Jade Sdn. Bhd. (JSB) producing and selling garden decoration in the Lembah Kelang area. the following are information cost incurred to produce decoration stone chair for the year 2020: ITEM Office fire insurance Production supervisor salaries Assembly line wages lubricant oil for machine Sales commission Advertising expenses Factory building rental Depreciation salesperson vehicle Accountant salaries Factory utility expenses workers' wages stone chair installation Factory supply expenses Freight out Direct material cost Health insurance for top management RM 12,000 9,600 60,000 8,000 24,000 6,000 24,000 18,000 60,000 70,000 90,000 9,000 25,000 230,000 13,000

Q: Explain the implementation issues of the cost estimation methods

A: Cost estimation is the process of determining the probable cost of a product before starting the…

Q: Cost estimation is the process of   a. Summarizing pwst costs into fixed variable components.…

A: Solution: Cost estimation is the process of "Estimating the relationship between costs and the costs…

Q: discuss the various costing methods?

A: Various Methods of costing are as follows: 1) Unit Costing 2) Operating Costing 3) Contract Costing…

Q: Define Modified Accelerated Cost Recovery System (MACRS)

A: If a company purchases a fixed asset, the value of the asset cannot be same every year. The value of…

Q: "Standard costing improves the control function" comment

A: Standard costing is one of the technique of accounting.  Standard costing is the method which…

Q: ustomizing cost

A: Cost accounting is one of the accounting system that is used by the businesses. The main purpose of…

Q: Assign costs to unitsusing the FIFO method.

A: FIFO Method:   It is a method of inventory costing where the inventory purchased first is the first…

Q: Explain the difference between the variable and absorption costing methods.

A: Under Variable Costing method, only variable costs are considered which includes only variable cost…

Q: Define restructuing costs.

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Assign costs to unitsusing the weighted-averagemethod.

A: Cost:   It refers to the economic value incurred by an organization for manufacturing a product or…

Q: Standard costing improves the control functions” discuss this statement give some examples.

A: Standard Costing: It is the accounting system in which standard cost is measured with actual cost to…

Q: Define each of the following terms:d. Flotation cost, F

A: Primary market is the place where company sells or offers new equity shares to the investors. New…

Q: Define each of the following terms.f. Conversion ratio; conversion price; conversion value

A: Answer: Conversion ratio: It is ratio of converting bonds into the common stock of the company. An…

Q: how to compute quantity/efficiency variance

A: Cost accounting is beneficial since it can demonstrate where a corporation spends money, earns…

Q: Explain the following concepts: indirect materials Mixed cost Budgeting Margin of safety

A: The total manufacturing cost of the product is determined by including the direct material, labor,…

Q: Identify the costs included under variable costing.

A: The costs can be distinguished as variable and fixed costs.

Q: Define period costs.

A: Period costs are not joined to items and the company does not need for Offer on Sale of items and…

Q: Explain unit sales.

A: Sales: Sales means the goods and services sold by one company to their customers for a period.

Q: Define total productive efficiency

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Q: Please explain the calculation of Unit contribution

A: Unit Contribution margin is contribution margin earned per unit It is calculated in 2 ways  Unit…

Q: Define and describe contribution margin per unit.

A: Contribution margin:   Contribution margin refers to the process or theory that is used to judge the…

Q: Define Cost recovery method

A: Cost recovery is a method in accounting wherein a business only records the revenue it earns from a…

Q: Define the term accelerated cost recovery system (AC RS)?

A: The AC RS is a method of depreciation. It is used for depreciating the property for tax purposes

Q: g helps in : Measuring effici

A: Standard costing is a perfect system of controlling the costs and measuring efficiency and its…

Q: Explain the major reasons for allocating costs.

A: The entity allocates its cost by using a different measure. The cost that is allocated is common and…

Q: What is modified accelerated cost recovery system (MACRS)?

A: Any fixed asset purchased has a fixed life throughout which it has to be used. Over the course of…

Q: Define Full-cost method.

A:

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.