Consider the following actions associated with a cost management information system:

Reducing the cost of a product by eliminating waste Determining how much it costs for a single tooth implant Calculating the cost per unit of reworking a defective product Using product cost as the basis for a bid decision Developing and using a budget for the Maintenance Department Estimating the cost of developing a new product Determining whether it is less costly to make a component or to buy it from an outside supplier Investigating and taking corrective action whenever there is a significant difference between actual materials cost and standard materials cost Determining the units that must be sold to earn a prespecified profit Calculating the cost of performing a routine appendectomy Determining the total cost of an Engineering Department Improving quality to decrease total quality costs

. Determining whether a product line should be dropped or kept owGcmsoP e o Required:

Classify the above actions as being associated with one of the following objectives of a cost management information system:

1. Costing of products, services, and other objects of interest 2. Planning and control 3. Decision making LO1