TYPES OF COSTS Introduction :-Production is the result of services rendered by various factors of production.The producer or firm has to make payments for this factor services. From the point of view of the factor inputs it is called ‘factor income’ while for the firm it is ‘factor payment’‚ or cost of inputs.Generally‚ the term cost of production refers to the ‘money expenses’ incurredin the production of a commodity. But money expenses are not the only expensesincurred on the production
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following data have been recorded for recently completed Job 501 on its job cost sheet. Direct materials cost was $3‚067. A total of 30 direct labor-hours and 104 machine-hours were worked on the job. The direct labor wage rate is $12 per labor-hour. The company applies manufacturing overhead on the basis of machinehours. The predetermined overhead rate is $11 per machine-hour. The total cost for the job on its job cost sheet would be: A. $4‚571 B. $3‚757 C. $3‚090 D. $3‚427 Applied manufacturing
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This essay will explore the many challenges facing families dealing with divorce and its negative impacts on children. For instance‚ I have a sister who went through divorce; she has a child and the divorce had after effects on my niece who was only two years old at the time. As research points out‚ there are different ways divorce impacts children’s lives such as emotional‚ physical‚ separation‚ isolation‚ lack of supervision‚ and loss of emotional bond with family members after the divorce.
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Activity 2: Cultural Variables in Communication Dimensions of national cultures Power distance index (PDI): "Power distance is the extent to which the less powerful members of organizations and institutions (like the family) accept and expect that power is distributed unequally." Cultures that endorse low power distance expect and accept power relations that are more consultative or democratic. Individualism (IDV) vs. collectivism: "The degree to which individuals are integrated into groups". In
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A) Explain what is meant in the Bible by the phrase “God is good.” Many worshippers of God like to believe that he is intrinsically good; this means that he is good in himself. People try to argue this by the Bible and through many things in the Bible such as the 10 commandments and the creation of the universe as well as the many miracles of the Saints. God is seen to act morally good as he creates a world which is seen to be good‚ therefore he must be. “God saw that it was good‚ and it was
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Absorption and Variable Costing‚ Inventory Management Absorption and Variable costing are very important tools for cost accounting. Both of these costing methods allow you to see the cost of your inventory‚ in a different way. For example the absorption method allows you to assign all costs to the product‚ while variable costing allows only variable costs to be assigned to the product. Inventory management is extremely important as well because it ties into efficiency and lowering your costs so that
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ABSORPTION AND VARIABLE COSTING Learning Objectives 1. Explain the accounting treatment of fixed manufacturing overhead under absorption and variable costing. 2. Prepare an income statement under absorption costing. 3. Prepare an income statement under variable costing. 4. Reconcile reported income under absorption and variable costing. 5. Explain the implications of absorption and variable costing for cost-volume-profit analysis. 6. Evaluate absorption and variable costing.
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2.3 Conceptual Framework. The following conceptual framework will be used for this study: Independent Variables Dependent Variable Figure 2.1: Conceptual Framework (Source: Author‚ 2016) 2.3.1 Credit Information Sharing /Symmetry. CRBs are a typical response to information asymmetry problems between lenders and borrowers which is usually there between the lender and the borrower about the
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Dealing with offending behaviour Acknowledgement of offending behaviour and its impact Despite a 50% increase in the budget for prisons and managing offenders in the last ten years almost half of all adult offenders released from custody reoffend within a year so effective rehabilitation is needed to enable us to break the cycle of crime and prison. This rehabilitation includes offending behaviour programmes‚ which make offenders‚ confront and acknowledge the damage their behaviour does‚ and then
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Variable costing and absorption costing are the two most commonly used methods of inventory costing for manufacturing companies. The inventory method of variable costing takes place when total direct and indirect variable manufacturing costs are included within inventoriable costs. Fixed manufacturing costs however‚ are considered costs of the period under variable costing. The next method of inventory costing‚ absorption costing‚ includes all variable manufacturing costs as well as fixed manufacturing
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