Job Costing Overview: Introduction Whats is Job Costing? It is a form of specific order costing in which costs are attributed to an individual job. Job Costing is also referred to as unit costing. It is an order for goods or services made to a producer (the jobbing firm) with a defined specification. NB: A […]
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What is Economics Order Quantity (EOQ)? This is the re-order quantity where the total relevant cost of inventory is minimized. EOQ is also known as optimal re-order quantity. It also the ordering quantity at which the control cost ordering is minimized. See also, Inventory Control Summary. Subscribe to our YouTube channel so as not to
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There are different methods used in calculating labour cost. In this article, I will talk more about the three methods which fall under the PRODUCTIVITY SCHEME – they are; Halsey Bonus Scheme, Halsey Weir Bonus Scheme, and Rowan Bonus Scheme. Labour Cost Labour refers to humanitarian efforts in the production or rendering of services (Both
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Overhead costs are those costs that cannot be traced directly to the level of activities of an organization. The overhead cost can be further described as “the cost of indirect materials, indirect labor, and indirect expenses”. Subscribe to our YouTube channel so as not to miss a tutorial video. What are Indirect Costs? Indirect
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This PDF contains a series of Exam Revision Questions on Cost Accounting for beginners. The following topics are covered in this PDF. MATERIAL PRICING EXAM QUESTIONS Fifo, Lifo, Weighted Average, Inventory Control, Economic Order Quantity, etc… LABOUR COSTING EXAM QUESTIONS Fixed-Rate Method, Hourly Rate Method, Calculation of Labour Turnover and Overtime Premium, etc… OVERHEAD COSTING
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The following are the main pricing methods that may be used to determine the price of issues and closing stock valuation. Though this article is based on the FIFO method, the LIFO method and the Weighted Average Method (how to solve for gross profit) and also contains a video guide introducing you to this topic.
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In this article, you will learn How to Prepare an Income Statement, The Uses and Users of the Absorption Costing Techniques, The differences between the Marginal Costing Techniques (MCT) and the Absorption Costing Techniques (ACT), The advantages and the disadvantages of the Absorption Costing Techniques which is also known as the ACT in abbreviation. Subscribe
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In this summary on Inventory Control, I will briefly explain the terminologies being used in this topic and also state their formulas in a way you can easily remember. NOTE: These formulas have been abbreviated in this article just for reference purposes and to help you remember them without stress. Please do not abbreviate while
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