Why do most companies use normal or standard costing? After all, actual costing gives the actual cost, so the firm could just wait until it knows what the cost will be. What could be some ramification of waiting to observe actual cost?

Q: explain why GAAP requires full absorption costing (instead of variable costing) if absorption…

A: Introduction:- i)Absorption costing:- Under the absorption costing, The following costs included in…

Q: What type of cost drivers do modern costing systems use and how does it differ from the cost drivers…

A: Cost Driver Business activities are  influenced by a cost driver . Cost drivers are the factors…

Q: What is the difference between absorption costing and variable costing? 2. Distinguish between…

A: Cost accounting:  It is a part of managerial accounting  and is used to record  total cost of…

Q: ABC systems get more accurate as more activities are identified and analyzed. Critique the following…

A: The statement "A company should look to break its production process into as many activities as…

Q: Do you think that the pandemic and shortages could cause some companies to decide to use a different…

A: The costing methods are the methods that are used by companies to determine the total cost incurred…

Q: If the organization operates at an activity level outside the relevant range, any cost predictions…

A: Answer:-  Relevant range meaning:- The term "relevant range" describes a particular activity level…

Q: What is different than traditional costing that uses a volume-based driver? Can you give me some…

A: There are many different types of costing methods, out of which the selection of costing method to…

Q: o alternatives for prod

A: The two alternatives for product costing systems are job costing and process costing. Job Costing:…

Q: Complete the following statements with one of the terms listed here: You may use a term more than…

A: The objective of the question is to fill in the blanks with the appropriate cost terms from the list…

Q: Why is it appropriate to use variable costing when planning production in the short term?

A: Variable Cost: The cost which is not fixed is called as variable cost. This cost is directly…

Q: The contribution income statement would require a firm to: Restructure its accounting system…

A: The objective of the question is to identify the requirements for a firm to prepare a contribution…

Q: In target​ costing, prices determine costs rather than vice​ versa." Explain.       Question content…

A: Target costing involves the calculation of an allowable product cost to earn a predetermined amount…

Q: activity-based costing systems have a tendency to distort product costs. True or False?

A: The overhead is applied to the production on the basis of predetermined overhead rate. The…

Q: Need Solution with Calculation of this Question pls. Provide

A: Approach to solving the question: Detailed explanation: Variable Costing and the Contribution…

Q: Which costing system is helpful for internal managers when they're trying to make a short- term…

A: Cost Accounting is a process of identification, classification, measurement, and assignment of costs…

Q: 1. Which of the following is a disadvantage of the Variable Costing method? A. The data available…

A: A cost accounting technique known as "variable costing" treats fixed manufacturing costs as period…

Q: Firms may choose to use absorption costing or variable costing for external financial reporting…

A: Absorption costing: Absorption costing includes all manufacturing costs, both variable and fixed, in…

Q: ompanies allocate costs? What are some of th

A: The process by which a firm allocates and assigns its different expenses or costs to certain goods,…

Q: Which TWO of the following statements about life-cycle costing are true? Specific product models…

A: Life cycle costing is a technique of cost accumulation of a product over its life cycle. Now these…

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: Marginal costing is usually deployed when decisions about volume are being made. Discuss the…

A: Monetary Accounting has appeared with the advancement of huge scope business   as business entities.…

Q: Why do product-costing systems based on a single, volume-based cost driver tend to over-cost…

A: Single volume-based cost driver means the basis of allocation of costs to particular products using…

Q: Would the pandemic and shortages could cause some companies to decide to use a different method of…

A: The costing methods is the methods that helps the coampiens to identify the amount spent on the…

Q: Please provide this Question solution with explanation and Proper solution

A: Product Costing:Product costing is a process of determining total amounts of costs assigned to a…

Pricing

Pricing is used as a term in finance and economics, pricing is the process of fixing a value for a product or a service. Pricing establishes a value for a product or service that the customer has to pay. A business can choose from different strategies while deciding to set prices.