Problem 2-43 (35 minutes) 1. San Fernando Fashions Company Schedule of Cost of Goods Manufactured For the Year Ended December 31‚ 20x2 Direct material: Raw-material inventory‚ January 1 $ 40‚000 Add: Purchases of raw material 180‚000 Raw material available for use $220‚000 Deduct: Raw-material inventory‚ December 31 25‚000 Raw material used $195‚000 Direct labor 200‚000 Manufacturing overhead: Indirect material
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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‚ pricing Future Longer-term strategic decisions Future Long-term pricing Future Plan future product-related costs Future Control of product costs Current Reimbursement contracts Current External reporting (inventory
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Opportunity Cost Scarcity of resources is one of the more basic concepts of economics. Scarcity necessitates 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 (the next best alternative) as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost contrasts to accounting cost in
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Boys & Girls Clubs of America is a program that was introduced in the 1860’s in Hartford Connecticut. “Believing that boys who roamed the streets should have a positive alternative‚ they organized the first Club. A cause was born.” Now made up of more than 4‚300 clubs and in their 103rd year‚ the goal of these clubs is “to enable all young people‚ especially those who need us most‚ to reach their full potential as productive‚ caring‚ responsible citizens.” Boys & Girls Clubs across the country
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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. Even
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to be a man by joining the fight club. The men have gained the perception that to show off as a man‚ they get to feel the true sense of being. This has caused the men to think that if they are part of the fight club‚ they are following the correct meaning of manliness. The fight club has become a place for the men to let out their anger. As it all began with Tyler asking the narrator “to hit [him] as hard as [he] can‚” it led to the expansion of their fight club (Palahniuk 46). When this occurred
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Microeconomics Topic 6: “Be able to explain and calculate average and marginal cost to make production decisions.” Reference: Gregory Mankiw’s Principles of Microeconomics‚ 2nd edition‚ Chapter 13. Long-Run versus Short-Run In order to understand average cost and marginal cost‚ it is first necessary to understand the distinction between the “long run” and the “short run.” Short run: a period of time during which one or more of a firm’s inputs cannot be changed. Long run: a period of time during which
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Mohan is a kitchen hand supervisor at Janani Restaurant situated in southern suburb of Sydney. Mohan is responsible to supervise five people working in kitchen. Mohan has been working in the restaurant for the past one year. Mohan has seen many people come and go under his supervision‚ however‚ restaurant manager‚ Abiral‚ is happy with Mohan’s performance and with his supervisory skills that he has displayed over the years. Mohan is also motivated to work as he has not had to face any major complaints
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PEACE Domestic Violence Agency is dedicated to the community in reducing victim trauma‚ empowering survivors‚ and to promote recovery through direct services. The objectives are to promote the well-being of people who has been affected by domestic violence‚ and to educate people about domestic violence. So basically this program is there to help those who need it the most people who think they cannot get out or people who need to know the facts about domestic violence and what it can do to people
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Strengths: - Good execution of the strong intro with both the TSI team member. - Nancy also does a good job of foreshadowing why she is asking questions for security. - Good specific acknowledgements at the start of the phone call. Example: "I can verify if that appraisal was paid..." - Nancy goes on to advise the third party that she will send the paid invoice‚ showing $0. It sounds like the third party had recieved an older version of this document with different numbers showing. - Nancy
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