Cost Sheet Format Particulars Amt (Rs.) Amt (Rs.) Opening Stock Of Raw Materials xxx Add: Purchase Of Raw Materials xxx Purchase Expenses xxx Less: Closing Stock Of Raw Materials xxx Defective Materials Returned xxx I. Raw material Consumed xxx II. Add: Direct Labor xxx Factory Wages‚ Productive Wages xxx Less: Abnormal Idle Time xxx III. Add: Direct Expenses Excise Duty xxx Royalty paid on production Basis xxx Hire Charges on Special plant
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Introduction Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. When economists use the word "cost‚" we usually mean opportunity cost. The word "cost" is commonly used in daily speech or in the news. For example‚ "cost" may refer to many possible ways of evaluating the costs of buying something or using a service. Friends or newscasters often say "It cost me $150 to buy the iPhone I wanted." Definitions and Basics Opportunity Cost‚ from the Concise
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The Rising Cost of Incarceration Michael Horn Faulkner University Courts MJA 5360 Dr. Monica E. Jayroe April 17‚ 2013 Abstract The rising cost of overcrowded corrections and potential solutions are discussed. Alternatives to incarcerations such as probation‚ house arrest and fines are just a few of the topics explored. Understanding the problems with the system will help to alleviate the cost along with the correct level of justice associated with crime. A State has a limited amount
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The Rising Cost of Healthcare There is no doubt that healthcare cost are rising out of control. No one likes the increases‚ but it is far more understandable when considering all the reasons for these increases. American people look at their insurance bills‚ co-pays and drug costs‚ and can’t understand why they continue to increase. The insured should consider all of these reasons before getting upset.
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ADVANTAGES OF COST ACCOUNTING 1. Fixation of responsibility: Whenever a cost center is established‚ it implies establishing a kind of relationship between superior and subordinates. Thus responsibilities are fixed on every individual who is concerned with incurrence of cost. 2. Measures economic performance: By applying cost control techniques such as budgetary control and standard costing it helps in assisting the performance of business. 3. Fixation of price: By providing cost data it
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objective was to maximize the firm’s cash position relative to the rest of the class. Using 50 days of historical data‚ the team reviewed re-order points‚ re-order quantity‚ capacity‚ lead times‚ and therefore contract terms. The team also weighed the cost of new machines against capital for inventory and interest rates‚ evaluating the return on investment and the impact a new machine had on lead times. Using this consideration set‚ team Honeybadgers purchased one tuning machine‚ one stuffing machine
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determine if the company is actually making money with their customers. With future growth imminent due to the success of their products‚ it was important that effort was taken to ensure that variable selling‚ general‚ and administrative (SG & A) costs did not increase faster than sales revenue. As Kanthal expanded operations and increased their market share‚ they captured business by meeting their customers ’ expectations for increased service. Increased demands were placed on their production and
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Low-Cost Carrier A low-cost carrier or low-cost airline (also known as a no-frills‚ discount or budget carrier or airline or cheap flight) is an airline that generally has lower fares and fewer comforts. To make up for revenue lost in decreased ticket prices‚ the airline may charge for extras like food‚ priority boarding‚ seat allocating‚ and baggage etc. The term originated within the airline industry referring to airlines with a lower operating cost structure than their competitors. While the
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Product and Service Costs Output represents one of the most important cost objects. There are two types of output: products and services. Products are goods produced by converting raw materials through the use of labor and indirect manufacturing resources‚ such as the manufacturing plant‚ land‚ and machinery. Televisions‚ hamburgers‚ automobiles‚ computers‚ clothes‚ and furniture are examples of products. Services are tasks or activities performed for a customer or an activity performed by a customer
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inEurope‚ which meant that Ryanair was taking a big risk by deciding to enter this market. At the moment the airline passenger market was a complex one‚ since the governments would highly control it. Additionally‚ the airline industry has high fixed costs‚ which was something that Ryanair needed to take into account if the company wanted to face its already experienced competitors. However the Ryan brothers knew that it was important to fly this route‚ and so they decided to follow an aggressive strategy:
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