What kinds of challenges occurs in the Cost Control and Cost Reduction in the Manufacturing concerns?

Q: Which of the following is an example of a cost item that should be classified as an internal failure…

A: This question deals with the cost of quality or quality cost. Cost of quality means a cost which is…

Q: Why are support department costs difficult to apply to products?

A: Given: The difficulty in applying the support department costs on products.

Q: How does job costing and process costing impact a business environment performance and bottom line?

A: The contrast of both: -Product uniqueness and use: Job costing is utilized by-products that are…

Q: Explain the Over head cost control  benefits and drawbacks in manufacturing unit.

A: Cost accounting: A branch of accounting that deals with the calculation of the total cost incurred…

Q: How can variable costing income statement be used in manufacturing enterprises?

A: In a Variable costing income statement, all variable costs are deducted from the sales, to compute…

Q: What reasons is product cost information needed, job order cost system and process cost system?

A: Note: As the question is not clear. It is assumed that the question is asking for “Why product cost…

Q: What is the Cost Flows in a Manufacturing Company?

A: Cost flows allude to the way or course through which costs go through business.

Q: Explain why knowledge of cost behavior is useful in product performance evaluation.

A: Definition: Product performance: Product performance indicates how well the product is flourishing…

Q: What makes POS systems different from revenue cycles of manufacturing firms?

A: POS System:   It is a system implemented in rattail sectors where the sale transaction taking place…

Q: Explain Classifying Costs for Manufacturing Environments?

A: The costs are classified in the manufacturing environment as follows: Based on nature: Direct…

Q: Why is manufacturing overhead applied to products when product costs are used in making pricing…

A: Definition: Manufacturing Overheads: The cost which is indirectly related to the production is known…

Q: Define constraint resources within a manufacturing company ?

A: Constraint Resources In a simple term constraint resources is defined as it is a shorter span of…

Q: What are the arguments in favor of treating fixed manufacturing overhead costs as product costs?

A: Following are the arguments in treating fixed manufacturing overhead costs as product costs: For…

Q: How does lean manufacturing differ from the conventional manufacturing process?

A: Lean ManufacturingThe main objective of lean manufacturing is to yield products with high quality,…

Q: define direct manufacturing-labor costs?

A: Cost: It refers to the economic value incurred by a company to produce a product or deliver a…

Q: Cost and Costing, as well as the importance of calculating costs in product management, may be…

A: Cost refers to the value of money that has been used to produce or manufacture something. It can…

Q: re the difference between traditional product costs and activity-based product

A: Traditional product costs: The traditional method of allocating product costs is to allocate the…

Q: How does job costing and process costing impact a business environment's performance and the…

A: Job costing is the cost assigned to each job or batch of product. Process costing is the costing of…

Q: How are costs assumed to flow through the manufacturing process?

A: The costs incurred during manufacturing process are said to be manufacturing cost.

Q: What is the most significant function of a cost of production report, and why is it important? What…

A: The significance and use of a cost of production report:

Q: How do fixed costs create difficulties in costing units of product

A: Fixed costs are the costs that do not tend to fluctuate with change in production levels in the…

Q: Do the engineering decisions account for the majority of product costs?

A: Yes, engineering decisions will account for the majority of the cost of the product. The main task…

Q: Discuss how traditional methods of allocating overhead to products may not provide a good measure of…

A: The overhead costs are allocated to production using various methods as traditional costing and…

Q: How are the current practices of life cycle costing and target costing in cost management different…

A: The target costing is inferred by deducting the overall revenue from the market selling value, that…

Q: What are the essential factors for installing a cost accounting system? Explain

A: A cost accounting system is a system of…

Q: Why would a corporation choose process costing over task order costing? How are the two systems…

A: Here is the Answer

Q: How are cost of production reports used for controlling and improving operations?

A: Production cost report: A production cost report is a comprehensive report prepared for each…

Q: What are the cost estimation methods? What is their importance and can you provide an example of how…

A: Cost Estimation: The process of predicting the financial and other resources required to finish a…

Q: Are the concepts underlying a relevant-cost analysis still valid in an advanced manufacturing…

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

Q: Which of the following is NOT a reason for companies to assign costs to products or services? O to…

A: Generally companies will asign costs to products and services for decision making purpose

Q: why service industry not involved production cost and retail industry involve in production cost?

A: In the method of Job costing a particular service is obtained by allocating costs to a distinct…

Q: What is the primary goal of the cost-of-production report? What is the purpose of these reports in…

A: Cost-of-production report is a statement which shows all the production related costs within a…

Q: Define direct manufacturing-labor costs with an example?

A: Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

Q: What is the danger in allocating common fixed costs among product lines or other segmentsof an…

A: Fixed cost: It can be defined as the cost that does not vary with an increase or decrease in the…

Q: What are the pros/cons of product costing allocation methods and how they influence distortion of…

A: Product costing allocation methods are used to assign or allocate a cost to manufactured/produced…

Q: What kinds of challenges occurs in the Cost Control and Cost Reduction in the Manufacturing conce

A: Cost Control is different from cost reduction Cost Control focuses/emphasizes on decreasing the…

Q: What is the difference between cost leadership and product differentiation?

A: Cost leadership is a one of the effective marketing strategies. Despite being highly effective in…

Q: How is a scatter diagram used to identify and measure the behavior of a company’s costs?

A: Answer: In the scatter diagram method represents the costs behavior graphically. By plotting all the…