Identify and giveexamples of each of thethree basic manufacturingcost categories.
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Q: Distinguish between customer-response time and manufacturing cycle time.
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Q: Define and explain the cost management information system's two major subsystems.
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Q: Explain whether the cost accounting system primarily supports internal or external reporting.
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Q: Determine the equivalent units of production with respect to direct materials and conversion.
A:
Q: prepare a rea model depicting the issuance of raw materias into the manufacturing process. identify…
A:
Q: List three types of industries that would likely use process costing.
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Q: Discuss several ways in which standard-costing systems should be adapted in today’s manufacturing…
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Q: How does the Units-of-Production Method give accurate results?
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Q: Describe the types of manufacturing overhead.
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Q: Considering the cost method to utilize in any given manufacturing setting, what considerations…
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Q: Explain the calculation of equivalent units of production.
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Q: ntained in a product structure diagram?
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Q: Help question 6
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A:
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Q: Describe three guidelines for costing system refinement.?
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Q: Define Units-of-production method
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Q: What manufacturing cost term is used to describe the cost of materials that are an integral part of…
A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…
Q: Define units-of-production (UOP) method
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Identify and give
examples of each of the
three basic
cost
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- Define and explain the two major subsystems of the cost management information system.The following items are associated with a traditional cost accounting information system, an activity-based cost accounting information system, or both (that is, some elements are common to the two systems): a. Usage of direct materials b. Direct materials cost assigned to products using direct tracing c. Direct labor cost incurrence d. Direct labor cost assigned to products using direct tracing e. Setup cost incurrence f. Setup cost assigned using number of setups as the activity driver g. Setup cost assigned using direct labor hours as the activity driver h. Cost accounting personnel i. Submission of a bid, using product cost plus 25 percent j. Purchasing cost incurrence k. Purchasing cost assigned to products using direct labor hours as the activity driver l. Purchasing cost assigned to products using number of orders as the activity driver m. Materials handling cost incurrence n. Materials handling cost assigned using the number of moves as the activity driver o. Materials handling cost assigned using direct labor hours as the activity driver p. Computer q. Costing out of products r. Decision to continue making a part rather than buying it s. Printer t. Customer service cost incurred u. Customer service cost assigned to products using number of complaints as the activity driver v. Report detailing individual product costs w. Commission cost x. Commission cost assigned to products using units sold as the activity driver y. Plant depreciation z. Plant depreciation assigned to products using direct labor hours Required: 1. For each cost system, classify the relevant items into one of the following categories: a. Interrelated parts b. Processes c. Objectives d. Inputs e. Outputs f. User actions 2. Explain the choices that differ between the two systems. Which system will provide the best support for the user actions? Explain. 3. Draw an operational model that illustrates each cost accounting systemwith the items that belong to the system used as examples for each component of the model. 4. Based on the operational models, comment on the relative costs and benefits of the two systems. Which system should be chosen?prepare a rea model depicting the issuance of raw materias into the manufacturing process. identify the resource, event, and agent entities. show the cardinalities in the association between entities
- Refer to the information given. For each of the activity cost pools identified,indicate whether it represents a unit-level, batch-level, product-sustaining-level, or facility-level activity.Label each of the following activities as unit-level batch-level, product-level, or facility-level activity. Determine one or more potential cost driver(s) for each activities. warehouse expense machine setup quality control engineering design production schedulingClassify each of the customer-level operating costs as a customer output unit–level, customer batchlevel, or customer-sustaining cost.
- The standards for direct materials are made up of which of the following components?Systems Concepts, Traditional versus Activity-Based Cost Accounting Systems The following items are associated with a traditional cost accounting information system, an activity-based cost accounting information system, or both (that is, some elements are common to the two systems): Required: 1. Select the appropriate categories for each of the following items: a. Usage of direct materials b. Direct materials cost assigned to products using direct tracing c. Direct labor cost incurrence d. Direct labor cost assigned to products using direct tracing e. Setup cost incurrence f. Setup cost assigned using number of setups as the activity driver g. Setup cost assigned using direct labor hours as the activity driver h. Cost accounting personnel i. Submission of a bid, using product cost plus 25 percent j. Purchasing cost incurrence k. Purchasing cost assigned to products using direct labor hours as the activity driver l. Purchasing cost assigned…Considering the cost method to utilize in any given manufacturing setting, what considerations should be considered?
