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Total costs less conversion costs equal to material costs?
Conversion cost is total of: Options Direct material and direct wages Direct material, direct wages, and production overheads Direct wages and production overheads. None of the above
What does breakeven point mean?
Breakeven Analysis is the process of categorizing costs of production between variable and fixed components and deriving the level of output at which the sum of these costs, referred to as total costs per unit become equal to sales revenue. The analysis helps to determine the 'Breakenev Point' from this point of equality of sales revenue with total costs. At the breakeven point, the production activity neither generates a profit nor a loss. Breakeven analysis is used in production management and Management Accounting.
What is average labor cost percentage in a production plant?
please advise the average percentage of manufacturing costs
Is factory manager wages direct labor costs?
Factory manager is not directly related to the production of units of product so it is not direct labor cost but it is included in overhead costs.
What is the difference between joint and common costs?
DIFFERENCE BETWEEN JOINT COSTS AND COMMON COSTSJoint costs are costs incurred in a production process, involving more than one product, up to the point when the products can be separated or distinguished as separate products. Common costs are costs incurred, the benefit of which is enjoyed by more than one cost centre (i.e. unit ) within an organisation. Answers by VICTOR DURODOLA , Nigeria
What ratio sHows an organization's effectiveness in minimizing production costs?
efficiency ratio
How is just in time technique applied in organization?
Just-in-time (JIT) technique involves producing goods only as they are needed in the production process, reducing inventory costs and waste. It is applied in organizations by closely coordinating supply chain and production processes to ensure materials arrive exactly when they are needed for production. By minimizing excess inventory and focusing on efficiency, organizations can lower costs and improve responsiveness to market demands.
What do cost accounting systems track?
These allow organizations to track the costs associated with production of goods and performance of services.
What are production costs?
Production costs are costs to produce
What benefit analysis is a process that involves?
Maximizing benefits and minimizing costs
What things do variable costs include?
Variable costs vary depending on a company's production. Production, or output, and costs are included in variable costs. Production and costs are directly related.
How can linear programming be utilized to develop an aggregate plan for production?
Linear programming can be used to develop an aggregate production plan by optimizing the allocation of resources to meet production goals while minimizing costs. This mathematical technique helps in determining the best combination of production levels for different products to achieve maximum efficiency and profitability.
What cost benefit analysis is a process that involves?
Maximizing benefits and minimizing costs
What Cost-benefit analysis is a process that involves?
Maximizing benefits and minimizing costs
Maximizing benefits and minimizing costs?
Lay offs / downsizing of staff personal budgeting
How is advertising costs measured?
it is important to calculate costs and measure media effectiveness to best reach audience.
Cost benefit analysis is a process that invloves whcih of the following?
Maximizing benefits and minimizing costs.
