Lesson-13 Elements of Cost and Cost Sheet Learning Objectives • • • To understand the elements of cost To classify overheads on different bases To prepare a cost sheet Elements of Cost Raw materials are converted into finished products by a manufacturing concern with the help of labor‚ plants etc. The elements that constitute the cost of manufacturing are known as elements of cost. The elements of cost include the following: • • • Material Labor Expenses Each of these elements is again subdivided
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The Costs of Production Production and Costs Costs in the Short Run Fixed Costs Implicit Costs Explicit Costs Variable Costs Average Costs Marginal Costs The Symmetry Between Production and Costs Total Product and Total Cost Curves Geometry of Average and Marginal Costs Curves Average Physical Product and Average Variable Costs Marginal Physical Product and Marginal Cost Costs in the Long Run Isocost Lines Cost Minimization The Expansion Path and the Long Run Total Cost Curve Average Cost and
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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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Cost estimation is a fundamental aspect of managerial/cost accounting (Datar et al. 2008; Eldenburg and Wolcott 2005). The cost predictions are used in each of the management functions. for example used to predict costs so that management can determine the desirability of alternative options and to budget expenditures‚ profits‚ and cash flows. The objective is to support students in learning how to apply regression analyses to understand cost behavior and forecast future costs using real data from
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Group in Malaysia. The story of Shangri-La Hotels and Resorts began in 1971 when a deluxe hotel was founded in the city of Singapore. Today‚ Hong Kong-based Shangri-La Hotels and Resorts is the largest Asian-based deluxe hotel group in the region. And it is regarded as one of the world’s finest hotel management companies‚ garnering international awards and recognition from prestigious publications and industry partners. Their chain comprises 49 deluxe hotels and resorts in key cities of Asia and the
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GR Hotels Corporation To: Andrew Mayd‚ President and CEO GR Hotels Corporation From: Chris Mell‚ CMA January 30‚ 2008 Executive Summary Although GR Hotels enjoyed increasing profits with growing Canadian tourism industry‚ both hotels performances are under industry benchmark. Key strategic imitative being reviewed by GR Hotels include upgrading one or both hotels‚ exercise land option in Montreal and build conference center. It is recommended that GR upgrade Toronto hotel
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The structure of the enzyme is mainly dependent on the active site and variable groups. Extreme temperatures or extreme pHs can alter the structure of an enzyme. Enzymes function to lower the activation energy to break the bonds. They achieve this by putting stress and pressure on the bonds or creating a microenvironment for the substrate. Enzymes are regulated by inhibitors or activators and can be inhibited by the products of the reaction‚ called feedback inhibition. Enzymes are catalytic
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Classification of Cost Cost may be classified into different categories depending upon the purpose of classification. Some of the important categories in which the costs are classified are as follows: 1. Fixed‚ Variable and Semi-Variable Costs The cost which varies directly in proportion with every increase or decrease in the volume of output or production is known as variable cost. Some of its examples are as follows: • Wages of laborers • Cost of direct material • Power The cost which does
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people worldwide and owns and manages about thirty hotels and five luxury cruisers as of 2012. The company was incorporated in the year 1949 by Rai Bahadur M.S. Oberoi to run "Oberoi Group of hotels". The group of companies‚ affiliated through common ownership interest‚ has to offer first class luxury hotels‚ airline catering‚ airport bars and restaurants‚ corporate air charters‚ travel consultancy‚ limousine services and project management. With hotels being spread out in Mumbai‚ Delhi‚ Calcutta‚ Chennai
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Forte Hotel Case Executive Summary Forte Hotels‚ the largest hotel chain in the UK‚ is in the process of developing a new hotel chain in the United States to attract the international and domestic business customer segment. Through the data provided‚ I recommend that Forte use the hotel concept of Small Room‚ Speaker Phone‚ Exercise Room + Pool‚ Fruit and Cheese Bowl‚ and Yes to delivery. The following write-up will analyze alternative Forte Hotel product concepts‚ potential market share
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