Nibert argues about the treatment of domesticated animals on factory farms. Many campaigns‚ legislations‚ and ballots have made people switch over to a safe and friendly way of obtaining our food. This strategy called the new welfarism promotes continued oppression of domesecrated and the underlying global injustices and dangers that accompany it (Nibert 259). The welfarism reflects the historical pattern of elites consuming our “meat.” The more affluent consume our chemical free‚ “humanely” produced
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Ronald Coase noted‚“The cost of doing anything consists of the receipts that could have been obtained if that particular decision had not been taken.” For example‚ the opportunity set for this Friday night includes the movies‚ a concert‚ staying home and studying‚ staying home and watching television‚ inviting friends over‚ and so forth. The opportunity cost of taking job A included the forgone salary of $102‚000 plus the $5‚000 of intangibles from job B. Opportunity cost is the sacrifice of
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manufacturing cost categories. LO2 Distinguish between product costs and period costs and give examples of each. including calculation of the cost of goods sold. LO4 Prepare a schedule of cost of goods manufactured. LO5 Understand the differences between variable costs and fixed costs. LO6 Understand the differences between direct and indirect costs. LO7 Define and give examples of cost classifications used in making decisions: differential costs‚ opportunity costs‚ and sunk costs. LO8
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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 into one cost pool‚ a grouping of individual indirect cost items‚ and they are applied to products on the basis of a single variable that costs over a given time span (cost driver) that is closely related to production
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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 recording
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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 one additional basketball per day‚ total costs would increase to $10‚100. From these amounts‚ we can tell that a. the firm has negative profit. b. marginal cost equals $100. c. marginal cost equals $150. d. marginal cost equals marginal revenue. 2. A retailer has to pay $9 per hour to hire 13 workers
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activities; c. Productive activities‚ such as finished goods transportation‚ storage‚ customer contact‚ order processing‚ etc. d. Sales activities to let customers understand and buying of goods‚ such as advertising‚ promotion‚ marketing agency costs‚ etc; e. Service activities‚ including training‚ repair‚ maintenance‚ components renewal etc‚ aiming at improving the added value of products. Auxiliary activities: a. Procurement activities‚ to refer to the purchase of used in enterprise value
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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 essential
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Since factory farming helps with the mass production of meat‚ is it still a good idea? I believe that factory should be banned. Factory farming is cruel‚ makes the meat low quality‚ the animals are seen as products‚ and factory farming contributes to making pollution. Factory farms treat the animals in a cruel manner. The farms help contribute to make pollution into our environment. The farms make the meat at a low cost‚ because the quality of the meat is not very good. Factory farms treat the
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Cost Classifications for Decision-Making. Every decision involves choosing from among at least two alternatives. Only those costs and benefits that differ between alternatives are relevant in making the selection. This concept is explored in greater detail in the chapter on relevant costs. However‚ decision-making contexts crop up from time to time in the text before that chapter‚ so it is a good idea to familiarize students with relevant cost concepts. 1. Differential Costs. A differential cost
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