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Single Limiting Factor
Where a single limiting factor exists for the decision making sequence may be implemented given as:-
- Compute the contribution per unit of limiting factor for every product
- Rank the products in order of size and contribution per unit of limiting factor
- Permit any minimum retention of less profitable products that is decided upon
- Use up the net units of the limiting factor in order to fulfill the forecast quantities in order of product ranking.
Variable Overhead Variance (VOHV) VOHV is defined by ICMA, London, as 'the variation between the standard variable production overhead absorbed in the production achieved, whet
Generally Accepted Accounting Principles (GAAP) -Rules, conventions and procedures essential to define accepted accounting practice at a specific time. The highest level of such pr
Raw Materials: Manufacturing Overhead Bal 1/1: 36,000 Credits: ? Debits: 383,000 Credits: ? Debits: 470,000 Bal: 12/3: 156,000 Work in Process: Bal 1/1: 73,000 Credits: 770,000
what is the concept
Process Cost Report This is a commonly employed statement that traces the flow of units produced and costs incurred in the production process. The report is prepared for every
Which of the following are easy to trace to individual jobs?: A. direct materials and overhead B. direct materials and direct labor C. direct labor and overhead
The next year's budget for Benny, Inc., is given below: Product 1-2 Sales $945,000-688500 Variable costs 459,900-297,000 Fixed costs 300,000-3
Job Costing This is a costing method that is applied when a job or cost unit is relatively of small size, is undertaken to fit the customer's specifications and is of compara
DEFINITION OF BUDGET As per the Institute of Cost & Management (ICMA), London, a BUDGET is 'a quantitative statement and / or financial, prepared and approved prior to a defin
What are the benefitss and drawbacks of standard costing?
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