"How Would You Describe The Balance Between The Costs Of Automation Or Fixed Costs And The Costs Of Labor Or Variable Costs How Has The Internet Changed The Balance Between Automation And Labor" Essays and Research Papers

  • How Would You Describe The Balance Between The Costs Of Automation Or Fixed Costs And The Costs Of Labor Or Variable Costs How Has The Internet Changed The Balance Between Automation And Labor

    following data have been recorded for recently completed Job 501 on its job cost sheet. Direct materials cost was $3,067. A total of 30 direct labor-hours and 104 machine-hours were worked on the job. The direct labor wage rate is $12 per labor-hour. The company applies manufacturing overhead on the basis of machinehours. The predetermined overhead rate is $11 per machine-hour. The total cost for the job on its job cost sheet would be: A. $4,571 B. $3,757 C. $3,090 D. $3,427 Applied manufacturing overhead...

    Cost, Cost accounting, Costs 1320  Words | 5  Pages

  • Microeconomics: Variable Cost

    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 all inputs can be changed. For example, consider the...

    Average cost, Cost, Cost curve 1833  Words | 6  Pages

  • Fixed and Variable Costs

    Health services managers are essentially interested in how costs are affected by changes in volume. Cost behavior refers to a cost's reactions to activity level. A cost may rise, fall, or remain constant as activity levels fluctuate. We can classify several types of costs on the basis of their relationship to the amount of services provided, often referred to as activity, utilization, or volume (Gapenski, 2012). When dealing with the future there is a level of uncertainty of volume with regard to...

    Cost, Cost driver, Costs 888  Words | 3  Pages

  • Variable Cost

     Managerial accounting:  A. has its primary emphasis on the future. B. is required by regulatory bodies such as the SEC. C. focuses on the organization as a whole, rather than on the organization's segments. D. Responses a, b, and c are all correct. 2. The plans of management are expressed formally in:  A. the annual report to shareholders. B. Form 10-Q submitted to the Securities and Exchange Commission. C. performance reports. D. budgets. 3. The costs of direct materials are classified...

    Cost, Costs, Economics of production 856  Words | 5  Pages

  • Cost Behaviour

    have a sound knowledge of cost behaviour ie fixed costs, variable costs, semi-variable costs and sunk costs. Answer: Understanding cost behaviour helps manager in anticipation of changes in cost when there is a change in their activities like production, sales, inventory pile up etc. It provides good assistance in planning, cost management and decision making. A number of behaviour patterns exist ranging from fixed to variable and from linear to curvilinear. Many cost predictions techniques are...

    Cost, Costs, Decision making 801  Words | 4  Pages

  • Costs and Total Variable Cost

    of thefour possible $1 price changes. What can you conclude about the relationship between the slope of a curve and its elasticity? Explain in a nontechnical way why demand iselastic in the northwest segment of the demand curve and inelastic in the southeast segment. Product Price Quality Demanded $5 1 Vb 4 2 3 3 2 4 1 5 Answer: 1/1.5 / ¼.5= .67%/ 22%= 3.05 Ch 22 #7 1. Key Question A firm has fixed costs of $60 and variable costs as indicated in the table on the following page...

    Costs, Economics of production, Fixed cost 424  Words | 3  Pages

  • Balance Sheet and Labor Standard

    1 . (a) What do you understand by the concept of conservatism ? Why is it also called the concept of prudence? Why is it not applied as strongly today as it used to be in the Past ? (b) What is a Balance Sheet ? How does a Funds Flow Statement differ from a Balance Sheet ? Enumerate the items which are usually shown in a Balance Sheet and a Funds Flow Statement. 2 . (a) Discuss the importance of ratio analysis for inter-firm and intra-firm comparisons including circumstances responsible...

    Balance sheet, Costs, Economics 1438  Words | 7  Pages

  • Food and Labor Costs

    Food, Beverage, and Labor Costs Control means to exercise authority over, regulate, verify or check some function through a method, device or system (Sanders). In the hospitality and food industry the term cost control is used more often to refer to the overall control of all items of income and expense as well as to control the flow of products and services provided (Sanders). To best control all aspects of the foodservice operation the owner/operator should very carefully dissect and determine...

    Alcoholic beverage, Catering, Cost 1999  Words | 5  Pages

  • Mixed Costs

    Definition and explanation of mixed or semi variable cost: A mixed cost is one that contains both variable and fixed cost elements. Mixed cost is also known as semi variable cost. Examples of mixed costs include electricity and telephone bills. A portion of these expenses are usually consists line rent. Line rent normally is fixed for each month. Variable portion consists units consumed or calls made. The relationship between mixed cost and level of activity can be expressed by the following equation...

    Costs, Fixed cost, Variable cost 1258  Words | 5  Pages

  • Cost

      TYPES OF COSTS Introduction :-Production is the result of services rendered by various factors of production.The producer or firm has to make payments for this factor services. From the point of view of the factor inputs it is called ‘factor income’ while for the firm it is ‘factor  payment’, or cost of inputs.Generally, the term cost of production refers to the ‘money expenses’ incurredin the production of a commodity. But money expenses are not the only expensesincurred on the production...

    Cost, Costs, Economic cost 1585  Words | 5  Pages

  • Variable Costs

    2 1. Using budget data, how many Apple iPhone 4’s would have to have been completed for Danshui Plant No. 2 to break even? 2. Using budget data, what was the total expected cost per unit if all manufacturing and shipping overhead (both variable and fixed) were allocated to planned production? What was the actual cost per unit of production and shipping. 3. Prepare a flexible budget for 180,000 iPhone 4’s and calculate flexible budget variances using actual costs for August. 4. Estimate...

    Apple Inc., Cost, Costs 460  Words | 3  Pages

  • Cost Control and Cost Reduction

    PRINCIPLES OF COST CONTROL 1.1 Introduction Cost is important to all industry. Costs can be divided into two general classes; absolute costs and relative costs. Absolute cost measures the loss in value of assets. Relative cost involves a comparison between the chosen course of action and the course of action that was rejected. This cost of the alternative action - the action not taken - is often called the "opportunity cost". The accountant is primarily concerned with the absolute cost. However,...

    Cost, Costs, Economics 1630  Words | 5  Pages

  • Management and Cost Accounting Assignment

    B313F Management and Cost Accounting Assignment 1 Date due: 29 October 2008 Weighting: 15% of the total marks of the course Question 1 (25 marks) Mini Case – Seto’s Storage Warehouse Paul Seto owns and manages a commercial storage warehouse. He stores a vast variety of perishable goods for his customers. Under the existing pricing policy, he has charged customers using a flat rate of $2.40 per kilogram per month for goods stored. His storage warehouse has 10,000 cubic metres of...

    Cost, Cost accounting, Cost driver 1360  Words | 7  Pages

  • Costs and Direct Labor

    no engineering part, ETO has to shift from simple inspection services to more technically sophisticated services. 2. Describe the existing cost system and calculate the cost of the 5 components in the case. What is wrong with the existing cost system? The existing cost system measures direct labour and overhead. Overhead is grouped into a single cost pool that includes overhead costs associated with each of the testing rooms as well as the engineering overhead costs relating to software and...

    Cost, Cost accounting, Costs 761  Words | 3  Pages

  • Costs and Profit Assignment

    Assignment 2 (20 points) Assignment 2: Costs and Profit Instructions Save this file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson's assignment for Section 1 would be named Assignment1JRobinson. Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your...

    Cost, Costs, Fixed cost 1254  Words | 3  Pages

  • Variable Cost

    Running head: VARIABLE COSTS Variable Costs ACC/561 June 12, 2012 Variable Costs Any cost which is not fixed and will change in same amount when there is change in production volume is accounted as variable costs. This also means that they change in total rather than per unit whenever there is production or activity change. In production- labor, material or overhead could be the variable costs involved in the business. In Fitness center, there are different variable costs involved and each...

    Business, Cost, Costs 783  Words | 3  Pages

  • Cost Management

    Suggestions You are responsible for any questions and problems that you were assigned for homework or that we worked in class. Also, you should be able to discuss and/or answer questions related to your readings/case(s) and the Wall Street Journal. Cost Management and Strategy – refer to your assigned questions and problems Cost Drivers and Basic Cost Concepts -- What is a cost? Define cost pools. What is a cost object? cost assignment? Contrast a direct cost with an indirect cost. Define cost allocation...

    Activity-based costing, Cost, Cost accounting 1250  Words | 4  Pages

  • cost accounting 2

    1/ Variable Costs: The variable cost will be 40% higher [ an increase of 21,000 - 15,000=6,000 units] Direct Material used 1,060,000 Variable Costs: Direct Labor 1,904,000 Direct material used [ 1,060,000 *1.4] 1,484,000 Unit costs [ 6,335,600 / 21,000] =$ 301.7 Indirect Materials and supplies 247,000 Direct Labor [ 1,904,000 * 1.4] 2,665,600 Variable Cost/ Unit = 228.27 at both 15k & 21k units Power to run plant eqip 213,000 Indirect Materials...

    Contribution margin, Cost, Costs 1819  Words | 3  Pages

  • Variable Cost and Flexible Budget

    million iPhones in the period between June 1, 2010, and May 31, 2011, but now in the third month of the contract, production was only 180,000 units per month. Chen called Jianye Ma, the plant controller, to request a summary of monthly operations for August as soon after the end of the month as possible. Danshui was a contract manufacturer that assembled electronic products for companies wishing to save labor costs by locating in southern China where semiskilled labor was available for less than one...

    App Store, Apple Inc., Costs 1735  Words | 6  Pages

  • Cost Accounting Text review

    COST ACCOUNTING Sample Test Materials Chapters 1-4 Multiple Choice Select only one answer for each question. 1. At what point does depreciation on equipment used to produce a table become an expense? a. At the end of the period when the depreciation is recorded b. When the table is started c. When the table is completed d. When the table is sold 2. Which of the following describes an opportunity cost? a. The largest net benefit given up by choosing one action that precludes taking other actions...

    Contribution margin, Cost, Costs 1087  Words | 4  Pages

  • Variable Cost and Company

    Section B Attempt Any Six Questions (6*5= 30) 1. Company A’s costs are mostly variable, whereas Company B’s costs are mostly fixed. When sales increase, which company will tend to realize the greatest increase in profits? Explain. 2. Crystal Telecom has budgeted the sales of its innovative mobile phone over the next four months as follows: Sales in Units July. . . . . . . . . . . . . . 30,000 August . . . . . . . . . . . 45,000 September . . . . . . . . 60,000 October . . . ....

    Balance sheet, Cash flow, Contribution margin 1030  Words | 5  Pages

  • Cost Accounting

    Biyani's Think Tank Concept based notes Cost Accounting [ B.Com. Part-II] B.N. Gaur MBA, PGDBM, Lecturer Deptt. of Commerce & Management Biyani Girls College, Jaipur Fore more detail:- http://www.gurukpo.com Published by : Think Tanks Biyani Group of Colleges Concept & Copyright : ©Biyani Shikshan Samiti Sector-3, Vidhyadhar Nagar, Jaipur-302 023 (Rajasthan) Ph : 0141-2338371, 2338591-95 • Fax : 0141-2338007 E-mail : acad@biyanicolleges.org Website :www.gurukpo.com; www...

    Cost, Costs, Economics 1759  Words | 6  Pages

  • Inventory and Costs

    the years * High demand surge forecasted due to maturity of Baby boom generation. Manufacturing Process * Ingredients controlled by laws. * Barrels can be used only once * Barrels are made through a patented process * Whisky has to mature for at least 4 years after the process. * Stored in 50 gallon barrels for mellowing in warehouse Maturing or Aging Process * The 50-gallon barrels manufactured under a unique patented process at acost of more than $60 per barrel...

    Aging barrel, Balance sheet, Bourbon whiskey 2178  Words | 7  Pages

  • Cost

    Case: Restructuring Costs Fact: Pharma Co. is considering relocating their manufacturing operations to a new area. Unfortunately, this plan includes terminating current employees. The company has issued a press release announcing their relocation intentions and communicated this plan to their employees on December 15, 2011 and December 27, 2011 respectively. As a result of this action, the company will incur certain restructuring–related costs (i.e. $0.5 million in relocation cost, $1.5 million staff...

    Contract, Cost, Costs 1229  Words | 4  Pages

  • Cost

    or pay ranges.Structure setting and adjustment is the process of developing, adjusting, and maintaining a pay structure. | Purpose | Pay structures are used to help organizations: * maintain pay levels that are competitive with the external labor market, * maintain internal pay relationships among jobs, * recognize and reward differences in level of responsibility, skill, and performance, and * manage pay expenditures.Structure setting and adjustment provides a systematic way to manage...

    General Schedule, Labour economics, Organization 1218  Words | 5  Pages

  • Variable Cost and Contribution Margin

    term manufacturing overhead? | A) | Factory overhead | B) | Pervasive costs | C) | Burden | D) | Indirect manufacturing costs | 2. | Which one of the following is an example of a period cost? | A) | A change in benefits for the union workers who work in the New York plant of a Fortune 1000 manufacturer. | B) | Workers' compensation insurance on factory workers' wages allocated to the factory. | C) | A box cost associated with computers. | D) | A manager's salary for work that is...

    Contribution margin, Costs, Inventory 836  Words | 5  Pages

  • Equilibrium Monopoly and Difference Between Production and Selling Cost

    a) Explain the difference between short-run equilibrium and long-run equilibrium in monopolistic competition. b) “Perfect competition is a more desirable market form than monopolistic competition.” Discuss. 01 24 11 Wednesday 7 November 2007 Paper 1: Short Run: When there is a Fixed cost, and only some of the variables chage Long Run: When there is no fixed cost, all the costs change (A) Assumptions Large number of firms – each firm has an insignificantly small share of the market. Independence...

    Competition, Cost, Costs 1279  Words | 5  Pages

  • Cost Descriptors

    paper will clarify the various terms used to describe costs, such as fixed, variable, direct, indirect, and sunk, giving examples of each to help a good understanding of current budget discussions. These concepts will help HR Management with an understanding of making effective budget decisions for its company, since they need to have clear and full knowledge of basic accounting language to grasp the concepts of the various accounting terms. The term cost can be defined as the amount to be paid for...

    Cost, Costs, Decision making 965  Words | 3  Pages

  • Cost Accounting: Test Questions

    Direct Cost 2. Indirect Cost 3. Cost Object 4. Cost Driver 5. Cost Allocation 6. Cost Sheet 7. Semi variable cost 2. Write a detailed note on Target Costing. (DEC, 2010) 3. Write a note on methods of absorption of overheads. (DEC, 2010) 4. Write a note on classification of overheads. (DEC, 2010) 5. Write short notes on the following: i. Product Costs ii. Period costs iii. Out of pocket cost iv. Sunk Costs v. Opportunity cost vi. Replacement cost vii. Joint cost (DEC, 2011) ...

    Cost, Cost accounting, Costs 1209  Words | 4  Pages

  • One Hundred Cost Term in Accounting

    100 Costs term 1. Absorption costing is a costing method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overhead - as part of the cost of a finished unit of product. 2. Administrative costs are all executive, organizational, and clerical costs associated with the general management of an organization rather than with manufacturing, marketing, or selling. 3. Allocation base is a measure of activity such as direct labor-hours or machine-hours...

    Contribution margin, Cost, Costs 2246  Words | 6  Pages

  • Costs Cost

    Date: May 30, 2013 Re: Xyberspace Consulting, Inc.: Cost Allocation Revision Background Xyberspace Consulting is an Internet consulting firm in Austin, Texas that takes pride in keeping their employees up to date with education in the latest technology and software advances. They have some of the best trainers and require all employees to attend a total of two weeks of training. The problem comes from the allocation of the cost of the training when they go over budget or when certain departments...

    Allocation, Cost, Costs 368  Words | 1  Pages

  • Harrington: Cost and Variable Costs

    Harrington Case Analysis Issue Stagnant sales performance has caused Harrington Collection to explore new avenues for improved performance, including the launch of a new active-wear line. Recognizing an emerging trend of low price and rapid style turnover in the women’s apparel market, along with tremendous growth in the active-wear segment, Harrington needs to work strategically to capture this profitable market opportunity. After careful analysis, it was determined that Harrington should...

    Contribution margin, Cost, Costs 1073  Words | 4  Pages

  • Cost Accounting and Job Order Cost

    Delong is not sure about the difference between cost accounting and a cost accounting system. Explain the difference to Joe. (b) What is an important feature of a cost accounting system? 2. (a) Distinguish between the two types of cost accounting systems. (b) May a company use both types of cost accounting systems? 3. What type of industry is likely to use a job order cost system? Give some examples. 4. What type of industry is likely to use a process cost system? Give some examples. 5. Your...

    Book of Job, Cost accounting, Manufacturing 546  Words | 3  Pages

  • Cost Accounting

    understanding about cost accounting. This paper will discuss: Why is cost accounting so important to the success of the firm; what are the various methods of cost accounting and how are they used; how does an operating budget work to discipline a firm’s management; what are the elements of a budget; how are budgets constructed; what is variance analysis and how it is used. Cost accounting can be described as the process of accumulating, measuring, analyzing, interpreting and reporting cost information...

    Budget, Business, Cost 1840  Words | 5  Pages

  • Cost Production and Types of Cost

    Generally, the term cost of production refers to the ‘money expenses’ incurred in the production of a commodity. But money expenses are not the only expenses incurred on the production of a commodity. There are number of services and inputs such as entrepreneurship, land, capital etc., which are offered by an entrepreneur without changing any price or receiving any payment for them. While computing the total cost of production, allowance should be made for such expenses. It is therefore essential...

    Cost, Costs, Economic cost 1400  Words | 5  Pages

  • Midterm: Variable Cost

    Page 1 1. | Indirect labor is a part of: | A | Prime cost. | B | Conversion cost. | C | Period cost. | D | Nonmanufacturing cost. | 2. | Prime cost and conversion cost share what common element of total cost? | A | Direct materials. | B | Direct labor. | C | Variable overhead. | D | Variable overhead. | 3. | On the Schedule of Cost of Goods Manufactured, the final Cost of Goods Manufactured figure represents: | A | the amount of cost charged to Work in Process...

    Contribution margin, Cost, Costs 1266  Words | 7  Pages

  • Costs and Direct Labor

    correct, and why the other choices would not be correct. Please support your response. Let's begin with the questions on Page 1.  Page 1 1. Indirect labor is a part of: B. Conversion cost. Labor that cannot be physically traced to particular product is treated as indirect labor and as manufacturing overhead. Conversion cost is the sum of direct labor and manufacturing overhead. These costs are incurred to convert materials into the finished product. Indirect labor is treated as part of manufacturing...

    Cost, Costs, Fixed cost 845  Words | 4  Pages

  • Costs and Price

    total revenue to total cost or marginal revenue to marginal costs (A firm can look at two factors when considering whether it is maximizing profit or minimizing losses. First, it can find the maximum difference between total revenue and total cost. Second, a firm can look at the additional revenue gained from selling one more unit and at the additional cost from producing that additional unit. As long as the additional revenue from selling one more unit is greater than the cost of producing that unit...

    Cost, Costs, Economics 1595  Words | 7  Pages

  • Cost Classification

    Cost Classifications for Decision-Making. Every decision involves choosing from among at least two alternatives. Only those costs and benefits that differ between alternatives are relevant in making the selection. This concept is explored in greater detail in the chapter on relevant costs. However, decision-making contexts crop up from time to time in the text before that chapter, so it is a good idea to familiarize students with relevant cost concepts. 1. Differential Costs. A differential cost...

    Cost, Costs, Decision making 1567  Words | 5  Pages

  • Variable Cost and Net Operating Income

    large company. Actual costs Static Incurred budget Activity level (in units) 800 750 Variable costs: Indirect materials $6,850 $6,600 Electricity $1,312 $1,275 Fixed costs: Administration $3,570 ...

    Cost, Costs, Depreciation 601  Words | 4  Pages

  • Total Variable Costs

    MODULE 2 1. To predict costs and manage them on a day-to-day basis, managers must identify: A. cost of resources used B. key activities and resources used to perform activities C. cost drivers D. all of the above 2. Cost drivers are ________. A. measures of activities that require the use of resources and thereby cause costs B. different types of functional areas in the firm C. different types of cost calculations D. the different functions in the value chain 3. Which of the following statements...

    Costs, Fixed cost, Total cost 1424  Words | 5  Pages

  • Costs and Direct Cost

    Business (UKM-GSB-LHDN) Cost Classification: Government Agency PROBLEM 2-56 The Department of Natural Resources is responsible for maintaining the state’s parks and forest lands, stocking the lakes and rivers with fish, and generally overseeing the protection of the environment. Several cost incurred by the agency are listed below. For each cost, indicate which of the following classifications best describe the cost. More than one classification may apply to the same cost item. The Answers...

    Cost, Costs, Economics 730  Words | 4  Pages

  • Cost Pools and Cost Objects

    Topic 6: Management Accounting and Cost Case: Shelter Partnership a. My main learning outcomes from Topic 6 and the Case Study; 1) Firstly, I realize management accounting has much to offer. Somehow I can handle physics but not accounting. Now thanks to this course I can appreciate and make sense of it. The bit that really caught my attention was seeing how management accounting can be really useful for business planning, cost management, budgeting and performance measurement. It offers...

    Allocation, Cost, Cost accounting 777  Words | 3  Pages

  • Variable Cost and Contribution Margin

    CHAPTER 1 – COST VOLUME PROFIT- MULTIPLE CHOICE QUESTIONS 1. CVP analysis can be used to study the effect of:  A. changes in selling prices on a company's profitability. B. changes in variable costs on a company's profitability. C. changes in fixed costs on a company's profitability. D. changes in product sales mix on a company's profitability. E. All of these. 2. The break-even point is that level of activity where:  A. total revenue equals total cost. B. variable cost equals fixed cost. C. total...

    Contribution margin, Cost, Costs 1377  Words | 7  Pages

  • Costs and Opportunity Cost

    Ronald Coase noted,“The cost of doing anything consists of the receipts that could have been obtained if that particular decision had not been taken.” For example, the opportunity set for this Friday night includes the movies, a concert, staying home and studying, staying home and watching television, inviting friends over, and so forth. The opportunity cost of taking job A included the forgone salary of $102,000 plus the $5,000 of intangibles from job B. Opportunity cost is the sacrifice of...

    Cost, Costs, Economic cost 1862  Words | 6  Pages

  • Balance Sheet and Cost

    list of items that could be included in the intangible assets section of the balance sheet. Instructions (a) Indicate which items on the list would generally be reported as intangible assets in the balance sheet. (b) Indicate how, if at all, the items not reportable as intangible assets would be reported in the financial statements. 1. Investment in a subsidiary company. 2. Timberland. 3. Cost of engineering activity required to advance the design of a product to the manufacturing...

    Asset, Balance sheet, December 31 1082  Words | 4  Pages

  • Camelback: Costs and Product

    To have a charge for each product, first the standard costs are calculated, based on the new allocation rate ($10.36): |Product |B |C |D | |Material |5,00 |10,00 |5,00 | |Labor |5,00 |15,00 |10,00 | |Allocated cost |10,36 |31,08 |20,72 | |Standard cost |$20,36 |$56,08 |$35,72 ...

    Cost, Costs, Economics of production 728  Words | 4  Pages

  • Accounting: Variable Cost and New Equipment

    operations, and the company is searching for a replacement. The company has decided to test the knowledge and ability of all candidates interviewing for the position. Each candidate will be provided with the information below and then asked to prepare a series of reports, schedules, budgets, and recommendations based on that information. The information provided to each candidate is as follows. Cost Items and Account Balances $ Administrative salaries 15,500 Advertising for helmets 11,000 ...

    Contribution margin, Cost, Costs 665  Words | 4  Pages

  • Behavioral Cost

    Behavioral Costing British Aerospace case study A. Introduction When we think about the cost of an aircraft, we tend to think of the cost of buying the product rather than the costs of running it! British Aerospace’s service to the customer does not stop at the aircraft acquisition stage, when the airplane is sold to the customer. If anything, this is when the customer relationship begins. This case study focuses upon the processes involved in behavioral costing aircraft components. Given...

    Cost, Cost accounting, Cost-benefit analysis 2264  Words | 7  Pages

  • Fixed Costs, Variable Costs, and Break-Even Point

    Assignment: Fixed Costs, Variable Costs, and Break-Even Point Exercise 10.1 During the sixth month of the fiscal year, the program director of the Westchester Home-Delivered Meals (WHDM) program decides to again recompute fixed costs, variable costs, and the BEP using the high–low method. Here are the number of meals served and the total costs of the program for each of the first six months: Month Meals Served Total Costs July 3,500 $20,500. August 4,000 $22,600. September 4,200 $23...

    Cost, Costs, Economics of production 480  Words | 3  Pages

  • Variable Cost and Contribution Margin

    Payable 1,130 11,180 Net Cash Flows from Operating Activities P153,850 COST VOLUME PROFIT 1. Melanie Company produces a merchandise that has the following data: Unit Sales price P80 per unit Unit vairiable costs P48 per unit Total fixes costs P640,000 per annum Units sold during the current year P25,000 units A. Unit contribution margin, contribution margin ratio and variable cost ratio. B. Breakeven point in units and in pesos. C. Margin of safety in units...

    Contribution margin, Costs, Fixed cost 997  Words | 7  Pages

  • Hsm/260: Fixed Costs, Variable Costs, and Break

    HSM/260: Fixed Costs, Variable Costs, and Break Fixed Costs, Variable Costs, and Break Exercise 10.1 During the sixth month of the fiscal year, the program director of the Westchester Home-Delivered Meals (WHDM) program decides to again recompute fixed costs, variable costs, and the BEP using the high–low method. Here are the number of meals served and the total costs of the program for each of the first six months: Month Meals Served Total Costs July 3,500...

    Cost, Costs, Economics of production 625  Words | 3  Pages

  • Cost Accounting

    of per Unit Total Costs. The estimated unit costs for Hoteling Industries, when operating at a production and sales level of 10,000 units, are as follows: Cost Item Estimated Unit Cost Direct materials $15 Direct labor 10 Variable factory overhead 8 Fixed factory overhead 5 Variable marketing 4 Fixed marketing 3 Required: (1) Identify the estimated conversion cost per unit. (2) Identify the estimated prime cost per unit. (3) Determine the estimated total variable cost per unit. (4) Compute...

    Cost, Costs, Fixed cost 564  Words | 3  Pages

  • Costs Relevant Costs

    1. The cost of a computer system installed last year is an example of: (Points: 2)         a sunk cost         a relevant cost         a differential cost         an avoidable cost 2. In evaluating different alternatives, it is useful to concentrate on: (Points: 2)         variable costs         fixed costs         total costs         relevant costs 3. Relevant costs in a make-or-buy decision of a part include: (Points: 2)         setup overhead costs for the manufacture of the...

    Costs, Manufacturing, Microeconomics 940  Words | 5  Pages

  • Cost Accounting

     ACCT1110 February 22, 2014 Quiz 6 If you are starting out in a new business, especially a service/manufacturing business, understanding the cost accounting system and which cost accounting system will work best for your company, is the first step to being successful. Once you find someone to help you navigate those waters, let them help you sail the rough seas of direct and indirect inventory, direct and indirect labor costs, and how to allocate factory overhead as well. While it all...

    Accounting software, Cost, Cost accounting 883  Words | 4  Pages

  • Cost and Revenues

    Costs and Revenues What is cost? If you go to a store and like an item and you want to buy it, which of the following questions would you ask: What’s the price of …..? 0R How much does …. cost? Examples of costs – set-up Examples of costs - running Fixed Costs 5000 What happened to the fixed costs if for some reason the company had technical problems and was unable to produce for 2 weeks? What happens if the landlord decided to raise the rent due to high property prices...

    Cost, Costs, Management accounting 1570  Words | 6  Pages

  • Management Accounting - Cost Classification

    COST CLASSIFICATION ASSIGNMENT To classify the various costs would first of all require a definition between the two types of accounting that practically all businesses have to face and a number of key terms which are equally important. These are management accounting and financial accounting. 1. THE DIFFERENCE BETWEEN MANAGEMENT & FINANCIAL ACCOUNTING: Management accounting is concerned with decision making, cost apportionment, planning and control. It is based within the organisation...

    Cost, Costs, Economics of production 2254  Words | 7  Pages

  • Labour Cost

    Labor Cost Cutting Strategy In a sluggish economy, it is more important than ever for businesses to cut costs. Knowing how to reduce the cost of paying employees without reducing product quality, dropping employee morale or otherwise sacrificing the way you do business can be the difference between being in the red or the black at the end of the year. Stop the Overtime * Don't pay overtime unless it is absolutely necessary. Remember that you must pay non-exempt employees 1 1/2 times their...

    Employee benefit, Employment, Employment compensation 2279  Words | 7  Pages

  • Production and Cost Curve

    Production/Cost Curves Every company has some kind of Revenue and they all have costs that are associated with running the company. It is also true that if a company wants to increase their Revenue, their costs will increase too. It is every company's goal to maximize revenue and either through Production or Services, and minimize cost. These things are easy to figure out, but actually identifying the production and figuring out how it will increase or decrease with change is very difficult. ...

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  • Cost Acounting

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