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In process costing, costs are compiled process wise. Process costing is generally used in small scale industries.
Define ‘by-product' and ‘joint products'. What is the difference between them? Give examples.
What do you understand by ‘split off point'? Explain with examples.
Why is a reconciliation of cost and financial accounts necessary? Under what circumstances a reconciliation statement can be avoided?
Provide examples of nonfinancial performace indicators Skullcandy might use as part of a balanced scorecard system of performance evaluation.
What is the primary weakness of the high-low method? Using conventional CVP analysis, a mixed cost should be (a) disregarded
Draw a CVP chart for the company, showing cap output on the horizontal axis. Identify (a) the breakeven point and (b) the amount of pretax income
How is cost-volume-profit analysis useful? What is a variable cost? Identify two variable costs.
Define and explain the contribution margin ratio. Describe the contribution margin ratio in layperson's terms.
List three methods to measure cost behavior. How is a scatter diagram used to identify and measure the behavior of a company's costs?
Palm has both fixed and variable costs. Why are fixed costs depicted as a horizontal line on a CVP chart?
Should Research In Motion use single product or multiproduct break-even analysis? Explain.
Compute and interpret the contribution margin ratio using the following data: sales, $150,000; total variable cost, $90,000.
Determine the (1) contribution margin per unit and (2) break-even point in units.
The company's total fixed costs are $17.5 million and its variable costs are $35 per unit. Prepare a CVP chart from this information.
Prepare a summary table that reports the indirect expenses assigned to each of the four departments.
Compute investment turnover for each division. Round your answers to two decimal places. Which L'Oreal division has the best investment turnover?
Allocate occupancy costs to the Diaz and Wright departments using the current allocation method.
Compute the cost per cost driver for each of the three cost centers. Use the results from part 1 to allocate costs from each of the three cost
Prepare responsibility accounting performance reports like those in Exhibit 21.28 that list costs controlled by the following:
Prepare reports showing cost allocations on a sales value basis to the three grades of peaches.
Prepare departmental income statements that show the company's predicted results of operations for calendar year 2012
Prepare reports showing cost allocations on a sales value basis to the three grades of tomatoes. Separate the delivery costs into the amounts
Compute the amount of revenue from each of its product lines for the years ended February 27, 2010, February 28, 2009, and March 1, 2008.
Write a one-half page memorandum to your store managers explaining why home office expense is in the new performance report.