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What is an opportunity cost? In an outsourcing decision, what opportunity cost might be associated with the production facilities?
Which are more important in decision making: quantitative or qualitative factors? Why? How can qualitative factors be explicitly considered in making a decision
Can a particular cost be relevant for one purpose, but not for other purposes? Give three examples in which this would be the case.
What is the special order decision? What typical circumstances lead to the need to make this type of decision?
Calculate the amount of the direct labor efficiency variance for the month and decompose the total into the following components:
Compute material and labor variances, basing the material price variance on the quantity of material purchased.
Calculate the four conversion cost variances assuming separation of fixedand variable costs is maintained.
Why would it be difficult in the environment described by Donald Roy to develop credible standards of performance?
What effects might overtime have on job efficiency? On job effectiveness (such as quality of production)?
Which product costing alternative, variable or absorption, is generally required for external reporting? Why?
What is the break-even point? Why is calculating break-even point the starting point for cost-volume-profit analysis?
What are the purposes of a break-even chart? What is the difference between the traditional approach and the contemporary approach
What is the value of ending inventory using absorption costing? What is the value of ending inventory using variable costing?
What was the value of ending inventory under variable costing? Under absorption costing?
Calculate income before tax under absorption costing assuming no variances.
Explain the features associated with variable cost income measurement that should be attractive to the vice president of marketing. (CMA adapted)
Prepare an income statement for Homestead Potato Processors if sales of thby-product are shown as other revenue and its additional
What is the total net realizable value of hair that is applied to reduce the joint cost assigned to Styling Services and to Cosmetic Products?
How many gallons leave Department 3 as P&S? As tomato sauce? What is the net realizable value of P&S?
Transferred to storage at sales value as a by-product without further processing, with a corresponding reduction of wheat's production costs.
Discuss the ethical and legal implications of disposing of industrial waste in this manner.
Discuss the development of standards for a material. How is the quality standard established for a material?
Discuss the three types of standards with regard to the level of rigor of attainment. Why are some companies currently adopting the most rigorous standard?
Can combined overhead rates be used for control purposes? Are such rates more or less appropriate than separate overhead rates?
Identify some potential explanations for the variances computed in part.