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STEPS OF DEVELOPING A COST ESTIMATING RELATIONSHIP
Firmly speaking, a CER is not a quantitative method. It is a framework for using suitable quantitative methods to quantify a relationship among an independent variable and cost or price. Development of a CER is a 6-step procedure as shown below:Step1: State (or select) the dependent variable (Y)
Step2: Select the cost driver(s)
Step3: Gather data concerning the relationship among the dependent and independent variables
Step4: Plot the data on a graph
Step5: Choose the relationship which best predicts the dependent variable
Step6: Test the consistency of the cost function
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accepted#Regarding the Overhead costs, these are allocated based on Direct Labor;
Question 1: a. Distinguish between Advertising and Public Relation? b. Discuss the methods adopted by a Public Relation company in promoting the image of a destination in th
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Logan Products computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year, it estimated that 39,000 direct labor-hours would
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