Requirement 3. How can you obtain better estimates of fixed and variable​ costs? Why would these better estimates be useful to Gower​?   Cost classification into variable and fixed costs is based on

Q: Sunk costs should always be included when considering the cost of an activity. True or false, and…

A: Sunk cost are those cost which are already incurred by the business , But business cannot recovered…

Q: Define and explain the contribution margin.  Include the difference in fixed and variable costs in…

A: Contribution margin may be defined as the amount of profit generated when only the cost of goods…

Q: Given the following, the only item that will generally be included in relevant cost analysis is:…

A: Introduction:   The phrase "relevant cost" in managerial accounting refers to avoidable costs that…

Q: The best allocation base for a cost pool would be the one:

A: Cost pools are often formed to simplify the cost allocation process and to guarantee that related…

Q: What are the different type of costs? Describe each.

A: In cost accounting, The accounting process deals with the total costs incurred in the production…

Q: Define incremental cost, opportunity cost, and sunk cost. How do these costs impact decision-making?…

A: Incremental Cost: Incremental cost is the additional cost incurred to produce one additional…

Q: What is the difference between a direct cost and an opportunity cost.  Can you show the difference…

A: Direct cost and opportunity cost are two types of costs used in cost accounting.

Q: How would the equation for total costs be written using the following? y = total costs v =…

A: Variable costs are costs that change with change in volume of production . Whereas, Fixed costs…

Q: Q1. List the two types of fixed costs and give example. Q2. Present and explain the equation of the…

A: In accounting, the term "cost" refers to the monetary value or expenditure incurred by a business or…

Q: Decisions where relevant cost analysis might be used effective is Keep or replace decision. Explain…

A: Relevant costs are those costs that can be used while making a decision on whether to keep or…

Q: Within the relevant range, if there is a change in the level of the cos a. Total fixed costs and…

A: Fixed cost will change and total cost will remain the same.

Q: What are the different types of Costs? (all type of Costs please like direct cost, indirect, fixed,…

A: Cost of a product is the amount incurred in the process of bringing the product to its final state.

Q: What are the different types of cost?

A: Costs refer to any expenditure done by a business or a firm in the process of production of a…

Q: 1. Distinguish between variable and fixed costs both on a per unit and total basis (graphs may be…

A: Distinguish between variable and fixed costs both on a per unit and total basis Variable costs are…

Q: Describe the behavior of fixed and variable costs as activity levels change. Use graphs to…

A: Answer:-  Fixed cost meaning:- Fixed costs are expenses that remain constant regardless of whether…

Q: Within a relevant range, costs that increase in direct proportion to volume are:   Question 9…

A: Variable costs are proportional to the level of output within a relevant range. On the other hand,…

Q: Search about how different techniques are efficient to estimate cost. – Engineered estimate of cost…

A: Four regular methodologies are utilized to appraise fixed and variable expenses:   Record…

Q: Match the following terms with the correct definitions: 1. Costs that do not change in total over…

A: Cost accounting is a form of managerial accounting used to assess the cost of production and various…

Q: 7.14 How can deviations be used to analyze costs in separate areas of activity?

A: Cost variance analysis is used under both traditional and activity based costing methods. The only…

Q: ASAP Kindly give a full explanation for each option why it is correct or why others are wrong   1…

A: Process costing is one of the important section of cost accounting, under which costs and expenses…

Q: Discuss the advantages and disadvantages of using a cost planning and control system based on earned…

A: A method for gauging project performance and advancement in terms of cost and schedule is earned…

Q: 7. Which of the following charts best represent total variable costs? For each chart, the line…

A: Total variable cost which increases when number of production units increases I.e changing of…

Q: How can we calculate the Total Present Cost for the Base Case and Alternative?

A: The question is based on the concept of calculation of cost benefit analysis of base case and…

Q: The cost that vary accordingly to the volume of output is O a. Variable cost O b. Both fixed and…

A: Variable cost means the cost which vary with the level of output and fixed cost means the cost which…

Q: Differentiate variable cost from fixed cost. Hope you

A: The cost function is a function that is used to show how production expense will change at different…

Q: In your own words, explain what differential costs mean. How are fixed costs and variable costs…

A: The cost can be classified on the basis of nature variable or fixed. The variable cost are directly…

Q: Which of the following statements is true? Select one: O a. The most complex of the cost estimation…

A: High-low method: It is the method of estimating the variable cost per unit and the fixed costs by…

Q: Discuss the limitations of cost volume profit analysis for planning and decision making.…

A: The question is related to the Cost Volume Profit Analysis. Cost-Volume-Profit (CVP) Analysis is an…

Q: In incremental analysis, only relevant costs are considered when making a decision among…

A: These are the cost that are specific, pertinent and relevant to a particular decision making of…

Q: Differentiate prime cost from conversion cost.

A: Prime cost as the name suggests the main cost without which production can not be done. It is given…

Q: In incremental analysis, the only costs to be considered are O relevant costs. sunk costs. O…

A: The incremental analysis uses those items that are relevant in aiding business decisions. These…

Q: Identify each of these costs as fixed, variable, or mixed.

A:

Q: Match each definition (See picture) with related terms below: -Capacity -Common Fixed Costs…

A: Since we answer up-to three sub-parts we shall answer first three. Please resubmit a new question…

Q: ou agree from the following statements- Explain in details with Variable costs are controllable but…

A: Statement is TRUE but not entirely True. Variable costs are controllable cost while fixed costs are…

Q: Define Cost Pool, Cost Object and Cost Driver

A: Cost accounting forms a part of managerial accounting method that is used for measurement of total…

Q: The simplifying assumption that costs and volume vary in straight-line relationships makes the…

A: Cost Volume Profit Analysis is a method of costing that has an impact on the varying levels of cost…

Q: Discuss the Top-to-Bottom and Bottom-to-Top approaches in Cost Estimating. Focus your discussion in…

A: Meaning: Top-to-Bottom approach: Top-to-Bottom approach is also called imposed style cost estimation…

Q: PLEASE ANSWER ALL   4. A cost management system will provide the means to develop a. The most…

A: Cost management is the system to manage the Cost ( Plan and control )

Q: The cash account for Norwegian Medical Co. at April 30 indicated a balance of $14,360. The bank…

A: BRS stands for Bank reconciliation which shows the banking summary and the business activity that…

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.