Product cost is the cost of direct labor‚ direct materials‚ and manufacturing overhead that are consumed to create a product. Product cost can also be considered the cost of the labor required to deliver a service to a customer. Direct Material Cost Definition: Direct material cost is the cost of materials used to manufacture a product or provide a service. Direct Labor Definition: Direct labor is production or services labor that is assigned to a specific product‚ cost center‚ or work order
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Cost Accounting – Classification of costs Cost accounting refers to a process of accumulating‚ recording‚ classifying and analyzing all costs incurred at various levels of production. The purpose of cost accounting is manifold. It provides a final selling price‚ suggests the best possible course of action where maximum savings are possible and a strategy for future. Cost accounting is also constructive in comparing the input and output results that ultimately aids the management to arrive at a financial
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Our society’s idea of prevention is to limit the availability of drugs (Hart & Ksir‚ 2011‚ p. 400)‚ but this is not essentially the best way. Addiction affects everyone. According to the National Institute on Drug Abuse (NIDA)‚ substance abuse cost our nation “more than $484 billion dollars (The National Institute on Drug Abuse ).” So although you might not be directly impacted by drug abuse‚ as a whole your tax dollars are spent on fighting the war on drugs. Currently there are several different
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goods which is essential to keeping customers satisfied. Delivery vehicles along with high demand inventory are also kept at various warehouses across the country. This allows for quicker delivery times and is more cost effective for the organisation as it reduces fuel and employment costs. All of this gives us a competitive advantage as customers not only wants quality goods but they rely upon a quick and predictable delivery service. Being situated in key locations across the country close to are
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Classify each cost listed below as either a product cost or a period cost for purposes of preparing the financial statements for the bank. 1. The cost of the memory chips used in radar set. * Product Cost 2. Factory Heating Cost * Period Cost 3. Factory Equipment maintenance costs. * Period Cost 4. Training costs for new administrative employees * Period Costs 5. The cost of the solder that is used in assembling the radar sets. * Product costs 6. The Travel
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PRINCIPLES OF COST CONTROL 1.1 Introduction Cost is important to all industry. Costs can be divided into two general classes; absolute costs and relative costs. Absolute cost measures the loss in value of assets. Relative cost involves a comparison between the chosen course of action and the course of action that was rejected. This cost of the alternative action - the action not taken - is often called the "opportunity cost". The accountant is primarily concerned with the absolute cost. However‚
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Module B General Ethics ● Ethics is a branch of philosophy which is the systematic study of reflective choice. There are three key elements ○ involves questions requiring reflective choice (decision problems) ○ involves guides of right and wrong (moral principles) ○ is concerned with the consequences (good or bad) of decisions ● Problem situation exists when we must make a choice among alternative actions and right choice isn’t always clear. ● Ethical problem situation is one where choice of actions affects wellbeing of others
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Are drug companies that test experimental drugs in foreign countries acting ethically? In my opinion‚ a lot of people in foreign countries are uneducated and therefore‚ may not fully understand the risks‚ complications and side effects of these experimental drugs. If they do not have the means to adequately research the drug prior to testing it‚ they may end up doing so without fully understanding what potential side effects are involved. I am not sure how well companies educate these foreign countries
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good variable name to you. a. c – b. cost – c. costAmount – d. cost amount – e. cstofdngbsns – f. costOfDoingBusinessThisFiscalYear – g. costYear2012 – h. 2012YearCost – 2. Assume that cost = 10 and price = 12. What is the value of each of the following expressions? a. price – cost * 2 b. 15 + price – 3 * 2 c. (price + cost) * 3 d. 4 – 3 * 2 + cost e. cost * ((price – 8) + 5) + 100 3. Draw
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Selected Answer: recurrent pneumonia Question 6 1 out of 1 points Many inherited disorders are recessive‚ which means that the genes that cause them are Selected Answer: carried by both parents. Question 7 1 out of 1 points A rare form of hypoglycemia is called ______________ hypoglycemia. Selected Answer: reactive Question 8 1 out of 1 points A recent scuba diving incident brought to your attention that you had an undiagnosed
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