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Purpose of Cost Estimation
In estimating it assists the future expenditure as cost prediction like the expenditure will depend upon the cost of the respective activities
a) In determining it assists the total benefits anticipated in a exact activity based on the relationship between projected revenue and projected costs.
Cost estimation is helpful in business cost control, planning and decision making performance evaluation.
Time Rate System - Labour Remuneration It may be a high day rate or a flat time rate. Under flat time rate, all worker is paid for the time spend without considering the vol
FDP Company produces a variety of home security. Gary Price, the company’s president, is concerned with the fourth quarter market demand for the company’s products. Unless someth
CONTRIBUTION : It is the variation between the marginal cost of sales and sales and it contributes towards fixed profit and expenses. It is differ from the profit which is the net
Park & Morgan, a law firm, is considering opening a legal clinic for midde- and low income clients. The clinic would bill at a rate if $18 per hour. It would employ law students as
Advertising expense $17,200 Wages expense-assemblers 36,840 Depreciation expense-machines 21,480 Utilities expense-factory 21,120 Wages expense-lathe operators 23,480 Repair expens
10% of the finished castings were to be defective in manufacture and were rectified by expenditure of additional works overhead charges to the extent of 20% on the proportionate di
Place a prepared slide of Paratuecium under the microscope and focus it under low power (5x x 5x) and observe the following: i) It has a cigar-shaped or slipper-shaped body
visual fit cost estimation
Contract Costing It is a form of exact order costing, which is applied to relatively large cost units that normally get a considerable length of time to complete as an example
The costs that are fixed irrespective of manufacture are fixed costs. EX: Rent, Depreciation. Fix cost is those cost who not alter in any time whether the production done or not
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