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Good Food Company is a local manufacturer of instant noodles. Established in 2005, their business has been growing steadily. Their products, which are available in 3 flavors, are s
Specific Order Costing This is a broad costing system that is applicable where work jobs consist of separate jobs, batches or contracts. Every job or contract or batch is a c
what is the direct cost
Economic Order Quantity This constitutes the quantity purchased of either raw materials or stocks which is considered most optimum. It is the quantity such minimizes both ord
Reconciliation of Profits Reconciliation of profits disclosed by Financial Accounts and Costing Accounts in an interlocking system, While interlocking cost accounting system
question and answer: XYZ trading purchased 6,850 killos of material at a total cost of 21,920.00. The material price variance was 1,370.00 favorable. The standard price per killo w
what are the material management questions
Direct Material Usage Variance Refers to the difference among the actual quantity utilized and the standard quantity particular for the actual production, all valued at the st
mark-up of 25%
Weighted Average Method - Work in Progress While this method is employed, all costs of production are considered in assigning costs to inventory. The method puts together open
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