budgets. 3. The costs of direct materials are classified as: A. Choice A B. Choice B C. Choice C D. Choice D 4. The three basic elements of manufacturing cost are direct materials‚ direct labor‚ and: A. cost of goods manufactured. B. cost of goods sold. C. work in process. D. manufacturing overhead. 5. 25. Prime cost consists of direct materials combined with: A. direct labor. B. manufacturing overhead. C. indirect materials. D. cost of goods manufactured.
Premium Variable cost Fixed cost Costs
MANAGERIAL AND COST ACCOUNTING LARRY M. WALTHER & CHRISTOPHER J. SKOUSEN DOWNLOAD FREE TEXT BOOKS AT BOOKBOON.COM Managerial and Cost Accounting © 2009 Larry M. Walther‚ under nonexclusive license to Christopher J. Skousen & Ventus Publishing ApS. All material in this publication is copyrighted‚ and the exclusive property of Larry M. Walther or his licensors (all rights reserved). ISBN 978-87-7681-491-5 Download free books at BookBooN.com 2 Managerial and Cost Accounting
Premium Management accounting
Cost accounting 4-37 General ledger relationships‚ under- and overallocation. The solution assumes all materials used are direct materials. A summary of the T-accounts for Needham Company before adjusting for under- or overallocation of overhead follows: Direct Materials Control Work-in-Process Control 1-1-2008 30‚000 Purchases 400‚000 Material used for manufacturing 380‚000 1-1-2008 20‚000 Direct materials 380‚000 Transferred to finished goods 940‚000 12-31-2008 50‚000 Direct manuf.
Premium Inventory Costs Manufacturing
Chapter 6 DIFFUSION IN SOLIDS • How does diffusion occur? • Why is it an important part of processing? • How can the rate of diffusion be predicted for some simple cases? • How does diffusion depend on structure and temperature? Driving force for movement In general‚ force is a position derivative of energy (F = - dE/dr). In other words‚ if there is any energy difference in space‚ there is a force which will act on matters - Force will move things. (ex1) Potential energy by gravity:
Premium Potential energy Carbon dioxide Thermodynamics
Discovery of PHB... Polyhydroxybutyrate‚ or PHB‚ was discovered in 1926 by French microbiologist‚ Maurice Lemoigne‚ who was researching the use of bacteria to produce polyesters‚ at the time. However‚ it was overlooked and forgotten for over 30 years‚ as there wasn’t any need for such a biopolymer; petroleum was still inexpensive and abundant so PHB was unnecessary. In 1957‚ PHB was rediscovered in Britain and USA‚ and was further developed and researched during the 1960s. The mass production
Premium Petrochemical Nitrogen Polymer
The historical cost accounting is an accounting technique that values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition. It is usually used in combination with other measurement bases. For example‚ inventories are usually carried at the lower of cost and net realizable value‚ on the other hand marketable securities are usually carried at market value‚ and entities prefer to carry pension liabilities at their present value. The main advantage of using
Premium Balance sheet Generally Accepted Accounting Principles Depreciation
Microeconomics Topic 6: “Be able to explain and calculate average and marginal cost to make production decisions.” Reference: Gregory Mankiw’s Principles of Microeconomics‚ 2nd edition‚ Chapter 13. Long-Run versus Short-Run In order to understand average cost and marginal cost‚ it is first necessary to understand the distinction between the “long run” and the “short run.” Short run: a period of time during which one or more of a firm’s inputs cannot be changed. Long run: a period of time during which
Premium Costs Marginal cost Variable cost
Associate Level Material Appendix F Reading Strategies Worksheet Identify two reading goals‚ one short-term and one long-term. * Long-term reading goal: Establish a better reading strategy Short-term reading goal: Read my text at a quicker pace Write a 100- to 150-word response to each of the following questions: * How do you currently approach the weekly readings in the course? During my weekly readings I start by previewing and scanning information. I read titles and
Premium Time Question Term
Chapter Six Businesses and Their Costs Study Questions: 1. Explain the difference between a plant‚ a firm‚ and an industry. Plant – establishments such as a factory‚ farm‚ mine or store. Firm – an organization that employs resources to produce goods/services for profit. Industry – group of firms that produce the same or similar products. 2. State the advantages and disadvantages of the corporate form of business. Advantages – most effective form of
Premium Economics Costs Perfect competition
Question 1: (a) Suppose the income elasticity of demand for pre-recorded music compact disks is +5 and the income elasticity of demand for a cabinet maker’s work is +0.5. Compare the impact on pre-recorded music compact disks and the cabinet maker’s work of a recession that reduces consumer incomes by 10 per cent. (2 marks) (b) How might you determine whether the pre-recorded music compact discs and MP3 music players are in competition with each other? (2 marks) (c) Interpret the
Premium Costs Economics of production Average cost