Tyson Chicken monitors the standard cost of a pound of chicken on a continuous basis, incorporating the latest data into their costing. The frequency of updating the costs would address which aspect of Big Data? Multiple Choice Velocity Variety Veracity Volume
Q: Sadida (Pty) Ltd sells different grades of cheese to the general public as well as to other…
A: EOQ's full form is Economic Order Quantity. EOQ means that the quantity of inventory when purchased…
Q: Container Solutions produces plastic storage bins for household storage needs. 1(Click the icon…
A: 1. Which Product should emphasize PARTICULAR REGULAR LARGE Sales Price 9 11…
Q: If variable manufacturing costs are $13 per unit and total fixed manufacturing costs are $421,800,…
A: Under variable costing method, goods are valued at variable cost only. Under absorption costing…
Q: A owner of a bike shop specializes in custom-built bikes. The Sales Manager & CFO want to talk to…
A: Conventional method of recovering overhead based on single overhead basis is not a proper allocation…
Q: You are advising the management at the company ABC regarding their pricing decisions in relation to…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Magic Me is a manufacturer of magic kits. It uses absorption costing based on standard costs and…
A: Operating income under normal capacity is lower than operating income under other two scenarios is…
Q: Jim Salters, the COO of CryoDerm, has asked his cost management team for a product-line…
A: Life cycle costing is a method to determine the profitability of a product over its life.
Q: Kertas, Inc. produces paper and office supplies and uses the just-in-time inventory system.…
A: Just in time inventory system is the system where the Purchase is done only when it is required , so…
Q: Method of Least Squares, Developing and Using the Cost Formula The method of least squares was used…
A: Least squares method of regression is the tool, which is used through accountants in estimating the…
Q: Green Thumb Gardening is a small gardening service that uses activity-based costing to estimate…
A: Compute the activity rate for each of the activity cost pools:- Activity Cost pool Activity…
Q: Cape Cod Shirt Shop manufactures T-shirts and decorates them with custom designs for retail sale on…
A: Fixed expenses remain fixed in a period, variable expenses vary with each production unit.
Q: Required: 1. Calculate the average unit conversion cost for the two machine parts. 2. Calculate…
A: ABC costing is the acronym for activity based costing. Under ABC costing, activities involved in the…
Q: [The following information applies to the questions displayed below.] The following data pertain to…
A: Selling price is calculated by using various methods. These depends on the recoverable value and the…
Q: Blair Designs has three different designs. Use the information below to determine which product…
A: Contribution margin per unit of limited resource = Contribution margin per unit / Hours required for…
Q: Green Thumb Gardening is a small gardening service that uses activity-based costing to estimate…
A: Grouping of similar costs is called cost pooling , the factor that drives the cost of an activity is…
Q: Required A. Use the high-low method to estimate • The variable costs per unit produced .…
A: High low method is a method of cost estimation under which fixed costs and variable costs are…
Q: uld if it used actual costing. c. always has a volume variance unless normal
A: Standard Costing used to determined the variance in cost that has been decided pre production which…
Q: Absorption Costing Approach to Cost-Plus Pricing Martin Company uses the absorption costing approach…
A: Return on Investment (ROI: This is the financial ration that evaluates how efficiently the assets…
Q: You are advising the management at company ABC regarding their pricing decisions in relation to a…
A:
Q: This reporting method took a "cradle to grave" approach to costing that put a price on the disposal…
A: The term cradle to grave refers to from beginning to end. In business terminologies, it is used to…
Q: Choice of Strategic Business UnitRequired For each of the following cases, determine whether the…
A: 1. The new office of sustainability has been established to implement the strategies that would help…
Q: Bates Company plans to add a new item to its line of consumer product offerings. Two possible…
A: Differential revenue is the difference in products sales price. The sale price can be calculated by…
Q: Green Thumb Gardening is a small gardening service that uses activity-based costing to estimate…
A: Calculation of activity rate for each of the activity cost pools: Activity Cost Pool Estimated…
Q: As manager of the St. Cloud Theatre Company, you have decided that concession sales will support…
A: \Given below is the information of the question: SOFT DRINK WINE COFFEE CANDY Selling price…
Q: Consider McDonald’s for a moment and list an example of each of the following costs that would be…
A: Increases or decreases in the quantity of goods or services produced or sold Fixed costs are…
Q: Calculate Snappy’s operating income for 2016.
A: Particulars Amount Sales revenue (250,000 x $4) $1,000,000 Less : Cost of goods sold (250,000 x…
Q: Using variable and absorption costing, making decisions The 2018 data that follow pertain to Eli’s…
A:
Q: When switching from a traditional costing system to an activity-based costing system that contains…
A: Under the traditional costing system, the factory overhead will be assigned according to the level…
Q: Green Thumb Gardening is a small gardening service that uses activity-based costing to estimate…
A: Activity Rate = Estimated Overhead Cost / Expected Activity
Q: . Classify each cost as either fixed or variable, and either a product or a period cost by placing…
A: Cost: cost is the expenses incurred in a Firm Classification of Costs Cost can be classified into 2…
Q: Ziegler Inc. has decided to use the high-low method to estimate the total cost and the fixed and…
A: Requirement a: Compute the variable cost per unit Zeigler Inc.
Q: Relevant Costing, Cost-Based Pricing, Cost Behavior, and Net Present Value Analysis for NoFat…
A: Note: It is assumed that the annual costs incurred by NoFat is to produce and sell 100,000 pounds of…
Q: a) Classify each cost as fixed, variable or mixed, using production volume as the cost driver. b)…
A: The high-low method is a system for segregating variable and fixed costs which are not known in the…
Q: For example, Master Chemicals produces bottles of a cleaning lubricant. The activity levels and the…
A: The least-square method helps to distinguish between the fixed and variable cost by plotting all the…
Q: Integrative Exercise Relevant Costing, Cost-Based Pricing, Cost Behavior, and Net Present Value…
A: Solution:-4 a)Calculate the price that NoFat would charge PU for each pound of olestra as follows:-…
Q: i) Compute the product cost per meal produced under absorption costing and under variable costing.…
A: Sales = 1000 meals Production = 1400 meals Variable manufacturing cost per meals = $4.00 Sales…
Q: Kate Stephens, the COO of BioDerm, has asked her cost management team for a product-line…
A: If a company is making more than 1 product, fixed cost should be allocated to a product which…
Q: Standard Costing, Ethical Behavior, Usefulness of Costing Objective 1, 2, 3 Pat James, the…
A: Answer:- Standard costing:- Standard costing is one of the most important type of cost accounting…
Q: The MTN Company has assembled the following data pertaining to certain costs which cannot be easily…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: As production increases, the fixed cost per unit a. decreases b. remains the same c. increases d.…
A: solution note Dear student as per the Q&A guideline we are required to answer the first question…
Q: Standard Costing, Ethical Behavior, Usefulness of Costing Objective 1, 2, 3 Pat James, the…
A: Accounting Standards- The FASB published these specific standards to address issues in accounting…
Q: Martin Company uses the absorption costing approach to cost-plus pricing. It is considering the…
A: Here in this question, we are required to determine markup percentage on absorption cost to achieve…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Method of Least Squares, Predicting Cost for Different Time Periods from the One Used to Develop a Cost Formula Refer to the information for Farnsworth Company on the previous page. However, assume that Tracy has used the method of least squares on the receiving data and has gotten the following results: Required: 1. Using the results from the method of least squares, prepare a cost formula for the receiving activity. 2. Using the formula from Requirement 1, what is the predicted cost of receiving for a month in which 1,450 receiving orders are processed? (Note: Round your answer to the nearest dollar.) 3. Prepare a cost formula for the receiving activity for a quarter. Based on this formula, what is the predicted cost of receiving for a quarter in which 4,650 receiving orders are anticipated? Prepare a cost formula for the receiving activity for a year. Based on this formula, what is the predicted cost of receiving for a year in which 18,000 receiving orders are anticipated?Carolina Yachts builds custom yachts in its production factory in South Carolina. Once complete, these yachts must be shipped to the dealership. They have collected this shipping cost data: Prepare a scatter graph of the shipping data. Plot cost on the vertical axis and yachts shipped on the horizontal axis. Is the relationship between shipping costs and unit shipped approximately linear? Draw a straight line through the scatter graph. Using the high-low method, create the cost formula for Carolina Yachts shipping costs. The least-squares regression method was used and the analysis resulted in this cost equation: Y= 4,000+ 1,275x. Comment on the accuracy of your high-low method estimation. What would you estimate shipping costs to be if Carolina Yachts shipped 10 yachts in a single month? Use the cost formula you obtained in part B. Comment on how accurately this is reflected by the scatter graph you constructed. What factors other than number of yachts shipped do you think could affect Carolina Yachts shipping expense? Explain.A new product is being designed by an engineering team at Golem Security. Several managers and employees from the cost accounting department and the marketing department are also on the team to evaluate the product and determine the cost using a target costing methodology. An analysis of similar products on the market suggests a price of $132.00 per unit. The company requires a profit of 0.20 of selling price. How much is the target cost per unit? Round to two decimal places.
- Assume that a newly implemented ABC system concludes that the number of orders placed is the best cost driver for the order-filling activity. Assign order-filling costs using this driver to each customer type and then calculate the new unit bid price for each customer type. Note: Do not round interim calculations. Round the final order cost allocation to the nearest whole dollar. Round final bid prices to the nearest cent.Ziegler Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as follows: Units Produced Total Costs 97,500 $27,165,000 112,500 29,715,000 124,500 31,755,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Determine the variable cost per unit and the total fixed cost. Round your answer for variable cost to the nearest cent. Round your answer for total fixed costs to the nearest dollar. Variable cost: $fill in the blank 2 per unit Total fixed cost: $fill in the blank 3 Based on part (a), estimate the total cost for 80,000 units of production. Round your answer to the nearest dollar. Total cost for 80,000 units: $fill in the blank 4As a start-up / ‘new’ manufacturer, one of your tasks as the Operations Manager is to identify the behaviour of manufacturing costs to develop a production cost budget. You know three methods can be used to identify cost behaviour from past data, but past data are not available because this is a start-up. Identify and compare the three known methods of measuring cost behaviour.
- Chrom Company manufactures two models, the XL and RD. It also has two departments, Assembly and Finishing. The company wants to assign budgeted overhead costs to its two different models to better understand the profitability of each model. The Tableau Dashboard provides data for our analysis. ***My table is wrong, please give me the right answers for it.**Potterii sells its products to large box stores and recently added a retail line of products to sell directly to consumers. These estimates are to be used in determining the overhead allocation rate for ABC: What would be the predetermined rate for each cost pool?Gadell Farms produces venison sausage that is distributed to grocery stores throughout the Southeast. They have collected this shipping cost data: Prepare a scatter graph of the shipping data. Plot cost on the vertical axis and tons produced on the horizontal axis. Is the relationship between packaging costs and tons produced approximately linear? Draw a straight line through the scatter graph. Using the high-low method, estimate the cost formula for Gadell Farms packaging costs. The least-squares regression method was used and the analysis resulted in this cost equation: Y= 1650 + 78.57x. Comment on the accuracy of your high-low method estimation. What would you estimate packaging costs to be if Gadell Farms shipped 10 tons in a single month? Use the cost formula you obtained in part B. Comment on how accurately this is reflected by the scatter graph you constructed. What factors other than number of tons produced do you think could affect Gadell Farms packaging expense? Explain.
- Continuous improvement is the governing principle of a lean accounting system. Following are several performance measures. Some of these measures would be associated with a traditional standard-costing accounting system, and some would be associated with a lean accounting system. a. Materials price variances b. Cycle time c. Comparison of actual product costs with target costs d. Materials quantity or efficiency variances e. Comparison of actual product costs over time (trend reports) f. Comparison of actual overhead costs, item by item, with the corresponding budgeted costs g. Comparison of product costs with competitors product costs h. Percentage of on-time deliveries i. First-time through j. Reports of value- and non-value-added costs k. Labor efficiency variances l. Days of inventory m. Downtime n. Manufacturing cycle efficiency (MCE) o. Unused (available) capacity variance p. Labor rate variance q. Using a sister plants best practices as a performance standard Required: 1. Classify each measure as lean or traditional (standard costing). If traditional, discuss the measures limitations for a lean environment. If it is a lean measure, describe how the measure supports the objectives of lean manufacturing. 2. Classify the measures into operational (nonfinancial) and financial categories. Explain why operational measures are better for control at the shop level (production floor) than financial measures. Should any financial measures be used at the operational level? 3. Suggest some additional measures that you would like to see added to the list that would be supportive of lean objectives.Abernathy, Inc., produces two different generators and is concerned about their quality. The company has identified the following quality activities and costs associated with the two products: Required: 1. Calculate the quality cost per unit for each product, and break this unit cost into quality cost categories. Which of the two seems to have the lowest quality? 2. How might a manager use the unit quality cost information?The following series of statements or phrases are associated with product life-cycle viewpoints. Identify whether each one is associated with the marketing, production, or customer viewpoint. Where possible, identify the particular characteristic being described. If the statement or phrase fits more than one viewpoint, label it as interactive. Explain the interaction. a. Sales are increasing at an increasing rate. b. The cost of maintaining the product after it is purchased. c. The product is losing market acceptance and sales are beginning to decrease. d. A design is chosen to minimize post-purchase costs. e. Ninety percent or more of the costs are committed during the development stage. f. The length of time that the product serves the needs of a customer. g. All the costs associated with a product for its entire life cycle. h. The time in which a product generates revenue for a company. i. Profits tend to reach peak levels during this stage. j. Customers have the lowest price sensitivity during this stage. k. Describes the general sales pattern of a product as it passes through distinct life-cycle stages. l. The concern is with product performance and price. m. Actions taken so that life-cycle profits are maximized. n. Emphasizes internal activities that are needed to develop, produce, market, and service products.