"Limiting factors situation under marginal costing systems" Essays and Research Papers

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    Question 1 (Limiting Reagent) 15.00 g aluminum sulfide & 10.00 g water react until the limiting reagent is used up. [Atomic mass: H = 1.008‚ Al = 26.98‚ S = 32.07‚ O = 16.00] Here is the balanced equation for the reaction: Al2S3 + 6 H2O ( 2 Al (OH)3 + 3 H2S (i) Which of the two reactants is the limiting reagent? (ii) What is the maximum mass of H2S which can be formed from these reagents? (iii) How much excess reagent remains after the reaction is complete

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    Observing a Limiting Reactant An experiment was carried out to predict the limiting reactant in a chemical reaction between Magnesium and Hydrochloric acid‚ using the mole concept. Limiting Reactant: It is the reactant that will deplete or will be used up first during a chemical reaction. Limiting reactant also determine how long the reaction will last for. Balanced Equation: Mg + 2HCl = MgCl2 + H2 The balanced equation is needed to determine the mole ratio between the two reactants. From

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    Process Costing

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    I. Discuss Process Costing‚ clearly bringing out its advantages and disadvantages. DEFINITION Costs are accumulated in costing systems. According to Glautier and Underdown (2001)‚ the development of costing systems reflects the manner in which accounting methods have been adapted to the needs of different forms of activity and technology‚ and also to the appearance of advanced manufacturing techniques that have been a feature of recent years. Cost accounting systems allow full product costs to

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    Kaizen Costing

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    Kaizen Costing What is Kaizen costing? Kaizen is a Japanese term that means continuous improvement. Kaizen events can be defined as making improvements through a process that emphasize small incremental amounts rather than large or radical improvement. Therefore in order to achieve this kaizen costing not include only continuous cost reduction but also continuous improvement of performance by increase the efficiency throughout the process. Why we need Kaizen costing? Market prices of a product

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    The cost of a product under marginal costing or variable costing includes only the variable costs of making the product. The variable costs include direct material‚ direct labour and variable overheads. Variable costs per unit approximate the marginal cost of making another unit of a product. Selling price minus variable costs adds up to contribution. Contribution is the amount of money available to cover the fixed costs and afterwards to contribute to profit. The fixed costs are treated as period

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    Costing Sheets

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    Product Identification Costing Sheet I have a dish of grilled lamb chops with tomatoes and olives‚ honey lime carrots‚ and roasted red potatoes with garlic and rosemary. After costing out every item in the recipe I got a subtotal of $104.56. Once I introduced a Q-factor of 3% into the costing‚ I came up with a subtotal with Q-factor of $107.70. My yield of the dishes is 10 plates‚ so taking the subtotal with a Q-factor and dividing it by 10‚ makes it $10.77 per dish‚ then add in a dollar for extra

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    Marginal Revenue Wgu

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    There a many factors that a company will review before knowing the maximum profit that can be obtained for their industry. Marginal revenue‚ marginal cost‚ total cost and profit-maximizing are some of the concepts that are analyzed when making business production decisions. Marginal revenue is the total revenue that is changed when one more unit of output is produced. The total revenue is determined by multiplying the unit price by what quantity the company can sell. The total revenue increases

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    abc costing

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    DL hrs $75 $ 280 × $ 435 Req. 5 The single plantwide rate undercosts Job 450 and undercosts Job 455. Since Donovan sets the sales price at 125% of cost‚ and the job cost is affected by the allocation system used‚ the sales price will be affected by the allocation system used. (15-20 min.) E 4-23A Req. 1 West Horizon Computation of Cost Allocation Rates Activity Materials handling Machine setup Insertion Finishing Total Activity Overhead (est.) $13‚200 $ 5‚200

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    Processing Costing

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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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    PROCESS COSTING

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    Job Costing Job costing is the process of tracking the expenses incurred on a job against the revenue produced by that job. Job costing is an important tool for those who are pairing a relatively high dollar volume per customer with a relatively low number of customers. For example‚ building contractors‚ subcontractors‚ architects and consultants often use job costing‚ whereas a hardware store or convenience store would not use job costing. Job costing using accounting software enables you to track

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