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Importance of Cost Classification
Analysis of cost behaviour is significant to all organizations for effective management. It is since many organizations have a unique cost structure. As an example like, fixed costs account for 60 percent - 80 percent of all hospital costs. Conversely, unlike many organizations of this variety, labour costs largely involve the hospital's fixed costs.
Labour costs not like depreciation need a cash outflow. It is characteristic of labour intensive organizations. On the other hand Capital-intensive organizations, contain low labour costs, as an example like: computerized manufacturing organizations. Some organizations as an example like: hospitals allocate 10 -15 percent of their space for standby emergency events providing them built in idle capacity. This prevents them from enjoying benefits of higher profits such a capital-intensive organization understands at higher volumes beyond the break-even volume. Hence the cost structure of healthcare institutions presents challenges to accountants since of their labour intensive and capital-intensive characteristics.
Describe briefly the possible causes of: (i) the material usage variance, (ii) the labour rate variance, (iii) the sales volume profit variance.
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A normal job-order costing system is a system that uses : A. actual costs for direct materials and estimated costs for direct labor and overhead B. estimated costs
I would like to know the solution on this one.
what is a cost sheet? what are its advantages?
ANGLE OF INCIDENCE: It is an angle that is created when the entire sales line intercepts the entire cost line from below in the breakeven chart. It is inferred that higher the an
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