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Explain variable cost and fixed cost
Variable costs: costs that vary almost in the direct proportion to the volume of production are known as variable costs. The examples of such costs are direct material, direct labour and indirect chargeable expenses, such as electric power, fuel etc.
Fixed costs: costs which do not vary with the level of production are called as fixed costs. These costs are called fixed because these remain constant irrespective of the level of output. It must, though, be noted that fixed costs do not remain constant for all times. In fact, it in the long run all costs have a tendency to vary. Fixed costs remain fixed up to a certain level of production.
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
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h. Production orders that had cost 450,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold on account at 50% above
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