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Cost Essays & Research Papers

Best Cost Essays

  • Cost - 1229 Words 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... 1,229 Words | 4 Pages
  • Costs - 640 Words Aerotech’s controller, Chuck Dickens decided to change from a traditional volume-based system to an activity-based costing (ABC) system after reading about the two-stage procedure to assign overhead cots to products. Chuck questioned if the current cost-management system was providing the management with accurate data about product costs. In a traditional, volume-based product-costing system, only a single predetermine overhead rate is used. All manufacturing-overhead costs are combined... 640 Words | 2 Pages
  • Costs Cost - 368 Words Memo To: Mr. Ron Collins From: Name 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... 368 Words | 4 Pages
  • Cost Control and Cost Reduction ASSIGNMENT ON COST CONTROL AND COST FREDUCTION SUBMITTED BY, MOHAMMED NAFAISE E.K ROLL NO: 1600 COST CONTROLL & COST REDUCTION COST CONTROL The practice of managing and/or reducing business expenses. Cost controls starts by the businesses identifying what their costs are and evaluate whether those costs are reasonable and affordable .Then if... 736 Words | 3 Pages
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  • Costs and Marginal Cost - 6120 Words CHAPTER 6 PRODUCTION EXERCISES 4. A political campaign manager must decide whether to emphasize television advertisements or letters to potential voters in a reelection campaign. Describe the production function for campaign votes. How might information about this function (such as the shape of the isoquants) help the campaign manager to plan strategy? The output of concern to the campaign manager is the number of votes. The production function has two inputs, television advertising... 6,120 Words | 24 Pages
  • Cost Management & Cost Control Cost Management or Cost Control In broad sense, both the terms have the same meaning. Yet cost management seems to connote broader perspective. Cost control to an un-initiated may mean cutting down the incurrence of cost or expenditure every time or in every situation. In reality it is not always so. In many specific situations, many times, one has to spend or incur cost in order to gain or make more money. It is in fact like an investment. Cost management sounds better then. Profits... 431 Words | 2 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... 777 Words | 3 Pages
  • Cost Control and Cost Reduction ------------------------------------------------- ASSIGNMENT ON COST CONTROL AND COST REDUCTION ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------... 338 Words | 3 Pages
  • Costs and Direct Labor Cost Midterm2Practice Key 1. The 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... 1,320 Words | 5 Pages
  • cost reduction and cost avoidance  Cost reduction Generally defined as the act of cutting costs to improve profitability. Cost reduction, should therefore, not be confused with cost saving and cost control. Cost saving could be a temporary affair and may be at the cost of quality. Cost reduction implies the retention of essential characteristics and quality of the product and thus it must be confined to permanent and genuine savings in the costs of manufacture, administration, distribution and selling, brought about... 1,828 Words | 6 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... 1,400 Words | 5 Pages
  • Cost and Unit Product Costs Session 4: Wilkerson Co. 1. Use the production and operations data of Exhibit 4 to reallocate the manufacturing overhead in a manner that reflects the actual use of overhead resources. Diagram the new cost system using conventions that we developed in the earlier classes (e.g., trace all costs from accounting categories to products). 2. Calculate new total unit product costs for the valves, pumps and flow controllers. Compare the costs that you calculated to the standard unit product costs... 330 Words | 2 Pages
  • Cost and Overhead Costs - 391 Words Colorscope 1. Why would any customer, let alone large advertising agencies and departmental stores, go to Colorscope rather than go to large printers listed in Exhibit 3? Before desktop publishing became popular, Colorscope had a competitive advantage through its expensive proprietary computer equipment that could produce complicated print special effects. Colorscope had also been able to build strong relationships with valuable customers through the years and had a good reputation for... 391 Words | 2 Pages
  • Costs and Cost Accounting Total AEREN FOUNDATION’S Maharashtra Govt. Reg. No.: F-11724 AN ISO 9001 : 2008 CERTIFIED INTERNATIONAL B-SCHOOL SUBJECT: FINANCIAL & COST ACCOUNTING Total Marks: 80 N.B.: 1)Allquestionsarecompulsory 2) All questions carry equal marks. Q1) ABC Ltd. Produces room coolers. The company is considering whether it should continue to manufacture air circulating fans itself or purchase them from outside. Its annual requirement is 25000 units. An outsider vendor is prepared to supply fans for Rs 285 each.... 568 Words | 4 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... 1,073 Words | 4 Pages
  • Costs and Direct Cost - 730 Words Universiti Kebangsaan Malaysia Graduate School Of 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... 730 Words | 4 Pages
  • Cost and Overhead Costs - 282 Words Youngstown Products, a supplier to the automotive industry, had seen its operating margins shrink below 20% as its OEM customers put continued pressure on pricing. Youngstown produced fours products in its plant and decided to eliminate products that no longer contributed positive margins. Details on the fours products are provided below: Products A B C D Total Production volume (units) 10,000 8,000 6,000 4,000 Selling Price $15.00 $18.00 $20.00 $22.00 Materials/unit... 282 Words | 1 Page
  • Cost Control And Cost Reduction Cost Control and Cost Reduction A business enterprise must survive, grow, and prosper. Cost Control and Cost Reduction are activities necessary for ensuring that these objectives are fulfilled. With the liberalization of the Indian Economy and Globalization, there is now a cut throat competition from various concerns of the world. As a result there is now a race to secure a place for survival. This has increased the importance of cost control and Cost Reduction. Cost Control “Cost... 3,434 Words | 12 Pages
  • Cost Accounting – Classification of Costs Cost Accounting – Classification of costs Cost accounting refers to a process of accumulating, recording, classifying and analyzing all costs incurred at various levels of production. The purpose of cost accounting is manifold. It provides a final selling price, suggests the best possible course of action where maximum savings are possible and a strategy for future. Cost accounting is also constructive in comparing the input and output results that ultimately aids the management to arrive at a... 523 Words | 2 Pages
  • Cost Control and Cost Reduction Delivering successful cost reduction programmes In the current economic climate, most organisations must face up to a prolonged period of extreme competition and funding restrictions. This is particularly the case if the past few years have been focused on growth, service improvement or reorganisation (i.e. cost efficiency has not been a recent priority). Such pressures require an approach that reduces costs in a strategic, disciplined, and sustainable manner - delivered at pace. In our view... 1,294 Words | 4 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.... 1,630 Words | 5 Pages
  • COST CONCEPTS AND COST ACCOUNTING COST CONCEPTS AND COST ACCOUNTING By: Aman Jawahar Sarika Deepak Muneer CONTENTS         Concept of Cost Cost Accounting Terms in Cost Accounting Elements of Cost Meaning of Overheads Classification of Costs Methods of Costing Types of Costing MEANING: Cost Concept: The term ‘cost’ means the amount of expenses [actual or notional] incurred on or attributable to specified thing or activity. Cost means ‘the price paid for something’. Cost Accounting: Cost Accounting is concerned with... 1,820 Words | 10 Pages
  • Cost Is Fixed Cost or Variable Cost in Nature? Q: Is depreciation expense or depreciation cost is fixed cost or variable cost in nature? Fixed costs: Fixed costs are such costs that do not change with the change in activity level within the relevant range. Where relevant range can be defined in terms of time or activity level. Variable costs: Variable costs are such costs that change with the change in activity level . Coming to the question, depreciation expense or depreciation cost can either be fixed or variable and this depends on... 560 Words | 2 Pages
  • Cost Sheet - 1682 Words In the books of a Company Cost Sheet for the period ended…….. Units Produced….. Name of the product unit sold…. Particulars Total cost Rs. Unit Cost Rs. Opening stock raw materials Add Purchases of Raw Materials Add: Expenses on Purchases of Raw Materials (octroi & duty) Less: Closing stock of raw materials Less: Sale of scrap or defectives of raw materials = Cost of materials consumed Add: Productive Labour Add: Outstanding wages Add: Direct Expenses(... 1,682 Words | 18 Pages
  • cost containment - 871 Words  Cost Control: Definitions and Methods Alejandro Madotta Accounting Supervisor II at Apache Corporation The cost of making a particular product or delivering a particular service is calculated by the finance and accounting department, with the help of a technique that is termed as Cost Accounting. The principle of cost accounting is very simple. The total cost of manufacturing a set or lot of goods or services is added up together and divided by the number of unites that have been... 871 Words | 4 Pages
  • Cost Method - 471 Words Super Bakery's Strategy Super Bakery, by strategy, considered itself a virtual corporation. “A virtual corporation minimizes investment in human resources, fixed assets, and working capital“ (Kimmel, Weygandt, & Kieso, 2009, p. 910). Management's decision for this strategy enables the core functions of the business to be performed in-house. This leaves other functions such as warehousing, manufacturing, shipping, and selling to be outsourced. The management team of Super Bakery had a main... 471 Words | 2 Pages
  • Variable Cost - 1736 Words Cost management | Wilkerson Company Case | | 1. What is the competitive situation faced by Wilkerson? The competitive situation faced by Wilkerson is quite severe. Price cutting in its main product has led to a huge drop in profit. While price increase in another product line partially made up the loss. We will discuss the detailed situation line by line. (1) Valves It was the first product line developed by Wilkerson and its high quality brought it a loyal customer base.... 1,736 Words | 8 Pages
  • Cost Classification - 800 Words 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... 800 Words | 4 Pages
  • Cost Accounting - 2706 Words Harvard Business School 9-192-068 Rev. May 1, 1993 DO A Brief Introduction to Cost Accounting T NO Organizations and managers are almost always interested in and concerned about costs. Control of past, present, and future costs is part of every manager’s job. In companies that try to earn profits, control of costs directly affects the amount of profit earned. Knowledge of the cost of products or services is indispensable for decisions about pricing or product and service mix.... 2,706 Words | 12 Pages
  • cost accumalation - 364 Words  Cost accumulation systems Name Tutor Course College Date Generally, cost accumulation is the organized collection of cost data through a set of procedures and systems. According to an accounting business, they used a periodic cost accumulation system. This system only provides limited cost information during a certain period. The system requires end year adjustments to arrive at the cost of goods manufactured. In most cases, it is not considered a complete cost... 364 Words | 2 Pages
  • Cost Accounting - 2353 Words SYLLABUS FOR MANAGEMENT ACCOUNTING – ACCT 5100/7100 PROFESSOR LINDA BAMBER Fall 2012 Date 8/14 Tue. Topic Introduction to Management Accounting and Professionalism Chapter and Reading Course Outline Syllabus eLC Student Orientation: /index.html Assignment Due Today 1) Hand in your ACCT 5100/7100 profile. 2) Form teams of four with no more than one MBA student per team (I will try to fill out teams of two or three). One team member should... 2,353 Words | 12 Pages
  • Cost Leadership - 419 Words Strategy and Structure The purpose of business-level strategies is to create differences between the firm’s position and those of its competitors. To position itself differently from competitors, a firm must decide whether it intends to “perform activities differently” or to “perform different activities”. Cost leadership strategy Tiger airways has chosen the former it exploiting a cott leadership strategy. It has an integrated set of actions taken to produce services with... 419 Words | 2 Pages
  • Variable Costs - 564 Words Assignment: Fixed cost Dora McKinney Hsm/260 Week 4 Instructor: Greg O’Donnell Fixed Costs, Variable Costs, and Break-Even Point Exercise 10.1 Month Meals Served Total Costs July 3,500 $20,500 Low August 4,000 22,600 September 4,200 23,350 October 4,600 24,500 November... 564 Words | 2 Pages
  • Transaction Costs - 739 Words In economics and related disciplines, a transaction cost is a cost incurred in making an economic exchange. A number of different kinds of transaction costs exist. Search and information costs are costs such as those incurred in determining that the required good is available on the market, who has the lowest price, etc. Bargaining costs are the costs required to come to an acceptable agreement with the other party to the transaction, drawing up an appropriate contract, etc.. Policing and... 739 Words | 3 Pages
  • Cost Accounting - 11176 Words Chapter 1 Basic Cost Concepts Learning Objectives • To understand the meaning of different costing terms to understand different costing methods • To have a basic idea of different costing techniques • To understand the meaning of cost sheet In order to determine and take a dispassionate view about what lies beneath the surface of accounting figures, a financial analyst has to make use of different management accounting techniques. Cost techniques have a precedence over the... 11,176 Words | 44 Pages
  • Cost Allocation - 366 Words Wilkerson Company is a fluid control devices manufacturer and they supply products to manufactures of water purification equipment. The company has established a strong brand name in the industry because of the high quality of its valves. Over the year, the company has extended their product range to pumps and flow controllers. The main learning outcome from analyzing the case study is manufacturing overhead cost allocation. Exhibit 2 in the case study shows pumps has a highest manufacturing... 366 Words | 1 Page
  • Cost Accounting - 1884 Words Sub Micron Devices Inc. Management Accounting-II Amit Bhatia(12P068) Deependra Kumar(12P078) Nitish Gupta(12P088) Ravinder Gahlout(12P098) Srinivasan Ramesh(12P108) Vipul Garg(12P118) Amit Bhatia(12P068) Deependra Kumar(12P078) Nitish Gupta(12P088) Ravinder Gahlout(12P098) Srinivasan Ramesh(12P108) Vipul Garg(12P118) Submitted By: 2012 Table of Contents Introduction 3 ASIC Division - Cost Pools 4 Cost accounting system at ASIC: 5 Internal and external... 1,884 Words | 6 Pages
  • Explicit Costs And Implicit Costs Concepts Q1: explicit costs and implicit costs concepts Explicit Cost Explicit cost is defined as the direct payment which is supposed to be made to others while running business. This includes the wages, rents or materials which are due in the contract. The explicit cost is the expense done in business which can easily be identified and accounted for in the business at any stage. The explicit cost represents the out flows of cash in clear and obvious terms. When any out flow of credit occurs in a... 1,551 Words | 5 Pages
  • Variable Cost - 783 Words 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... 783 Words | 3 Pages
  • Indirect Costs - 585 Words The Bridgeton case introduced a relatively simple costing system: DM, DL, and one pool of indirect, support, or overhead costs. The one and only "cost pool" containing all overhead (OH) costs was allocated on the basis of DL$. In this case, the direct costs seem to be largely variable (i.e., they vary proportionally with production volume), whereas some of the indirect costs are relatively variable and others are largely fixed. Case in point: Not all INDIRECT costs are necessarily FIXED. To... 585 Words | 2 Pages
  • Variable Cost - 597 Words Wilkerson Case: Assignment Questions 1. What is the competitive situation faced by Wilkerson? 2. Given some of the apparent problems with Wilkerson’s cost system, should executives abandon overhead assignment to products entirely by adopting a contribution margin approach in which manufacturing overhead is treated as a period expense? Why or why not? 3. How does Wilkerson’s existing cost system operate? Develop a diagram to show how costs flow from factory expense accounts to products.... 597 Words | 2 Pages
  • Cost and Revenues - 1570 Words 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... 1,570 Words | 6 Pages
  • Sunk Cost - 411 Words In economics and business decision-making, sunk costs are retrospective (past) costs that have already been incurred and cannot be recovered. Sunk costs are sometimes contrasted with prospective costs, which are future costs that may be incurred or changed if an action is taken. Both retrospective and prospective costs may be either fixed (continuous for as long as the business is in operation and unaffected by output volume) or variable (dependent on volume) costs. Note, however, that many... 411 Words | 1 Page
  • Cost of War - 572 Words Economic 12/14/10 Final Paper Cost of War Opportunity cost means it is the forgone alternative of the choice made. War is usually a choice. Other than world war ll, the wars fought by the United States since 1900, have been entirely by choice. So what about opportunity cost of a war like the one in Iraq? Leading up to the war there were 250,000 personnel in the gulf with 150,000 additional troops deployed during the invasion. In terms of occupation, about 150,000 occupation troops... 572 Words | 2 Pages
  • Amalgamation: Costs - 11384 Words AMALGAMATION, ABSORBTION & EXTERNAL RECONSTRUCTION Introduction In accounting parlance, amalgamation means merger of two or more companies into one new or existing company. Absorption, on the other hand, refers to acquisition of business of one company by another company. But it may be noted that the Companies Act, 1956 does not make any distinction between amalgamation and absorption. Infact, the Companies Act, 1956 does not properly define the terms amalgamation and... 11,384 Words | 35 Pages
  • Cost Accounting - 2252 Words Assignment: Cost Accounting Applied By Professor Bryan Womack Course Title ACC 350012VA016-1122-001 Cost Accounting February 26, 2012 Companies that are successful financially know what their costs are and how those costs are being spent. The company I have chosen wants to change from a general accounting system where costs are put in general categories and they currently do not have any... 2,252 Words | 7 Pages
  • Cost Analysis - 395 Words Economics Chapter 7 Analysis of Costs Costs affect input choices, investment decisions, and even the decision of whether to stay in business. A. Economics analysis of costs 1. Total cost: fixed and variable (1) Total cost represents the lowest total dollar expense needed to produce each level of output q. TC rises as q rises. (2) Fixed cost represents the total dollar expense that is paid out even when no output is produced. FC is unaffected by any variation in the quantity of output.... 395 Words | 2 Pages
  • Cost Accounting - 986 Words Meeting 1 MRF’s File COST ACCOUNTING “An Introduction to Cost Terms and Purposes” Assistant Lecturer: M. Ryan Firmansyah Problem 1 (Quiz 1 September 8, 2009) Consider the following costs that were incurred during the current year. Evaluate whether the cost is: 1. A product cost or a period cost 2. Variable or fixed in terms of behavior 3. For the product cost, whether it is classified as direct material, direct labor, or manufacturing overhead No. 1 Descriptions Product Cost Period... 986 Words | 4 Pages
  • Opportunity Cost - 930 Words Scarcity of resources is one of the more basic concepts of economics. Scarcity needs trade-offs, and trade-offs result in an opportunity cost. While the cost of a good or service often is thought of in monetary terms, the opportunity cost of a decision is based on what must be given up as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost, scarcity and trade-off are important in our daily life because it affects us... 930 Words | 3 Pages
  • Cost Acc - 1315 Words Name: Class: Cost Accounting Date: 02.12.2012 Quiz 5 1) Absorption costing: A) expenses marketing costs as cost of goods sold B) treats direct manufacturing costs as a period cost C) includes fixed manufacturing overhead as an inventoriable cost D) is required for internal reports to managers 2) Variable costing: A) expenses administrative costs as cost of goods sold B) treats direct manufacturing costs as a product cost C) includes fixed manufacturing overhead as an... 1,315 Words | 6 Pages
  • Cost Accounting - 102714 Words MANAGEMENT ACCOUNTING Study Material Prepared By INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA for Junior Accounts Officer(Civil) Examination Conducted By CONTROLLER GENERAL OF ACCOUNTS 1 BASICS OF COST ACCOUNTING 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 Evolution of Cost Accounting, Cost Concepts and Cost Classification Introduction Evolution of Cost Accounting Financial Accounting and Cost Accounting Management Accounting Financial, Cost and... 102,714 Words | 359 Pages
  • Elements of Cost - 9912 Words 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... 9,912 Words | 34 Pages
  • Cost Management - 2519 Words Introduction: Our case study is on the Columbia City Bank. First of all we would like to talk about the general inner workings of a bank. A bank generates a profit from the differential between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. In recent history, investors have demanded a more stable revenue stream and banks have therefore placed more emphasis on transaction fees, primarily loan fees but... 2,519 Words | 10 Pages
  • Cost Control - 2692 Words THE COST AND SALES CONCEPT Cost is defined as a reduction in the value of an asset for the purpose of securing benefit or gain. Cost is defined in a hotel and restaurant as the expense to a hotel or restaurant for goods or services when the goods are consumed or the services are rendered. KINDS OF COSTS 1. Fixed costs – are those that are normally unaffected by changes in sales volume. They are said to have little direct relationship to the business volume because they do not change... 2,692 Words | 12 Pages
  • Overhead Cost - 4639 Words THE MANAGEMENT OF OVERHEAD COSTS IN CONSTRUCTION COMPANIES Brian Eksteen1 and David Rosenberg² ¹Professor of Construction Management, Faculty of Economic and Building Sciences, University of Port Elizabeth, P.O. Box 1600, Port Elizabeth, 6000, South Africa ²Senior Lecturer in Cost and Management Accounting, Faculty of Economic and Building Sciences, University of Port Elizabeth, P.O. Box 1600, Port Elizabeth, 6000, South Africa Costs not directly attributable to or recoverable from... 4,639 Words | 15 Pages
  • Cost and Price - 974 Words Economics Discussion Questions 1. Suppose the price of coffee beans increases by $0.20 per pound. What is the effect of this raw material price increase on the demand for roasted coffee? If one pound produces 50 cups of coffee, would the price of a cup of coffee rising by $0.01? Explain. Price of the product comes from the production of the goods all the way till it hits the market shelf. So when the price of the product like coffee increases during the productivity of the product then... 974 Words | 3 Pages
  • Cost and Overhead - 1512 Words fsdfsdsdfSuppose sales in 2001 equal 26,000 units, as budgeted in January, and that actual manufacturing expenses turn out to equal budgeted expenses. Prepare an income statement for the year (just include the manufacturing expenses) that will help senior management and the board understand the economics of cartridge production in 2001. 5. Work through the Youngstown Products numerical example (below). Youngstown Products, a supplier to the automotive industry, had seen its operating... 1,512 Words | 7 Pages
  • Cost Questions - 377 Words Chapter 8 Cost Estimation and Budgeting True/False 1) Direct costs are those clearly assigned to the aspect of the project that generated the cost. T 2) Material is an example of a cost that is recurring, variable and direct. T Multiple Choice 1) Which of the following is a direct cost? A) labor B) rent C) depreciation on equipment D) health benefits 2) Workers paid $15.00 per hour with an overhead charge of 1.45 and a personal time allowance of 1.15, have what total direct labor... 377 Words | 2 Pages
  • Cost Benefits - 483 Words Cost Benefit Analysis What is cost benefit analysis? Cost benefit analysis (COBA) is a technique for assessing the monetary social costs and benefits of a capital investment project over a given time period. The principles of cost-benefit analysis (CBA) are simple: 1. Appraisal of a project: It is an economic technique for project appraisal, widely used in business as well as government spending projects (for example should a business invest in a new information system) 2.... 483 Words | 2 Pages
  • Cost Leader - 899 Words Cost Leadership: Any organization in order to survive in a highly competitive market should be able to achieve sustainable growth and profitability. Companies that have managed to reduce costs and understand the cost technology can obtain sustainable advantage as a cost leader. In order for any company to become a cost leader is important that the cost technology is understood and the five constituent steps are implemented and followed by the management. The five steps towards... 899 Words | 3 Pages
  • Cost Allocation - 1092 Words Cost allocation for indirect costs Cost Pool – Set of costs that are added together before being allocated to cost objects on some common basis Cost Driver/ Allocation base Cost Object Cost Driver Rate = Total Costs in Pool/ Total Quantity of Driver Where total quantity of driver = practical capacity of driver Cost of excess capacity = Cost Driver Rate * Excess capacity Predetermined overhead rate - cost per unit of the allocation base used to charge overhead to products.... 1,092 Words | 5 Pages
  • cost accounting - 4544 Words L-S, T & H, Chapter 4: RQ4.1, RQ4.3, RQ4.5, RQ4.7, RQ4.8, RQ4.9, RQ4.10, RQ4.11, RQ4.14, RQ4.15, RQ4.18, RQ4.20 E4.21, E4.25, E4.26, P4.33, P4.36, P4.37 and P4.40. RQ4. 1 Identify the major purposes of product costing. For each purpose discuss whether information about current or future product costs is required. What implication does your answer have for developing a product costing system? L-S, T & H, page 131. Purpose Current / Future Product Costs Short-term decisions: product mix,... 4,544 Words | 32 Pages
  • Variable Costs - 1487 Words IE401-Econ401 MidTerm Managerial Economics NAME: Each of the 20 multiple choice questions is worth 3 points. Mark your answers on the ANSWER KEY on page 5. Also provide BRIEF answers to each of the 4 “essay type/logical” questions. Multiple-Choice Questions 1. A manufacturer produces 1,000 basketballs each day, which it sells to customers for $30 each. All costs associated with production and sales total $10,000; however, if the manufacturer were to produce... 1,487 Words | 9 Pages
  • Accounting Costs - 690 Words Sunk Cost-cost that has already been incurred and cannot be avoided no matter what a manager decides to do. A business segment should only be dropped if a company can avoid more in fixed costs than it loses in: contribution margin Which of the following techniques describe how a bottleneck should be managed: Find ways to increase the capacity of the bottleneck, ensure there is minimal lost time at the bottleneck due to breakdowns and set-ups, focus business process improvement efforts on the... 690 Words | 2 Pages
  • Cost Estimating - 1516 Words Project managers must take cost estimates seriously if they want to complete software projects within budget constraints. After developing a good resource requirements list, project managers and their software development teams must develop several estimates of the costs for these resources. There are several different tools and techniques available for accomplishing good cost estimation. Software development project managers should prepare several types of cost estimates for most projects.... 1,516 Words | 5 Pages
  • Behavioral Cost - 2264 Words 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.... 2,264 Words | 7 Pages
  • Cost & Pricing - 568 Words Transportation Cost & Pricing Transportation Cost & Pricing Compare and contrast the cost structures of rail, motor carriers, and air. When you compare the rail cost structure to that of the cost structures of the motor, and air carriers, you will see that the rail carriers have a high structure cost. “One of the characteristics of railroads as previously noted is the level of fixed costs present in their cost structures.” (Coyle, 2011) These fixed cost exists because the ownership... 568 Words | 2 Pages
  • Memory Cost - 361 Words  Memory Cost In 1957 a 0.00098 KB RAM cost $392. In 1955 the amount of ROM on an IBM hard-drive was 12 MB and $74800 In 1981, an 18 MB hard drive cost $2500. In 1990 RAM costs were $50 per MB. At this cost it was $00.0047 per byte. In 2000 the 2 GB of RAM cost just about $50, which is $00.00000000000174 The price and capacities of RAM and hard drive storage have come a long way in the past 30 years. Based on the information I believe that price of RAM will be able to buy a 100 TB hard drive... 361 Words | 1 Page
  • Cost Accounting - 9310 Words Cost Classifications and Estimation 2.0 Introduction Cost classification may be defined as ‘the arrangement of cost items in a logical sequence having regard to their nature and purpose to be fulfilled’. The term cost must be qualified when in use in order that its precise meaning is established in a particular situation; however, cost refers to the amount of resources that have been diverted from other uses or sacrificed so as to achieve the desired objective. But the term is used to refer to... 9,310 Words | 35 Pages
  • Cost Accounting - 10525 Words MG15903 glo.qxp 10/4/08 07:42 Page 1179 Glossary A abnormal spoilage spoilage that should not occur under efficient operating conditions absorption costing all manufacturing costs are assigned to products: direct material, direct labour, variable and fixed manufacturing overhead acceptable quality level (AQL) the defect rate at which total quality costs are minimised account classification method (or account analysis) the process in which managers use their judgement to classify costs... 10,525 Words | 34 Pages
  • Cost Acc - 527 Words Name of student:_________________ 9 Activity-Based Costing Review Question Answers 9-4 It will require more work. Significant amounts of indirect costs are allocated using only one or two cost pools. All or most costs are identified as output unit-level costs. Products make diverse demands on resources because of differences in volume, process steps, batch size, or complexity. Products that a company is well suited to make and sell show small profits while products for which a company is... 527 Words | 3 Pages
  • Variable Costs - 768 Words Costs and budgets The management of costs is a very important aspect of managing financial resources. If costs are not managed effectively, it can lead to profits being damaged and the business potentially unable today its expense. Keeping within a budget, increasing income in order to cope with change and making sure that working capital is available and money and set aside for emergencies is all part of the balancing exercise. Costs managed to budget McDonald’s budget was adverse as there... 768 Words | 2 Pages
  • Cost Acounting - 492 Words 09/03/2013 Cost Accounting and Control I The Value Chain * Physical Resources * Human Resources Support Services * Accounting * Human Resources * Legal Services * Information Systems * Telecommunnications R&D > Design > Supply > Production > Marketing > Distribution > Customer Service Value of Products and services Primary Processes What is the role of product costs, period costs and expenses in the financial statements Product... 492 Words | 3 Pages
  • Cost Accounting - 3193 Words INTRODUCTION Cost accounting is an important tool in the management of any business firm or organization, which includes those in the small scaled industry. In the cause of our research instrument indicated the maintenance of improper and inadequate records coupled with the fact that cost methods used, through sometimes effective, were unconventional. For a small scale business to approach profit maximization level, it must be effective in cost control procedures and appropriate... 3,193 Words | 14 Pages
  • Cost Structure - 332 Words Like any large business, WaMu relies upon a pre-determined cost structure to account for and control expenses. WaMu primarily realizes transaction costs, fixed costs, and variable costs. Because WaMu doesn’t provide free services per-say, the sunk costs of the structure are fairly minimal. Transaction costs constitute the next smallest portion of WaMu’s cost structure. WaMu is free of infrastructure based transaction costs like those that smaller retailers who use point of sale services... 332 Words | 1 Page
  • Cost Control - 44939 Words COSTING SUPPORT AND COST CONTROL IN MANUFACTURING A COST ESTIMATION TOOL APPLIED IN THE SHEET METAL DOMAIN PROEFSCHRIFT ter verkrijging van de graad van doctor aan de Universiteit Twente, op gezag van de rector magnificus, prof.dr. F.A. van Vught, volgens besluit van het College voor Promoties in het openbaar te verdedigen op vrijdag 3 mei 2002 te 15.00 uur. door Erik ten Brinke geboren op 15 maart 1973 te Hardenberg Dit proefschrift is goedgekeurd door: de promotor 44,939 Words | 156 Pages
  • Cost Audit - 647 Words Cost Audit is the process of ascertaining whether the production, marketing and sales processes as well as other aspects of a business are managed in the most cost effective way. This is essentially an Internal Audit and is done as a tool for optimising management efficiency. The most important benefit is the location of unseen leaks in revenues or unproductive or under- productive employment of resources It is mandatory if the Business is under scrutiny by a financial institution or... 647 Words | 3 Pages
  • Introduction to Cost - 1335 Words CONFIDENTIAL AC/OCT 2010/ACC116/165/211 UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION COURSE COURSE CODE EXAMINATION TIME INTRODUCTION TO COST ACCOUNTING / COST ACCOUNTING ACC116/165/211 OCTOBER 2010 3 HOURS INSTRUCTIONS TO CANDIDATES 1. 2. 3. This question paper consists of five (5) questions. Answer ALL questions in the Answer Booklet. Start each answer on a new page. Do not bring any material into the examination room unless permission is given by the invigilator. Please check to... 1,335 Words | 7 Pages
  • cost accounting - 272 Words 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.... 272 Words | 1 Page
  • Cost Accounting - 3182 Words Origins All types of businesses, whether service, manufacturing or trading, require cost accounting to track their activities.[1] Cost accounting has long been used to help managers understand the costs of running a business. Modern cost accounting originated during the industrial revolution, when the complexities of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions. In the early industrial... 3,182 Words | 12 Pages
  • Standard Costs - 458 Words STANDARD COSTS Setting a budget is never easy as it involves predicting the future and therefore uncertainty. The process is not about getting the budget absolutely right; it is about not getting it too wrong. This budget process may be applied to most revenue budgets that deal with income and costs, but there is also a requirement to produce a capital budget that covers the purchase, sale and replacement of fixed assets. There is normally an investment limit dictated by funding availability... 458 Words | 2 Pages
  • Cost of Inventory - 754 Words Case Study Inventory The Cost of Inventory The general principle for cost inclusion into inventory for US GAAP and IFRS is similar but not exactly the same. First let us look at US GAAP. The basis of accounting for inventories is “cost,” which is explained in ASC 330-10-30 paragraph 1 as “the sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location.” These costs are divided into two different categories,... 754 Words | 2 Pages
  • Cost Method - 410 Words Cost Methods ACC/561 September 4, 2013 Cost Methods Absorption costing is a process in which you relate a portion of your fixed overhead costs to the manufacturing product cost. This process will be done on a per unit term. Divide the fixed costs by the number of units manufactured and sold over the period of the term. This will give you the cost of per unit for the amount made and the amount. With the variable costing unlike the absorption costing you will use the... 410 Words | 2 Pages
  • Cost Control - 2059 Words Chapter 18 Test Bank True/False Questions 1. Indirect compensation includes free meals, life insurance, and discounts on accommodations. (T) * It is a contract between employee and employer * Aim to attract and keep loyal employees * Includes: paid vacation; health benefits; life insurance; free meals; free living accommodation; use of recreational facilities operated by the employer; discounts on accommodations; use of a company vehicle; reimbursement for outside classes;... 2,059 Words | 10 Pages
  • Cost of Production - 7572 Words Ralph T. Byrns Modern Microeconomics 2001 © Chapter 8 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... 7,572 Words | 29 Pages
  • Cost Accounting - 564 Words 1. Determination 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... 564 Words | 3 Pages
  • Depreciation and Cost - 549 Words 1. The primary cause of the current system to fail is the use of a single burden rate. Burden costs of the testing rooms as well as other costs such as admin were grouped into a single cost pool and then divided by the total labor dollars. This resulted to a single burden rate of 145% of direct labor dollars (cost driver). This method is not appropriate for Seligram because the information on the case present that direct labor hours and machine hours vary by product line and activity. In... 549 Words | 2 Pages
  • Cost Analysis - 2374 Words Table of content Introduction: Financing decisions and investment decisions are considered to be two of the most vital decisions that corporations have to take. Cost analysis is one of the factors that should be taken into consideration while evaluating financial and investment decisions. This paper reviews the concept of cost analysis, how it is used in decision making, and how firms usually involve cost analysis in evaluating different projects. Furthermore, the paper discusses some of... 2,374 Words | 7 Pages
  • Cost Sheet - 976 Words Cost sheet is a statement, which shows various components of total cost of a product. It classifies and analyses the components of cost of a product. It is a statement which shows per unit cost in addition to Total Cost. Selling price is ascertained with the help of cost sheet. The details of total cost presented in the form of a statement is termed as Cost sheet. Cost sheet is prepared on the basis of : 1. Historical Cost 2. Estimated Cost Historical Cost Historical Cost... 976 Words | 4 Pages
  • Cost Allocation - 692 Words Cost Allocation University of Phoenix Accounting in Healthcare ACC561 December 12, 2010 Cost Allocation Transfer Pricing [pic] [pic] Transfer pricing is a value attached to the output of a department to measure the value of the trade with other departments within the organization. Transfer prices will not affect the organization’s profit results. This contributes directly to the process of departmental performance measurement and indirectly to the measurement of a... 692 Words | 3 Pages
  • Cost Management - 302 Words 3-57 A. The investors and creditors are interested in knowing things like CVP because it is a very easy way to address how much money sales a company needs in order to make a profit. They care if the sales mix is accurate because if the sales mix is different, it because a completely different calculation. B. The first financial model was not useful because it did not separate fixed and variable cost. That means a CVP analysis cannot be done. It separated costs into manufacturing and cost... 302 Words | 1 Page
  • Cost Management - 332 Words Name: Course: Tutor: Date: Answers to the questions: 1. In my opinion, the firm should not close its domestic operations due to the tremendous difference in wage rates. Because total costs include not only the cost of labor. Production at the firm's foreign subsidiary has many advantages. The cost to transport products to the firm's distribution center is cheaper than at the domestic plant in eighteen times. Internal company has a lower the price of cotton fabrics and much more productivity of... 332 Words | 1 Page
  • Sunk Costs - 371 Words Sunk costs are costs that are irrecoverable. It’s something that you already spent and that you won’t get back, regardless of future outcomes. And remember that the greatest example of sunk cost you pay is with your own time, and which you will not be able to recover: all that you lived up until now is gone — you just can’t reclaim that time. Stop clinging to the past and make the most of your life right now. One of the most important lessons about economic costs is that sunk costs are... 371 Words | 1 Page
  • Costs and Location - 1204 Words 1. A car rental agency uses 96 boxes of staples a year. The boxes cost $4 each. It costs $10 to order staples, and carrying costs are $0.80 per box on an annual basis. Determine: (A) the order quantity that will minimize the sum of ordering and holding boxes of staples (B) the annual cost of ordering and carrying the boxes of staples 2. . A service garage uses 120 boxes of cleaning cloths a year. The boxes cost $6 each. Ordering cost is $3 and holding cost is 10 percent of purchase cost... 1,204 Words | 4 Pages
  • Cost Accounting - 4008 Words CHAPTER 14: PROCESS COSTING AND THE COST ACCOUNTING CYCLE Multiple Choice c 1. ABC Company made the following journal entry. Work in Process Inventory $200,000 Direct Labor $188,000 Direct Labor Rate Variance 12,000 From this entry we can tell that ABC uses a. job-order costing. b. process costing. c. standard costing. d. normal costing. d 2. CDE... 4,008 Words | 21 Pages
  • Cost Accounting - 2978 Words CHAPTER 1 The Accountant’s Role in the Organization If you have not already read the Introduction page, do so now. It describes the purposes and contents of the Student Guide and recommends a six-step approach for using the Student Guide with the textbook. Overview Welcome to the study of cost accounting. This introductory chapter explains the intertwining roles of managers and management accountants in choosing an organization’s strategy, and in planning and controlling its... 2,978 Words | 18 Pages
  • Cost and Benefit - 1077 Words Cost Benefit Analysis A cost benefit analysis is done to determine how well, or how poorly, a planned action will turn out. Although a cost benefit analysis can be used for almost anything, it is most commonly done on financial questions. Since the cost benefit analysis relies on the addition of positive factors and the subtraction of negative ones to determine a net result, it is also known as running the numbers. A cost benefit analysis finds, quantifies, and adds all the positive factors.... 1,077 Words | 4 Pages

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