Estimated cost allocation base = = $1‚150‚000 25‚000* direct labor hours = = $46 per direct labor hour *When calculating plantwide overhead rates‚ all direct labor hours incurred in the plant are used. (continued) E 4-22A Req. 2 Departmental overhead rate Machining Dept. overhead rate = = Finishing Dept. overhead rate Total department overhead Cost allocation base (estimated) = $825‚000 13‚750 machine hours $60 per machine hour $325‚000 13‚000** direct
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Absorption Costing -Overview 1. Overview of Absorption costing and Variable Costing 2. Review how costs for Manufacturing are transferred to the product 3. Job Order Vs. Process Costing 4. Overhead Application -Under applied Overhead -Over applied overhead 5. Problems with Absorption Costing 6. Concluding Comments Absorption Costing The focus of this class is on how to allocate manufacturing costs to the product. -Direct Materials -Direct Labor -Overhead Absorption
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Confucianism Beliefs: • One of Conficius’s most important tenets was respect for different family members and reverent treatment for the elder members of any society or group. • He simply wanted to instruct others in his ideas and help them behave morally. • Confucius wanted his fellow men to be upright and honorable‚ and to uphold the standards of behavior that had distinguished the Chinese empire in years past. • Confucius encouraged moderate behavior‚ thought‚ and action; • He asked all
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TRUE or FALSE Management Information Systems‚ 13e (Laudon/Laudon) Chapter 1 Information Systems in Global Business Today 1) Internet advertising is growing at approximately 10 percent a year. Page Ref: 6 2) Developing a new product‚ fulfilling an order‚ and hiring a new employee are examples of business processes. Page Ref: 11 3) A fully digital firm produces only digital goods or services. Page Ref: 11 4) A business model describes how a company produces
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Process Costing Objectives ☯To understand what is process costing ☯To understand the physical flow and basic entries in a process costing system ☯To be able to calculate the production cost able in a process costing system by using the the Weighted Average method 1 Comparison of Job-Order Costing and Process Costing JobJob-order costing The oil refining process starts with a fractional distillation column. Typical Application of Process Costing Process Costing Process
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MARGINAL COSTING Introduction This paper explores the use of cost accounting information for decision-making purposes. DEFINITION OF KEY TERMS Marginal cost: This is the cost of a unit of a product or service‚ which would be avoided if that unit or service was not produced or provided Break-even point: This is the volume of sales where there is neither profit nor loss. 1 9 6 COST ACCOUNTING S T U D Y T E X T Margin of safety: This is the excess of sales over the break-even volume in
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Entrepreneurship: Successfully Launching New Ventures‚ 4e (Barringer/Ireland) Chapter 1 Introduction to Entrepreneurship Study Guide 1) According to the Global Entrepreneurship Monitor (GEM) 2010 survey‚ about ________ of adults in the United States are either starting a business or are running a business that has been in existence for less than 3 1/2 years. -7.6% 2) Which of the following statements regarding business success (or failure) rates is correct? -After Four years‚ 50 percent
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been imposed on him by sec. 31 of the N.I Act‚ 1881. * A banker is bound to honour his customer’s cheque‚ to the extent of the funds available and the existence of no legal bar to payment. * Again‚ for making payment the cheque must be in order and it must be duly presented for payment at the branch where the account is kept. * The paying banker should use reasonable care and diligence in paying a cheque‚ so as to abstain from any action likely to damage his customer’s credit. * If
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Process Costing Vs. Job Order Costing Manufacturers use different types of costing systems to allocate production costs to their products and services. Two types of common product costing systems are process costing and job-order costing. While each system applies the same production costs to products‚ there are distinct variances in the application method. Process Costing o Process costing applies production costs to products based on the process they go through in the manufacturing process.
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basic human resource management responsibility of | developing a quality workforce | | Cynthia has always performed well in her job‚ and has received good performance appraisals. She has been denied a promotion to a more lucrative sales position because she was told she “is not attractive enough” for the position. Cynthia is likely a victim of | job discrimination | Which of the following laws is intended to protect individuals over age 39? | None of these | Analyzing existing
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