Is the Cost of Education Too High? Education is a human right. At the core of education is the development of societal and individual cultural identity. Education makes people neither tired nor rich and can make all people equal through social justice. Social justice is the precondition for sustainable human development and peaceful coexistence. Every child has the right to an education and every person has a right to satisfy their basic learning needs. However‚ in recent years‚ education
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WHAT ARE COSTS AND PROFITS? HUNGRY HELEN’S COOKIE FACTORY • Helen‚ the owner of the cookie factory‚ buys flour‚ sugar‚ flavorings‚ and other cookie ingredients. • She also buys the mixers and the ovens and hires workers to run the equipment. • She then sells the resulting cookies to consumers. 2 TOTAL REVENUE‚ TOTAL COST‚ AND PROFIT • The amount that Helen receives for the sale of its output (cookies) is its total revenue. • The amount that the firm pays to buy inputs (flour‚ sugar‚ workers
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the number of setups‚ machine hours and outgoing shipments‚ which are the activities’ three respective cost drivers‚ follow: Luxury Exclusive Setups 50 30 Machine hours 16‚000 22‚500 Outgoing shipments 100 75 The firm’s total overhead of $3‚080‚000 is subdivided as follows: manufacturing setups‚ $672‚000; machine processing‚ $1‚848‚000; and product shipping‚ $560‚000. REQUIRED: a) Calculate the unit manufacturing cost of Luxury and Exclusive electric sleeping bags by using the
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Labor Cost Cutting Strategy In a sluggish economy‚ it is more important than ever for businesses to cut costs. Knowing how to reduce the cost of paying employees without reducing product quality‚ dropping employee morale or otherwise sacrificing the way you do business can be the difference between being in the red or the black at the end of the year. Stop the Overtime * Don’t pay overtime unless it is absolutely necessary. Remember that you must pay non-exempt employees 1 1/2 times their
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Chapter 2—Cost Terminology and Cost Behaviors MULTIPLE CHOICE 1. The term "relevant range" as used in cost accounting means the range over which a. | costs may fluctuate. | b. | cost relationships are valid. | c. | production may vary. | d. | relevant costs are incurred. | ANS: B PTS: 1 DIF: Easy OBJ: 2-2 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Measurement‚ Reporting 2. Which of the following defines variable cost behavior
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P 69‚994. If the cost of making a forging is P 56 per unit and its selling price is P 135 per forged unit‚ find the number of unit to be forged to break-even. Solution: Let: x = number of units to be forged to break-even Income = 135x Expenses = 69‚994 + 56x To break-even: Income = Expenses 135x = 69‚994 + 56x 79x =69‚994 x = 886 units Steel drum manufacturer incurs a yearly fixed operating cost of $ 200‚000. Each drum manufactured costs $ 160 to produce and
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Denning‚ Contributor R ADIC AL MANAGEMENT: R e think ing le ade rship and innovation L EA D ER S H I P | 11/20/2012 @ 10:52AM | 168‚820 vie ws What Killed Michael Porter’s Monitor Group? The One Force That Really Matters What killed the Monitor Group‚ the consulting firm co-founded by the legendary business guru‚ Michael Porter? In November 2012‚ Monitor was unable to pay its bills and was forced to file for bankruptcy protection. Why didn’t the highly paid consultants of Monitor use
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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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Cost Concepts for Managerial Decision Making Prepared for instructional use in Economics For Managers ECG 507 College of Management North Carolina State Universiy © Stephen E. Margolis 2000 Soon we will be using the concepts of cost that are presented in Landsburg’s chapters five and six to analyze market behavior of firms. With a bit of interpretation‚ however‚ these concepts have immediate application to ordinary decisions that
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