Cost classification is the process of grouping costs according to their common characteristics. A suitable classification of costs is of vital importance in order to identify the cost with cost centres or cost units. Cost may be classified accounting to their nature‚ i.e.‚ material‚ labor and expenses and a number of other characteristics. The same cost figures are classified according to different ways of costing depending upon the purpose to be achieved and requirements of particular
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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. What is an allocation base? Contrast cost assignment with cost allocation. What is a direct material? Direct labor? Indirect material? Indirect labor? factory overhead? What are conversion costs? Prime costs? What are the
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Latasha Thomas January 20‚ 2013 HSM 260 Jerome Anderson Exercise 10.1 Recompute fixed costs‚ variable costs‚ and the BEP. What are the variable costs? What are the fixed costs? How many meals will the WHDM program need to provide during the fiscal year to reach the BEP? How much profit will the program earn if it completes its 45‚000-meal contract with the City of Westchester? The variable cost of service is $3.93 during the fiscal year the WHDM should provide 1‚011 meals to reach their
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It can be argued that Greece has one of the richest histories in the world. Historians believe the Minoan culture‚ which inhabited the Greek island of Crete as far back as 2700 BC‚ is one of the oldest known civilizations to exist. The Minoans were known for being far ahead of their time. Excavations in Crete show that that many of their dwellings contained indoor plumbing which is an amazing feat for a civilization that existed 4‚700 years ago. Historians believe that what is referred to as
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880 Plant Overhead $122‚000 DL rate/hour $30 Y oungstown has a tradition al cost sys tem. It calc ulates a p lant-wide overhead rate by dividing total overhead costs by total direct labor hours. Assume‚ for the calculations below‚ that plant overhead is a committed (fixed) cost during the year‚ but that direct labor is a variable cost. • Calculate the plant-wide overhead rate. Use this rate to assign overhead costs to products and calculate the profitability of the four products. The assignment
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2-22 Variable costs and fixed costs. Consolidated Minerals (CM) owns the rights to extract minerals from beach sands on Fraser Island. CM has costs in three areas: a. Payment to a mining subcontractor who charges $80 per ton of beach sand mined and returned to the beach (after being processed on the mainland to extract three minerals: ilmenite‚ rutile‚ and zircon). b. Payment of a government mining and environmental tax of $50 per ton of beach sand mined. c. Payment to a barge operator. This
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bIntermediate students will really enjoy reading and doing some of the activities related to this article‚ “The Top FUN RUNS in America” by Nick Livermore of ECO18.com. This article is a very interesting because some of the runs that are published are local and we can actually experience what some of the participants and writer are writing about. The article allows for students to think and speak about fun group activities done in their country such as Encierro “The Running of The Bulls”. In
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Introduction: Reading the book Elephant Run by Roland Smith was amazing‚ and I always wanted to know what was going to happen next. Also‚ it was a very compelling and thought-provoking read‚ because the author managed to incorporate some true events into the story. Summary: The year is 1941‚ and Nick Freestone lives in London‚ which is frequently getting bombed‚ because of the London Blitz during World War II. His mother decides that it is too dangerous for Nick to live in London‚ so she sends him
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1. Should hospitals run lotteries to create revenue for their budgets? Why OR why not? Provide reasons. In my opinion‚ hospitals should run lotteries to create revenue for their budgets‚ Many hospitals today are lacking the required space for patients and staff. There are outdated machines still being used and the shortage of staff prevents the medical industry from delivering adequite health care. It would be beneficial for the hospitals to run lotteries. I will support this point of view by
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Publichttp://pfr.sagepub.com/ Finance Review Public Subsidies to Stadiums: Do the Costs Outweigh the Benefits? Daraius Irani Public Finance Review 1997 25: 238 DOI: 10.1177/109114219702500205 The online version of this article can be found at: http://pfr.sagepub.com/content/25/2/238 Published by: http://www.sagepublications.com Additional services and information for Public Finance Review can be found at: Email Alerts: http://pfr.sagepub.com/cgi/alerts Subscriptions: http://pfr
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