manufacturing cost categories: Direct Materials Cost: The materials that go into final product are called raw materials. Direct Labor Cost: The term direct labor is reserved for those labor costs that can be essentially traced to individual units of products. Direct labor is sometime called touch labor‚ since direct labor workers typically touch the product while it is being made. Manufacturing Overhead Cost: Manufacturing overhead‚ the third element of manufacturing cost‚ includes all costs of manufacturing
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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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Title: PHINMA Time Context: 1995 Summary: PHINMA’s presence in the Philippine cement industry began in 1956 when the company was founded by several Filipino investors‚ principally Mr. Ramon del Rosario Sr. and Engr. Filemon Rodriguez. It purchased ownership of Bacnotan Cement Co. from the government. In 1969‚ PHINMA constructed a second plant‚ the Davao Union Cement Co.‚ under a turnkey agreement with F.L. Smidth of Denmark. In 1976‚ the Rizal Cement company‚ owned by the Madrigal family
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Cost Accounting Cost accounting is a step further to and a refinement of financial accounting in which cost of manufacturing and selling each product or job or rendering service is determined‚ not at the time of accounting period but at the time when the product is manufactured or any service is rendered. In simple words‚ costing is a systematic procedure for determining the unit cost of output produced or services rendered. It provides for an analysis of the expenditure which enables the management to
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indirect cost Direct cost- We can easy compare direct to fixed cost. They are very similar. Direct cost we can name this cost which are directly attributable to the sale of a product. Direct costs can be identified specifically with a particular sponsored project‚ or that can be directly assigned to such activity relatively easily with a high degree of accuracy.It is necessarily to good understand that cost shared expenditures are considered to be direct costs. We have 3 types of direct cost: • direct
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the need for a bigger stadium‚ and more complaints about seating‚ parking‚ long lines‚ and concession stand prices (see Southwestern University: C‚ in Chapter 6). Southwestern University’s president‚ Dr. Joel Wisner‚ was not only concerned about the cost of expanding the existing stadium versus building a new stadium‚ but also about the ancillary activities. He wants to be sure that these various support activities generate revenue adequate to pay for themselves. Consequently‚ he wants the parking
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done this assignment. The purpose of this assignment is to gather practical experience. By this assignment one can know about the costing system of a company. How a company manages their cost‚ whether they follow the accounting system or not- to know this‚ is the prime objective of this assignment. By gathering the cost information of a company one can analyze it and also can give suggestions to improve their costing system for more profit. Figure: Objectives of the assignment
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COST OVERRUN FACTORS AND PROJECT COST RISK ASSESSMENT IN CONSTRUCTION INDUSTRY - A STATE OF THE ART REVIEW SAVITA SHARMA 1 & PRADEEP K. GOYAL 2 1 Senior Lecturer‚ Department of Civil Engineering‚ Govt. Polytechnic College‚ Ajmer‚ Rajasthan‚ India 2 Associate Professor‚ Department of Civil Engineering‚ Govt. Engineering College‚ Ajmer‚ Rajasthan‚ India ABSTRACT This paper presents a state of the art review of major and frequently occurred cost overrun factors and project cost risk assessment
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Cost Reduction in the Automobile Industry—Case Studies of the Chinese Market University of Halmstad School of Business and Engineering Master ’s Programme Master’ Cost Reduction in the Automobile Industry —— Case Studies of the Chinese market Studies October 25‚ 2012 Authors: Xu Zhiran ------ 890212-T253 Zhou Mengxiao------ 890315-T432 Supervisor: Nataliya Galan Examiner: Jonas.Gabrielsson i Cost Reduction in the Automobile Industry—Case Studies of the Chinese Market
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There are many reasons why people wanted to reform the factories in the industrial revolution. The factories were very dangerous to work in‚ there were a lot of accidents‚ punishments and the food was horrible. A lot of children worked very long shifts in tightly packed conditions under the machines‚ which they had to clean and oil. This resulted in the children growing up with deformed bodies. According to a supervisor working in a factory in 1833 he found it very hard to keep his workers awake
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