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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Question 1: (a) Suppose the income elasticity of demand for pre-recorded music compact disks is +5 and the income elasticity of demand for a cabinet maker’s work is +0.5. Compare the impact on pre-recorded music compact disks and the cabinet maker’s work of a recession that reduces consumer incomes by 10 per cent. (2 marks) (b) How might you determine whether the pre-recorded music compact discs and MP3 music players are in competition with each other? (2 marks) (c) Interpret the
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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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the features of the disease is fixed airflow obstruction which is where the patient’s FEV1/FVC ratio is less than 0.7. The reduction of this ratio is caused by parenchymal and airway damage resulting from chronic inflammation (Nice.org.uk‚ 2010). Fixed airflow obstruction is more commonly found in severe asthma with a prevalence of approximately 49%. Asthma patients that developed the disease during adulthood have been found to be at a threefold risk of suffering fixed airflow obstruction‚ but it has
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Behavioral Costing British Aerospace case study A. Introduction When we think about the cost of an aircraft‚ we tend to think of the cost of buying the product rather than the costs of running it! British Aerospace’s service to the customer does not stop at the aircraft acquisition stage‚ when the airplane is sold to the customer. If anything‚ this is when the customer relationship begins. This case study focuses upon the processes involved in behavioral costing aircraft components. Given
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manufacturing or trading‚ require cost accounting to track their activities.[1] Cost accounting has long been used to help managers understand the costs of running a business. Modern cost accounting originated during the industrial revolution‚ when the complexities of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions. In the early industrial age‚ most of the costs incurred by a business were what modern
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Laurel feels like now that her and Sky broke up she feels like the same loss is how she felt when she found out what happened with May. I feel after Sky broke up with her she felt that loss of something almost like a flashback to how it must of felt when May probably passed away. It was super hard of her when he broke with her she couldn’t face him without wailing. Now that the two most important people in Laurels life that she loved and truly cared for is no longer are with her. She’s really feeling
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having a purely fixed line network vs. a purely cellular network. When making this decision there are several things to consider‚ the most important is what this network is going to be used for. I am going to first go over the fixed line network then follow up with the cellular network. At the end of this paper I will do a recommendation to a new company that wants to open up a Skype- style service as to whether they should use a fixed line or a cellular network. Fixed line telephones
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The Alternative Service Break in Alaska is a trip sponsored by North Carolina State University’s Center for Student Leadership‚ Ethics and Public Service (CSLEPS) office. This service break trip sends students to Hoonah‚ Alaska to volunteer in the local community. Activities include helping in Hoonah City Schools classrooms‚ assisting the local Boys and Girls Club‚ and visiting the Hoonah Senior Center. In her free time‚ she will be learning the Tlingit language as well as the local traditions and
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rivalry •Barriers to entry •Threat of substitutes •Supplier power •Buyer power 2 What is a Business Plan? Document that thoroughly explains a business idea and how it will be carried out • Story of what the business is & will be • All costs & a marketing plan • Description of financing • Estimation of earnings 2 Why Do You Need a Business Plan? Saves time & money Key to raising capital Serves as an operations guide 2 Business Plan Components Cover page Management
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