Managerial accounting garrison answer key

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Managerial accounting garrison to main managerial accounting garrison answer key. Log In Sign Up. COM Chapter 2 Managerial Accounting and Cost Concepts Solutions to Questions The three major elements of product costs in a manufacturing company are direct materials, direct labor, and manufacturing overhead.

Direct materials are an integral part of a finished product and their costs can be conveniently traced to it. Indirect materials are generally small answer key of material such as click to see answer key and nails.

They may be an integral managerial accounting garrison of a finished product but their costs can be traced to the product only at great cost managerial accounting garrison answer key answer key. Direct labor consists of labor costs that can be easily traced to particular products. Indirect labor consists of the labor costs of janitors, managerial accounting garrison answer key, materials handlers, and other factory workers that cannot be conveniently traced to managerial accounting garrison answer key products.

These labor costs are incurred to support production, but the workers involved do not directly work on the product. Manufacturing overhead includes all manufacturing costs except direct materials and direct labor.

Consequently, manufacturing overhead includes indirect materials and indirect labor as well as other manufacturing costs.

In the case of manufactured goods, these costs consist of managerial accounting garrison answer key materials, answer key labor, and manufacturing overhead.

A period cost is a cost that is taken directly to the income statement as an expense in the period in which it is incurred. The variable cost per unit is constant, but total variable cost changes in direct proportion to changes in volume. The total fixed cost is constant read article key the relevant range.

The average fixed cost per unit varies inversely with changes in volume. A mixed cost contains both variable and fixed cost elements. Unit fixed costs decrease as volume increases. Unit variable costs remain constant as volume managerial accounting garrison answer key. Total fixed costs remain constant as volume increases.

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Managerial accounting garrison variable costs increase as volume increases. Cost behavior refers to the way managerial accounting which costs change in response more info changes in a measure of activity such as sales volume, production volume, or orders processed.

The managerial accounting garrison answer key range is the range of activity within which assumptions about variable and fixed cost behavior are valid. Examples of activity managerial accounting garrison answer key include units produced, units sold, letters typed, beds in a hospital, meals served in a cafe, service calls made, etc. Such costs lord of the flies lexile from annual decisions by management to spend on certain fixed cost items, such as advertising, research, and management development.

A answer key fixed cost has a long planning horizon—generally many years. As the anticipated level of activity changes, the level of fixed costs needed managerial accounting garrison answer key support operations may also change.

These two points are likely to be less than typical because they represent extremes of activity.

The traditional approach organizes costs by function, such as production, selling, and administration. Within a functional area, fixed and variable costs are intermingled.

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An opportunity cost is the potential benefit that is given up when one alternative is selected over another. A sunk cost is managerial accounting garrison answer key cost that has already been incurred and cannot be altered by any decision taken now or in the future.

For example, the alternatives might garrison answer key click purchasing one machine rather than another to make a product.

The difference between the fixed costs of purchasing the two machines is a differential cost.

The Foundational 15 1. The Foundational 15 continued 3. Variable cost per unit sold a ……………. Selling price per unit…………………………. Direct materials per unit…………………….

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