Reference no: EM13877267
You are a Costing Manager in Jackfew & Co, a company which manufactures and sells water
bottles in local market. The Company is currently expanding aggressively and doing very well in the current market.
Costing has always been a crucial area of concern for the Company. Mr.Freck, the Assistant Finance & Costing Manager, was assigned to lead this area, to manage financials together with the costing to ensure proper budgets and plans are put in place to run business smoothly in the coming years. He has approached you with some concerns outlined below.
a) Cost control and cost reduction are used inter-changeably. However a school of thought is of the opinion that there is a major difference between these two terms.
Required:-
Assist Mr.Freck to guide and explain in detail on each terms above, share the differences and explain the steps involved in "designing a process of cost control system".
b) In product costing, the costs attributed to each units of production, may be calculated
by using either:
i) Absorption costing, or
ii) Marginal (or direct or variable) costing.
Required:-
Critically describe absorption and marginal costing and outline the strengths and weaknesses of each method.
What is the firm''s long-run price-quantity combination
: A monopolistically competitive firm has the following total cost function TC = 4Q2 + 30Q + 400 If the demand function for the firm's product is P = 600 - 30Q where Q 20-Find the firm's profit maximizing level of output and i..
|
Determining the average atomic weight
: with an atomic weight of 51.9405 amu, 9.50% of 53Cr, with an atomic weight of 52.9407 amu, and 2.37% of 54Cr, with an atomic weight of 53.9389 amu. On the basis of these data, confirm that the average atomic weight of Cr is 51.9963 amu.
|
Analyze the nature and purpose of budgeting
: Analyze the nature and purpose of budgeting, the stages involved in the preparation of budgets, identifying separately the roles of managers and the budget committee. *Please answer it according to the marks and make it at least 750 words and above.
|
Techno business model for intelligent healthcare
: Write a 1200 words report on TECHNO-BUSINESS MODEL FOR INTELLIGENT HEALTHCARE SERVICES.
|
Critically describe absorption and marginal costing
: Costing has always been a crucial area of concern for the Company. Mr.Freck, the Assistant Finance & Costing Manager, was assigned to lead this area, to manage financials together with the costing to ensure proper budgets and plans are put in place t..
|
What is you definition of spirituality
: Four page paper on a person of a different faith. there must be an abstact and a over veiw of the history of the person faith- What is you definition of spirituality
|
What is the firm''s long run price-quantity combination
: A competitive firm has a quadratic cost function TC = aQ2 + bQ + c. Is it possible to determine this firm's shutdown price?
|
What is the primary hypothesis being tested
: What is the major theory, thesis or theme of the study? What is the primary hypothesis being tested? Hypotheses usually have an "If A, then B structure" to them
|
Journal entries to record the august and september events
: Indicate the accounting equation effects of the August and September events, using a table similar to the one shown for Demonstration Case B on page 116. Reference each transaction by date. Prepare journal entries to record the August and September e..
|