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Mosman Ltd makes a single product. The projected sales for the first month of the coming year and the starting and ending inventory data are as follows: Sales 80,000 units Unit price $12 Beginning inventory 6,000 units Desired ending inventory 9,000 units Every unit needs three kilograms of material costing $2 per kilogram. The beginning inventory of raw materials is 2,500 kilograms, and the company wants to have 4,500 kilograms of material in inventory at the end of the month. Each unit needs one hour of direct labour time, which is billed at $8 per hour. Required: (A) Prepare a production budget for the first month. (B) Prepare a direct materials purchases budget for the first month in kilograms and dollars. (C) With which estimate does budgeting start? Describe why this is so and give examples to illustrate your understanding.
Ross White's machine shop uses 2,500 brackets during the course of a year, and this usage is relatively constant by the year. These brackets are purchased from a supplier 100 miles
Parameter prediction error: This is another aspect of faulty planning. As Hongren says, ‘planning decisions are based on predictions of future costs, future selling price, fut
Winner says, "It is clear that in decades to come a great many things like telephone answer machines and automatic bank tellers will become, in effect, members of our society." Mor
Steps of Graphic Analysis There are four steps in using graph paper to study cost-volume relationships: Step 1: Compute the scale which you will use: Volume is considered
How costs behave as the level of activity/volume changes. Why an understanding of cost behaviour is important ? Types Variable e.g. petrol, direct materials Fixed e.g.
Describe the impact of different types of standards on motivations and specifically,the likely effect on motivation of adopting the labor standard recommended?
Using one of the companies from DQ 1, describe how inventory planning and accuracy can be defined using the Pareto principle. The company is Target, Inc.
Ask queThe standard cost of chemical mixture ~ PQ’ is as follows: 40% of material P @ Rs. 400 per kg. 60% of material Q @ Rs. 600 per kg. A standard loss of 10% is normally anticip
Why might managers favour this ABC system instead of the older system that allocated all MOH costs on the basis of direct? labour?
Computing equivalents units and assigning costs to completed units and ending work in process; no beginning inventory or cost transferred in (30 -45min) Sue Electronics makes CD p
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