Chapter 4: Costs and Cost Minimization Multiple Choice 1. Suppose you are a star basketball player at a major university in your sophomore year. You are sought after by several NBA teams. Which of the following choices best characterizes your opportunity cost if you choose to drop out of college and enter the NBA? a) The value of your college scholarship that you have given up. b) The skills that two more years of playing at your college would have given you along with their additional value
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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
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strategic responses are potentially available to a firm facing competition from manufacturers enjoying a substantial labor cost advantage? Changing a new cost system‚ focusing on customer needs. What issues are relevant in considering moving a manufacturing plant to a low wage location? Direct labor is an important factor‚ which is more relevant on manufacture of a product.
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CONTROLLING LABOR COST The timekeeping and payroll departments have the responsibility of maintaining labor records. The timekeeping and payroll functions may be established as separate departments or organized as subdivisions of a single department. Increasingly‚ automated timekeeping technology has replaced ‘‘timekeeping’’ as a separate department. For example‚ many companies issue magnetic cards to direct laborers who use them to ‘‘log on’’ and ‘‘log off’’ to specific job assignments. They
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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 overhead. 2. Prime cost and conversion cost share what common element of total cost? B. Direct labor. Prime cost is the sum of
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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 tooling development and the administrative costs of the division. ETO suppliers started to do
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a futuristic-looking contraption that lets him weave rapidly through Shanghai’s messy traffic. He rides an electric bicycle. Half a world away‚ in San Francisco‚ the president of that city’s board of supervisors‚ David Chiu‚ uses an electric bike to get to meetings without sweating through his suit. And in the Netherlands‚ Jessy Wijzenbeek-Voet recently rode an electric bicycle on a long trip that‚ at 71‚ she would not have been able to make on a standard bike. Detroit may be introducing electric
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see bicycles in the streets and only see them as a mean of transportation or a hobby. They are easy to use‚ affordable‚ and does not harm the environment. "A vehicle with two wheels tandem‚ a steering handle‚ a saddle seat‚ and pedals by which it is propelled." Webster ’s dictionary Fair enough‚ this is true for the contemporary view of this vehicle. But actually the bicycle has evolved from different stages and forms before reaching our view of the "modern" bike. A long time ago bicycles did
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Controlling Labor Costs and Outsourcing Pharis Jackson III‚ Becky Miller‚ Justine Santos‚ Cassandra Sullivan HRM/324 February 9‚ 2015 Callie Burnley Controlling Labor Costs and Outsourcing "Managing the number of employees and/or the hours worked is the most obvious and perhaps most common approach to managing labor expenses in the United States" (Milkovich‚ Newman‚ & Milkovich‚ 2008‚ p. 583). There are many ways that employers can control labor costs. This team paper will detail the different
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Brochure More information from http://www.researchandmarkets.com/reports/338773/ Bicycles - Global Strategic Business Report Description: This report analyzes the worldwide markets for Bicycles in US$ Million by the following Product Segments: Adults Bicycles (Mountain Bicycles‚ Hybrid Bicycles‚ Touring Bicycles‚ & Specialty Bicycles)‚ Childrens Bicycles‚ Sports Bicycles‚ and Bicycle Parts & Accessories. The report provides separate comprehensive analytics for the US‚ Canada‚ Japan‚ Europe‚
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