* Standard Costing Introduction Cost figures‚ in general‚ can be divided into two broad categories. They are Historical Costs and Standard Costs. Historical costs are available‚ after they are incurred. Such cost figures may have some value‚ once they are analysed. By analysis‚ the inefficiencies and deficiencies in production may be detected. However‚ the damage would have occurred‚ by the time the analysis under Historical costs is made. Analysis can be done only after the completion of the
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CASE STUDY ANALYSIS ON XYLYS: EXPLORING CONSUMER PERCEPTION ABOUT PREMIUM WATCHES IN THE INDIAN CONTEXT SUBMITTED TO: - SUBMITTED BY:- Professor Dr. D.D Swain Iliyas ahmad Associate Professor (Marketing) 1st Year PGDM DECLARATION I Iliyas ahmad‚ student of IMI Bhubaneswar PGDM 2012-2014 1st batch
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Introduction * Meaning of Standard Costing: Standard costing is simply the name given to a technique whereby standard costs are computed and subsequently compared with the actual costs to find out the differences between the two. These differences are then analyzed to know the causes thereof so as to provide a basis of control. * Standard Costing: According to BROWN and HOWARD “Standard costing is a technique of cost accounting which compares the standard cost of each product or service
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Consumer Expenditure and Equi-marginal Utility Consumer behaviour theory tries to explain the relationship between price changes and consumer demand. Utility is a concept used to denote the subjective satisfaction or usefulness attained from consuming goods and services. This concept helps to explain how consumers divide their limited income / resources among different choices of goods and services that help attain them satisfaction (utility) The issue however is how we are supposed to measure
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to produce; concepts of production possibility frontier and opportunity cost. 10 Periods Unit 2: Consumer Equilibrium and Demand 32 Periods Consumer’s equilibrium – meaning of utility‚ marginal utility‚ law of diminishing marginal utility‚ conditions of consumer’s equilibrium using marginal utility analysis. Indifference curve analysis of consumer’s equilibrium-the consumer’s budget (budget set and budget line)‚ preferences of the consumer (indifference curve‚ indifference map) and conditions
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project experience can use the BOE to understand and assess the estimate‚ independent of any other supporting documentation. A well-written BOE achieves those goals by clearly and concisely stating the purpose of the estimate being prepared (i.e. cost study‚ project options‚ funding‚ etc.)‚ the project scope‚ pricing basis‚ allowances‚ assumptions‚ exclusions‚ cost risks and opportunities‚ and any deviations from standard practices. In addition the BOE is a documented record of pertinent communications
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Differences between Activity-Based Costing and Traditional Cost Strategy Activity-based costing (ABC) is a costing model that identifies overhead activities in an organization and assigns the cost of each activity resource to all products and services according to the actual consumption‚ while traditional costing equally distributes all overhead expenses. Thus‚ an organization employing ABC‚ can precisely estimate the cost of its individual products and services for the purposes of identifying and
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Contents Page Page 1 Executive Summary 5 2 Introduction 6 3 Current Costing System 7 3.1 Limitations 7 3.2 Potential Consequences 8 4 Activity Based Costing System 9 4.1 Appropriate Approach 9 4.2 Overcome Consequences 10 5 Tables 5 and 3 11 6 Analysis 12 6.1 Current Costing System 12 6.2 Activity Based Costing System 12 6.3 Differences in Total Product Costs 13 7 Recommendation 14 8 Conclusion 15
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Date: July 29‚ 2013 To: Rubrics Corporation From: Group 1 RE: Activity-Based Costing and Management Objective and Purpose It is said that Rubrics Corporation is no longer satisfied with single direct cost driver‚ which is also called Traditional Volume-Based Product-Costing System‚ because it is not accurate. A shortcoming or overloading of cost occurs when they use Traditional Volume-Based Product-Costing System to calculate cost of producing four products: Widgets‚ Gadgets‚ Smidgets‚ and Smadgets
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Using the simulation in the spreadsheet would yields Q=584 b. [pic] Problem #2 a. Using solver to solve the embedded model in the Excel sheet or by trying different values for h the optimum value will be obtained as “h=4” b. Marginal Revenue = Marginal Benefit [pic] c. Optimal profit from Problem #1 = 331 Current optimal profit = 371 The difference is due to the effect of Sheen’s effort on the demand. This relation is not surprising. Players in the different stages
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