he total mixed cost function

Q: What is Unit-Profit or Unit-Cost Calculation?

A: Cost:   It is the economic value of resources incurred by a firm to manufacture a product or render…

Q: What is the difference between price and cost? Is there any relation connected them? Which one is…

A: PRICE  1. Price is what you pay for purchasing goods or availing the services. Also called sale…

Q: Describe and apply the lower-of-cost-or-net realizable value rule.

A:

Q: What would be the outputs for the given assumptions:   Total revenue: Total costs: Total profit:

A: Break Even Point is that point at which there is no profit & loss would arise. At break even…

Q: what is an indirect cost and how is it different than a direct cost?

A: Indirect Cost: Indirect costs are the costs of doing business that are not easily identified with a…

Q: 1.Discuss sunk costs and opportunity cost.

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: EXPLAIN THE FOLLOWING: 1. Gross profit variation 2. Cost concept

A: The amount of profit earned by the entity after deducting the costs that are related to the…

Q: Understand and apply the lower-of-cost-or-net realizable value rule.

A:

Q: What is a component cost?

A: The most granular description of element costs is the cost components.  Types of cost components are…

Q: relevant and irrelevant cost

A: Relevant and irrelevant costs are categories of costs based on their effect on decision making.

Q: What is a joint cost? What is a separable cost?

A: Joint Cost: Joint cost is a cost accounting term, which is referred to common costs incurred in…

Q: COSTING METHOD. 1. What is average cost method? 2. What is FIFO cost method?

A: Solution: 1.   Average cost method: Average cost method is also known as weighted average method.…

Q: What are the various levels of aggregation to which the lower of cost and net realizable value rule…

A: LCNRV (Lower of Cost or Net Realizable Value) approach: It is an approach that compares the cost of…

Q: Define the term Cost approaches.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Describe the Unit-Profit or Unit-Cost Calculation?

A: A unit cost is a net expense a firm has incurred to manufacture, store, and sell one unit of a…

Q: What is a standard cost? Explain? Give an example?

A: Standard Cost: Standard cost is the benchmark amount of per unit product, per unit input or per unit…

Q: what would be the difference in gross margin between fifo and lifo cost flow assumptions

A: The difference in gross margin between FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) cost…

Q: Briefly define total cost and marginal cost.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Explain Classifying Costs for Predicting Cost Behavior?

A:

Q: How should mixed costs be classified in cost, volume, and profit analysis?

A: Based on the cost behaviour costs are classified as fixed costs , variable costs and mixed costs.…

Q: Explain the Cost of Revenue vs. COGS.

A: INTRODUCTION: All costs and expenses directly associated to the manufacture of goods are included in…

Q: Explain Calculating Total P System Costs?

A: Periodic inventory system also known as P system is a method of stock taking, where stock taking is…

Q: Why is it important to establish appropriate cost pools?

A: Activity cost pools are used in activity based costing which attempts to absorb overheads in a more…

Q: cost benefit model

A: The benefit under the cost-benefit model is calculated by deducting the associated cost from the…

Q: Why is it essential to determine unit costs or profits?

A: Determining unit cost means to find out total cost incurred on a particular unit It is determined by…

Q: Describe the difference between prime costs and conversion costs?

A: Solution:-  Difference between prime costs and conversion costs as follows under:-

Q: What does indirect cost includes?

A: Indirect costs: The costs, which do not relate directly with the manufacturing of products, are…

Q: 2. What is cost-volume-profit analysis and what are the important assumptions of this analysis?

A: Profit analysis entails dissecting a company's reported profit figure to determine the true extent…

Q: example of lower of cost or net realizable value and explain

A: The concept of lower of cost or net realizable value says that the amount of inventory should be…

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.