Determine the term being defined or described by the following statement: Changing tooling when preparing for a new product. a. Engineering change order b. Variable cost concept c. Setup d. Normal selling price e. Total cost concept
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- Kaizen costing aims to reduce costs during the 00 A. production B. post-production C. design D. testing phase of a product's life.When pricing products and using cost-plus pricing, which type of cost is perceived to be the safest one to use to establish the price. OA. Manufacturing cost B. Full absorption cost OC. Prime cost OD. Variable costsAppropriate base to allocate purchase department cost to different products is? A. Machine Hour B. Purchase Order C. Closing stock of Material D. Units of output
- cost, sunk costs or opportunity costs. Keep in mind that one cost can be fall into different categories. In such case indicate all the categories. Cost Classifications for: Cost Item (1) Predicting Cost Behavior (2) Manufacturer s (3) Preparing Financial Statements (4) Decision MakingA costing approach in which all manufacturing costs are product costs." This statement best describe. a. Normal Costing O b. Variable Costing C. Absorption Costing d. Actual Costing1 To decide on an appropriate selling price for a special-order product” is an example of which cost allocation. Select one: a.To motivate managers and other employees b. To provide information for economic decisions c. To justify costs or compute reimbursement amounts d. To measure income and assets for reports to external parties
- When using the product cost method of applying the cost-plus approach to product pricing, which of the following is included in the markup? Oa. total fixed manufacturing costs, total fixed selling and administrative expenses, and desired profit b. desired profit Oc. total costs plus desired profit Od. total selling and administrative expenses plus desired profitWhen using the total cost concept of applying the cost-plus approach to product pricing, what is included in the markup? Total costs plus desired profit Desired profit Total selling and administrative expenses plus desired profit Total fixed manufacturing costs, total fixed selling and administrative expenses, and desired profitThree major influences on pricing decisions are ________. A. continuous improvement, customer satisfaction, and supply B. variable costs, fixed costs, and mixed costs C. competition, demand, and production efficiency D. competition, costs, and customers
- The decision of whether to process products beyond the splitoff process should be based on which of the following? Select one: a. Production cost analysis b. Revenue analysis c. Incremental operating income attainable beyond the splitoff point d. Relevant cost analysis e. Gross margin analysisClassifying costs Classify each cost by placing an X in the appropriate columns. The first cost is completed as an example.True or 2. Reasons for using standard costing include: A) Comparing projected costs against actual costs B) Planning and budgeting purposes C) Setting prices in advance D) Identifying specific areas for process improvement E) All of the above