Forbes Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the period, the company estimated manufac
Keyser Beverage Company reported the following items in the most recent year. Net income $40,630 Dividends paid 5,390 Increase in accounts receivable 12,130 Increase i
Relationship among Financial Accounting and Cost Accounting The difference among management and cost accounting may be highlighted by using a number of questions namely as;
Co-ownership incentive scheme or Profit Sharing Schemes The organization permits for ownership whereby the employees are permitted to own a percentage of the shares in the fir
Three oligopolists, A, B and C, produce an identical product, Q. Q is produced under conditions of constant costs, that is, AC = MC = $100. The market demand schedule for Q is:
Draw the relevant diagrams for a typical farm, and for the market as a whole, when the market for wheat is in long run equilibrium. Assume the farm faces perfect completion. (hint,
traditional budgeting systems are incremental in nature and tend to focus on cost centres..explain the weakness of the incremental budgeting system and explain ways of adressing th
priple of accounting
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